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Private Funding For Short Sales and Bulk REO

By
Mortgage and Lending with Energy Wealth Group

PRivate funding for Short Sales and REO FLIPS  www.wefinancedeals.com

More and more, we hear the term short sale. Most of us are somewhat familiar with the meaning, but for those who have no idea what it means, here's a quick definition: If sellers owe more than their property is worth, they can attempt to negotiate with the lender(s) and hope the lender(s) will agree to a sales price below what is owed on the property. For example, assume the sellers owe $500,000 on their home, yet it realistically can only be sold for $400,000. In this situation, the sellers have four options: 1) Add their own funds at close of escrow; 2) Negotiate with the lender and hope they will take the deed in lieu of foreclosure; 3) default on the loan and let the lender foreclose; or 4) attempt to negotiate a short sale.

In the grand scheme of things in the end a buyer is to purchase the house at a huge and this satisfies three parties, the banks, buyer and the distressed home owner. Until now the only person that could buy these deals were retail buyers with financing and investors with tons of cash.

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Anonymous
Christophe Attard

Hi,

I have a prime list of 4000 REOs properties that are not listed anywhere (no MLS, no website, no listing agent, no short sale, no bidding wars with other investors, no BS).

THE GOOD STUFF
These are condos, townhomes, land, SFRs or multifamily all over the US. There is no commercial. They are all vacant.
The bank typically accepts ~30% discount of their asking price.
The negotiation is done by email with the asset manager. You can buy as many you want. You secure the purchase price with a simple email; they remove the property from their inventory. Afterwards, you'll need to provide a copy of earnest money, and proof of financing. They typically will provide their contracts within a week (10 days inspection, 30 day close, sold 'as is'). You pick up the title company and close. Easy!

THE BAD STUFF
I talked to the asset manager a few days ago and he said they are negotiating with a larger institution for all of their 4000 REOs, nationwide.
I have been cherry picking some of them for my personal portfolio in CO but cannot do this anymore due to this serious time constraints and want to find buyers in other states. They may be all gone in a few days and this large buyer will use their listing agents to re-sell them.

If you are interested to get the list of properties in your area and start your due diligence, let me know ASAP!
Of course, I will need a Non-Circumvention, Non-Disclosure, Confidentiality, and Referral Agreement: http://greatdealscolorado.com/default_files/Mutual_NCND.doc
If you are or have a real estate agent, we can work on a co-broker referral fee agreement too.
If you are not ready at the moment, I wish you a happy investing :-)

Christophe Attard
welcometorealty@gmail.com

Sep 13, 2009 07:37 AM
#1