Bulk REO Purchase in DC, MD, and VA

We have spent a year chasing bulk purchases in DC, MD and VA to no avail. Every portfolio we have reviewed the bank is wanting 80%+ of market value. We are ready to purchase $5M if we can buy at 65% of after repair value less renovations. Please let me know if you can supply product within this criteria. Has anyone actually been involved with a bulk sale that closed at a significant discount? I met with the former CFO of Fannie Mae last week and he said bulk discounted sales are just not happening now? Please prove him wrong!Thanks,Brad Chandlerbrad@expresshomebuyers.com

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  • Hello Brad,

    Curious...if you were able to put anything together as to your Bulk Purchase deal? I am located in Northern CA and would love to know if the Lender Secondary Market Departments are doing business or did all those players turn into Asset Managers or Negotiators?

    Denise Stovall
    (707)953-6133 - cell/text/messenger
    Stovall@cds1.net - email
  • Brad,

    Wish I had better news for you but that is not the case. My colleagues and I chased bulk reo deals for over 1 year to no avail. For one reason or another it just didn't happen. We had qualified buyers who submitted POF/LOI and we had purported sellers providing LOA/tape but still did not get the deal done. My advice to you is to work with vetted buyers and sellers. Also, you might resort to a third party, preferably an attorney, to proof sellers and buyers since everyone if paranoid about sharing their clients information. Many folks have told me they've closed deals but are reluctant to show proof. The most credible source put me in touch with their escrow officer who stated she had closed deals with that group. However, another colleague told me they had problems with that particular escrow officer. Good luck and let me know if you close any bulk deals.
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