Bulk Vs One at a time What really works with REO

Hi all, My name is Steve Richardson, My background is pretty diverse., Marketing Consultant for an attorney, Owner of A mortgage company that i cant really call a company per se now,, Financial literacy teacher. Youth Minister, Managing member of a private Equity REIT. Area Manager for Thoroughbred Capital Partners. We have over 2 B in Commercial Listings Worldwide... to name a few hats.But i am posting this for the reason of discussing what has been my experience and to ask what has been your experience with selling REO. Bulk Vs The one off. I have many connections with Bulk packages..I know personally a hand full of seller representatives and High net worth individuals who move Bulk product also. Also have been in the brokerage network for a couple of years so most people have come across my desk that deal in the 10M and over arena. But it has been a challenge to consistently close Bulk deals. So I need your help..We are considering looking into becoming a listing brokerage here in southern CA. Is it worth the time and effort? What works for you?And I need direct bank contacts to purchase REO in mini packs 3-5 homes at a time with our REIT. Thank you Steve

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Replies

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Carlos H. Silva Sr. January 15, 2009 at 6:42pm

Steve,

First of all was wondering if Micheal Leek is still at Thoroughbred? If so tell him I said hi.

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.
Brad Chandler January 15, 2009 at 3:47pm

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.
Thanks,
Brad Chandler
brad@expresshomebuyers.com
Darryl Joyner January 4, 2009 at 2:25pm

I am having good experience with both. As a real estate agent in NYC my company lists many single REO properties and buys some that are under 65% of value. As for bulk purchases it is not happening in New York because the REO properties sell so fast. The bulk properties that we have bought recently have been out of state in places like Kansas City, Dallas, and Atlanta.

I say go for it. Just stay away from the chains and non qualified buyers. Get your clients the properties under value and your deals will close.
Neil Malkin December 19, 2008 at 12:15pm

I can help you. My company is one of the largest purchasers of bulk REO properties in the nation. We buy from Banks, S&Ls, PMI companies, Developers and now directly from FDIC. We can help you get bulk pricing on small orders. For more info, contact me 510-386-37054, wholesalerealproperty@gmail.com. We do lots of business in So Cal. We can fill your REIT orders.

Thanks