Hi REOPro Members,
So...REOPro has been approached by a large national buyer of distressed properties whose model is to buy, fix and flip.
They are hoping to leverage our 15,000 members to bring the distressed properties from around the country that they can push through on their model to buy, fix and flip.
Right now, it appears that members will go to REOPro, click on the "Buyer Direct" tab, input their property details and withing 48 business hours, know if our national buyer is interested in learning more.
As it stands right now, access to the Buyer Direct portion of REOPro will be a paid access section with a reasonable annual fee of only $29.95.
Right now, we are working out details like referral fees...if any, offer tracking, etc......
If this all pans out, our members will be able to go out into the market place and solicit listings knowing we have a buyer who is ready, willing and most importantly able to make a deal.
Replies
Hey Jesse, you said that we have to be a licensed agent to participate in buyer direct which I am, but I was going to structure the deal as a wholesale. Not sure if you're familiar with the agreement to purchase contract and assignment contract, but it's different from the standard purchase and sale contract being that you don't have to be an agent to use it. It's basically taking the contract you have with the seller and assigning it over to a buyer for a fee. The brokerage we're under as an agent is out of the equation in a wholesale deal, so i am curious to know if we are able structure the deal as an wholesale, or do you have any suggestions as to how should we structure the deal?
Thanks!
I'm very familiar with wholesaling / contract assignments. With that being said, our Buyer Direct Terms of Service you agree to when submitting a property is between you and essentially Liberty House Realty LLC, a licensed TN Real Estate Brokerage. Along with those Terms of Service, we send out a Referral Agreement from Liberty House Realty LLC, on Tennessee Association of Realtors forms, that binds your Principal Broker because essentially, he's responsible for paying the fee. The problem with assigning is, most all of the time, if it's done correctly, the original buyer / middle man....you, have either language in special stipulations in the purchase and sale agreement or a separate Assignment Disclosure that substitutes who you assign to the deal in your place and dissolves you of any and all obligations. That part..dissolving you of any and all obligations under the agreement concerns me because at that point, is the person you are assigning to the purchase contract also agreeing to pay the referral fee? Is he obligated to pay the referral fee? Does your procuring cause control and maintain your obligation to pay the referral fee?
Is it posible to submit a property thats not currently listed on the market just to test and see if any investors are interested before I go after the listing, so to have a buyer investor already lined up? Also I want to submit a property currently listed that I recently completed a BPO for, and cannot due to the BPO file size being to large. It's one of those BPO companies that ask for a ridiculous amount of info so the BPO Pdf file is huge. I tried resizing and compressing it but was unsuccessful getting it small enough to upload. Do you have a solution? Thanks!
unfortunately, no.....you can't submit a listing before you become an active member of the program. If you did a BPO...that's great, however....those files sizes can be huge so, when you submit your property through the portal, just go ahead and email the BPO to me at BuyerDirect@REOProNetwork.com. Just be sure in the subject line to reference the property address. This way we can match the BPO with the correct property submission. We will combine the two when we send them out to our Institutional Buyers
Hi,
did you try printing your bpo and scanning it again to a pdf. I have done this a few times in order to get the file size down. I am assuming your file is large due to the pictures being present however if you print it, the picture will no longer be a file, but will be part of a document. I hope this helps, it should if its your scenario.
Hi Jesse
Having a problem making the payment. Is anyone else having this problem?
Hey Alfreda,
Unfortunately, no...I haven't been notified of problems with the payment system. Are you getting an error message? If so, send it to me at JGonzalez@LHRLLC.com and I will see if we are having an issue on this end. Thanks.
We aren't even live a full 24 hours and already, we have had a member submit a property through our Buyer Direct program and one of our participating investors made a $300k offer. That's really exciting because it means that the program is working. Our members are submitting properties and our investors are making offers. Stay tuned and I will keep you posted on how our very first Buyer Direct offer works out.
Hi REOPro Members, Jesse G here, your REOPro Admin with an exciting announcement, see below....
REOPro Default Professionals is America’s premier default real estate network for industry experts. The network is 14,992 members strong and includes; Agents, Asset Managers, Bank Executives, Hedge Fund Managers, Trust Managers, Short Sale Specialist, Loss Mitigation Negotiators and, Investors, just to name a few. It was created by Jesus “Jesse” Gonzalez back on May 23, 2008 and has 2,763 discussion threads, 2,035 blogs, 131 groups, 4,230 photos, 127 videos, and tens of thousands of member provided replies and comments.
In an effort to provide its members with more than a social network, REOPro is proud to announce the launch of its online marketplace, Buyer Direct. Buyer Direct finds and connects the real estate professional to ready, willing, able and vetted national institutional buyers of distressed real estate assets. REOPro buyers are Hedge Fund Managers, Real Estate Trust, Portfolio Managers, and high net worth individuals who are looking to purchase non-performing or distressed real estate assets across the nation. As it stands today, Buyer Direct participating buyers account for $1,004,000,000.00 in purchasing power and are interested in purchasing in all fifty U.S. states and U.S. territories.
Membership in REOPro Default Professionals is free however, to submit a property to the Buyer Direct online market place you will be required to pay an annual membership of $29.95 or $2.50 per month. The annual membership is paid in full, upfront and non-refundable. An additional 25% referral fee is paid at the time of closing on any and all properties submitted to the online market place where REOPro Default Professionals provided the buyer referral.
Finally, Buyer Direct is a great addition to any agents listing presentation. It could give them a competitive edge over other agents in their market who simply don’t have access to institutional buyers with over 1 billion in purchasing power, who have been vetted and are ready to buy. For more information on this exciting new program, log on to www.REOPro.NING.com and click on "Buyer Direct" in the top navigation bar.
Hey REOPro Members,
FYI: Our Buyer Direct program is now up and running. If you would like to join, click on "Buyer Direct" in your top navigation bar.
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