Buying Group Packages
Does anyone know the best way to get lenders to sell you groups of reo property.
Does anyone know the best way to get lenders to sell you groups of reo property.
The only areas that I ahve heard of selling in groups is the very weak areas of the midwest, south, etc.
MOst are on the MLS.
[addsig]
Well i dont know about the stockpro, maybe you should stick to investing in stocks. Because here in NC and i think every where else. You have to buy a certain amount to a package. With one bank, i contacted you have to buy minimum 5, other banks might require 10-12 each institution is different. The trick is getting to the right department which can take hours. But once found you can get discounts of up to 40% off of FMV.
panic, you dont know jack. Eat your shorts, at least that will keep your mouth occupied. Banks will sell properties in packages. Maybe you need to reread and shut up your mouth.
Quote:
On 2006-04-21 23:30, charlotteinvestor wrote:
The trick is getting to the right department which can take hours. But once found you can get discounts of up to 40% off of FMV.
Which department is that? show us 40%off fmv on any deal you have to back this up.
why in the world do you think they do short sales? Your statements are making your practices seem less credible the more you talk, Panic. Not every property that went to reo status have been offered a good deal before the property goes to auction. Some homeowners think that they will be bailed out of the property right on time. And when that is not the case. The bank gets the property back.
Anytime a property goes to auction there is only an exterior appraisal done. Mostly because the homeowner is still living in the house. At that time the bank can only guess at what the value of the home is.
when the property is taken back at the auctiong, then that s when the bank knows what the actual price of the property is. Because they have access to the property.
Like i said, if you dont know what you are talking about. Its good to play the back field while real investors are on the starting line up attracting deals.
The loss mitigation department of the bank you wish to buy reo from should be able to provide you with info on non performing assets.
Quit claim deeds only provide title problems if you have not done you due diligence. If any liens are on the property, you will have to satisfy those before you can sell to someone that is getting conventional financing.