Having Trouble Buying From The Banks!
We are investors in California and have been running into trouble buying from the banks. One of the biggest things is they seem to be hiding behind realtors and brokers, and wanting to sell at close to market prices. We have millions to invest and would like to find a very simple and easy step by step process that has been successful to other investors with California Banks. We can also do bulk purchase as well.
I think that's standard procedure for REO's, selling thru a realtor, that is.
Bulk house purchase? hhhmmmm Call a realtor, and tell them you want to buy everything they've got listed? Just a thought... 'Cause apparently, if you're gonna buy in BULK, you don't care about the individual houses, all's you care about is the number of houses.
Or, an EASIER way to get rid of all your money would be to donate it to a charity, because if you start just buying houses at random, you're sure gonna lose a lot of it!
Good luck with whatever it is you decide to do!
I would be careful posting what you have just posted. I think you would be a very easy target for someone wanting to take advantage, of some with little experiance.
You had better get educated before you invest and lose your millions. Hey - you are not doctors are you?
What you described is standard REO properties. The larger banks sell mostly through realtors.
Are you just buying anything or do you have a business plan on what to purchase, what to pay, how to hold, what your exit strategy is, etc?
Brenda
I presently have an offer into a out-of-state bank for a REO in California. I've already done my follow-up call. No response yet from my contact. Any suggestions on what my protocol should be from this point.... How many MORE calls do I need to make? Thx experienced investors!
You should buddy up with a realtor. I'm a realtor in Colorado. I work with a short sale investor. When we meet with the client we both go. This way she attempts to work with the bank and it takes her about 6 weeks to get the same info I can get in 2 days. Banks work with realtors a lot faster. If you have a realtor buddy, agree to pay them a commission, or give them the listings that you don't want to buy, if they negotiate with the bank on your behalf. Trust me it goes faster. Example. My investor worked with Washington Mutual for 2 months and still never found out what their bottom dollar was, she submitted all the paperwork and nothing. She had one person say the lowest amount would be about 108K. The numbers didn't work for her so I sold it on the resale market in the MLS. After everything was said and done, WAMU settled for 102K.
You are trying to operate in a State that has some of the toughest laws in the Country regarding real estate investing in general and foreclosures in particular. For instance, anytime after the NOD has been filed, the owner has a 5 day right of rescission which involves very specific rules. If any of these rules are not followed very carefully, the sale can be set aside at any time in the next two years. Therefore, the banks are very careful as well. The laws are very different here in Las Vegas, and we have developed a simple process that works here involving very thorough due diligence followed by purchase at the auction itself.
Well, things appear to be progressing. The bank rep contacted me today and says he will have an answer for me by Friday, at the latest Monday. He says their bank plans to send a rep out to the property.
Will let everyone know how it goes.......
[addsig]
there are banks that sell portfolios of loan (non-performing) which you have to walk thru foreclosure. There are other that sell portfolios of REOs.
and then there is the vast majority that have millions in REOs sitting on the book wait for the brokers to work thru that inventory.
The most resent "trick" is after being listed for 9 mon w/ a broker, listing it w/ a new broker and have then dispose of it thru an auction.
The best thing to do (in the long run) is to buy REO packages or schedules. They can be zip code specific and do require some work, but the point is to get the deal, right now, there are very few deals by the bank, so the better deals are in the packages.....
Loud
Well if you are an investor with that much money then I have a REO package for you valued at $200 Million going for $140 million. Thats 70% to Value. All in southern california. Let me know if you are interested.
Matt
Too bad just missed the New Century fire sale I had. My partner and I sold off nearly 3/4 of a billion for 30 cents on the dollar!!
Specialist,
Are you associated with Morgan Stanley?
Was this the sale of the 13,200 loans in a small public auction?
John $Cash$ Locke
[addsig]
I have Premium Nationwide REO Portfolios Available at 40 to 65% LTV!!! These are unlike all other portfolios that are currently for sale…
1. These are not Pre-Packaged!!! You the investor set the criteria (area, ltv, condition, price, ROI).
2. Largest Network of Nationwide Lenders to match your criteria.
3. Lenders guarantee clean title.
Minimum Portfolio Purchase Amount is $10M for Criteria-Based Portfolios.
Hard Money Financing is Available up to $2M per individual…
Smaller Local (Southern California) Pre-Packaged Portfolios available at $1-2M (BPO value at $5-6M)
Let me know if you are interested..
low and behold ReconTrustCo is owned by Countrywide.