BiggerPockets

REAL REO Packages are availble now

Saturday, April 10

 

 

This is a short post. Everything is provable and verifiable to a buyer. Period.

I have Portfolios of HUD Homes and real REO Bulk Packages.

I can prove the packages with copies of the deeds that are for sale. 

I have note pools  as well...From one to hundreds at a time.

 

Simple to deal with...We will provide copies of the deeds, title company info, ect.

Some of the packages can be cherry picked. Most are deals in the 300 thousand to less than 3 million range. Some are larger, but most normally get broken down into the smaller sizes as described. We do not take orders, we simpy seel what is in inventory today.

All the buyer has to do is provide proof of funds...

SInce I deal directly with the principle, we expect the same. Only a buyer and buyers rep are needed.

No intermediaries allowed.

 

Mike Norvell Sr

Mikenorvell@earthlink.net

(352) 408-7111

New HUD & REO Product Available Weekly

Friday, April 09

 

 

For anyone that has seen me post before, you know how I feel about the smoke and mirrors game of BULK REO.

I am now direct to 3 sources of this product, and can prove it.

NEW UPDATE !! 

HUD homes in Central Fl are now available thru me since I joined Trent Realty, Inc. Trent has the contract with HUD for seven counties. The cash buyers looking to invest in HUD homes should contact me to get thier package ready in advance to make a bid. Why?? Ask two of my investors that last week lost out on some great deals because they were not ready. The bids are submitted electronically, and we have to have a small bid package in place to place a bid. 

Since the HUD system takes the first qualifed bid that will close the deal, taking time to get your bid package together in advance is the key to successfully securing properties. I will be glad to assist any qualified cash buyer in getting set up to be prepared. 

As for BULK REO, I am the seller rep for an Investment Fund that is actively purchasing pools of homes. The inventory from this source changes daily, and is only available to cash buyers. To be more clear, they only deal with a buyer that will write a check to purchase. No intermediaries need call. 

Everything I have written here is verifiable  as Gospel down to the last detail. When you are ready to buy HUD Homes, REO Bank homes or Notes, then please contact me. We have a very simple protocol and are down to making a deal in minutes if you are interested in buying or selling. We only sell what is in inventory NOW. It is unlikely that we will have Southern Cal ever. Cherry Picking on most packages is allowed for a premium, however there is ZERO tying up a package while doing Due Dilligence. Please perform Due Dilligence first, then place an offer for purchase.

So, now if you want to buy one property, or one note, I have several sources to take you to. However, understand that it is always first one to hard escrow that wins the deal. 

FAIR WARNING>>> Conference calls that are accepted with my principles will be cut VERY short if YOUR actual principle buyer/seller is not on the call. Life is to short and we dont need the practice any longer. Serius buyers and sellers will appreciate the opportunity to get down to business and make a deal.

 

Working Real Packages Takes Patience

Thursday, April 09

 

 

For those who are chasing thier tails...Looking for an answer.....Take heart. 

 

There are real packages, nice small packages that can be bought. They are not always where you want them.

 They are not always in your back yard.

They do not always look like a package.

They will have some houses that aren't pretty. 

PS.........this is REO, right??? These home were not paid for, sat empty without maintenance, possibly stripped of interior fixtures.

WHat do you think you get for 30 cents on the current BPO......

Imagine that you wanted to buy an entire car lot at one time......Imagine that Car Lot A is all used cars, some ready to go, some not  ......

Now imagine Lot B is all new cars...

 same amount of cars......which would you buy first??? Would you be willing to pay more for the new cars...after all, its a bulk sale right??

 

We are working with some very nice bulk deals here in Fl, and accross the country as well. Presently we are working for a bank/developer for a beautiful group of brand new houses and models full of upgrades.....Yet, here we have investor groups using comps to establish values of our brand new houses....By using ten year old homes in the surrounding neighborhoods.

Luckily, with patience, we can impress on a real investor that New Homes will certianly have a greater value. But it does take patience to get thru the ones that only want to bid a pre concieved percentage on a per unit price. 

 

Yes folks, packages are available. But all packages are not created equal.

 

We also have some packages that are definately "Lot A".....Go figure, there will be work involved in making these all livable and ready to sell to the public again..

 

Happy Hunting

Mike Norvell Sr

 

 

 

 

Sign Up For the Packages That are Coming

Sunday, April 05

 

 

Ok, Ok....Who hasn't heard the pitch. Sign up now, with all your buyer information, get all the fee agreements signed, and when the package comes in.....

But this week, I heard it three times, and one of them took the cake.

It was my first "conference call" in a while. I have had my fill of these conference calls, and most of them go nowhere, and take a long time to do it.

This one was nearly an hour. With in a few minutes, I put my phone on Mute and took a walk while listening on my headset.

My short walk is down to the stop sign and back, right at 1.2 miles......The call was still going on.....an on....

But, one of the participants was a very experienced party, and he began to attack the hosts on a point by point analysis. His points were:

     1) How well do you know the seller broker...

     2) How many of these deals have you seen go thru....

     3) How many parties are between you and the seller you don't know...

     4) Why should we be willing to sign over 20 pages of documents with parties we don't know, for a deal that has not been done yet, with a seller group that cannot be disclosed because of their affiliation with the Federal Government...

     5) How long have you been involved with this Broker Group that you are so willing to put your integrity on the line for them.

     6) Who are the parties again, (oh yeah...can't tell us) how do the points on the fee agreement get split......

     7) Why would we wish to be involved in paying the "unknown" Broker parties four percent that we get none of..........

     8) Why in the hell did the conversation not begin with this last point,,,, Blah Blah Blah Blah

 

About this time I was repairing the sink in the bathroom, a chore I had been putting off for some time.  As the parties agreed to say good bye, I saw the time expired on my phone was 57 minutes....I chucked to myself as I was testing the sink trap that I had just replaced....I chimed back in long enough to say good by...great conference call!!!

I think I was the only one who actually did not waste the last hour........

 

 

REO Package Goes Viral, Joker Broker Goes Wild

Sunday, April 05

Three weeks ago, an opportunity came up to market a package as Sellers Rep for an Investor Group. I partner on a regular basis on deals with Mike G, and we were told that this nice little Cal package had only been given to 3 people, who were instructed to only provide the package to verified actual buyers.

Now, a representative can be direct, and not exclusive. Which means that other groups besides us have the opportunity to bring REAL BUYERS to the table for a contract.

This is the way that this business should work. Only the actual buyer should get the full package, and it should be made EXTREMELY clear that it should be held very close to the principle buyer only.

But one person broke the trust, and sent it to a JOKER BROKER, who put IT ON AN EMAIL LIST and it was suddenly on the WEB. I have personally never seen a package get so spammed.

This weekend, I got wind of a huge fight brewing over this Cal package involving a dozen brokers I have never heard of. One of them actually took the time to write me an email threatening me with extreme legal action for my false representations on this package. If this guy was not so serious, it would actually be quite funny.

It gets to the point, where even as the sellers rep, no one wants to believe me when I am promoting the package. Its even more ridiculous when the actual seller is not believed because others are claiming to own the deal and are doing a better job of lying than we are of telling the truth.

The good news is, we now have 4 contract offers on the package, and the seller is going to make a deal with one of these buyers this week.

As a seller rep, (direct but not exclusive), we now have several more packages that we are marketing for this same seller. And yet, most of the inquiries I have received in the last few days are from brokers, who insist I send them the tape first. They won't accept the fact that this is a terrible thing. The rules are clear. We are supposed to send the packages to the actual buyer only.

If this rule was adhered to, the majority of the BS we encounter would disappear overnight.

Another rule should be, if you don't have either the seller or the buyer on speed dial, and you continue to waste hours and weeks on dealing with other Joker Brokers who don't know either, then you should just stop and get some real facts about the deal....

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Joker Brokers and Those Who Aren't

Thursday, March 26

 

 

It has been said before, and bears repeating. A deal will never get done until the buyer and the seller are allowed to negotiate.

I had yet another call yesterday from a Joker Broker...he does not know who the buyer is, has no way of providing any documentation, and will not give out the information to get thru to the buyers rep.

Of course, I am still an idiot, a sucker for sniffing out the trail. So I do attempt, and would you believe the "buyers rep" is another Joker Broker, who does not really know who the buyer is either. 

I pledge here in this forum that I will not bring a deal forward where I am not direct to the sellers Rep....I will know who the seller is, and I will work with a Buyers Rep only to provide proof of this product.

I have posted here before about being direct to the buyer or seller, or at least having the ability to put these parties on the phone. I have finally learned there is no substitute for getting a deal done.

Joker Brokers.........Unite!!!! and ask the hard questions........Is anyone on your conference call able to put the buyer or seller on the phone......if not....then please stop and go clean out your sock drawer or something else that will have more importance than this call.

This week I had the pleasure of determining that most all of the "tapes" I had forwarded to me were bogus Fishing Expiditions.  Here is the very real reality. Billion dollar deals will not be done over the internet.

 

Now go do something important with your time.

 

Call me if you are direct to a buyer or a seller and wish to complete a transaction....Smaller deals will get done in a very short time....

 

Mike Norvell Sr

Norvell Consutling Group