REO Bank Compiler

Hello there how is everyone doing today???
i hope all is well with everyone on biggerpockets.....
lets see i've been doing a bit of research for a business associate of mine and he tells me that he needs a reo bank compiler so that he can get direct to the source!! i guess a way to not deal with getting the run around from some of the consultants that represent the compilers from the bank. So i was wondering if anyone new a real direct source or if anyone new a way to become direct with the compiler???

please if anyone has any answers or suggestions for me i will deeply apperciate the gesture, thank you for your time and have a wonderful day!!!!

Edited: 06/26/2010 at 03:48AM

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Real Estate Investor

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Jul 27 '07, 12:16 PM

i can connect you to several compilers, they are very choosy on who they deal with though. they are looking for solid buyers that can prove they have the funds available to purchase and that know exactly what they want. the protocol is to place an order with an loi and to provide the pof directly to the compiler or the bank assett manager. they will have your portfolio of notes or reo's ready in about 3 days depending on the size. you then have 48 hours to purge the list and then they want at least a 10% to 15% deposit put into escrow. you then have seven days to perform due dilligence and a decision must be made to keep the package or return it. after 7 days your deposit goes hard and you must fund by the 15th day. i did have a savy buyer that bought 30 million in reos in detroit at .20 cents on the dollar and turned them all into rentals producing positive cash flow, nice investment for him.

Edited: 06/26/2010 at 03:49AM

Rosemarie Calabro

Real Estate Investor · Sun Valley, Nevada

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Jul 29 '07, 11:52 PM

You may also want to ask the Compiler, if they can produce an LOA (letter of authorization) from the banks they work with. This may save you a lot of headaches and disappointments down the line.

Edited: 06/26/2010 at 03:49AM

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Aug 03 '07, 05:43 AM

Yes, LOA is a key component to ask for and to be offered by the compiler along with a track record.

Loki- it's not necessarily bad to have consultants/intermediaries involved if it's set up right. They are the ones whose sole job is to find performing sources and connect buyers. As long as the principles are ultimately able to get together and decide upon their discretion to move forward.

Edited: 06/26/2010 at 03:51AM

Calixto Urdiales

Residential Real Estate Agent · Los Angeles, California

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Aug 03 '07, 08:42 AM

Ok i understand where your coming from but the fact of the matter at hand is: i need to get deals funded cause i have buyers hounding me for packages, and as a matter of fact i need to get a hold of $12 Billion dollars of performing, non-performing, and sub-performing notes....
a long with a smaller order of 2.2 Billion, and not to mention 5+ Billion dollars in reo packages, so if anyone can help me out lets get this done!!
all my buyers ask for is the LOA stating that your direct to the bank not just another daisy chain, and i can get you the LOI and POF all day long.
so please if there is anyone out there who can be of use let me know,
thank you all for your valuable time and have a wonderful day!!!!

:beer:

Edited: 06/26/2010 at 03:51AM

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Aug 03 '07, 08:45 AM

Well.. Maybe we can help along with others here if you look around.

Edited: 06/26/2010 at 03:51AM

Calixto Urdiales

Residential Real Estate Agent · Los Angeles, California

1,466 posts
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Aug 04 '07, 06:38 AM

whats your name and is there a way to get your contact info through your web page, or can you e-mail me so that i can save your address!!!
like i said i really need to get this done so please it would help us to accomplish a lot more if you can help, thank you FPBG

Edited: 06/26/2010 at 03:51AM

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Account Closed

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Aug 04 '07, 04:22 PM

Tangent.

It is funny how some folks who want to 'help' connect you to big deals do not use their name, they have a minimalist profile filled in and otherwise do not come across as really being in business.

John Corey

Edited: 06/26/2010 at 03:51AM

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Calixto Urdiales

Residential Real Estate Agent · Los Angeles, California

1,466 posts
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Aug 06 '07, 02:32 AM

first of all i work for a samll group called Fam Tau Inc.
i havent been able to accomplidh anyhthing with people frome this
site due to the fact that they were not direct to the bank!!
now i will be more than happy to give you any informtaion needed to
get the ball rolling just e-mail me somthing to get started, cause i dont
fill comfortable giving a that info on the fourm.........

thank you for your time and have a wonderful day!!!!

Edited: 06/26/2010 at 03:51AM

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Account Closed

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Aug 06 '07, 04:28 PM

Originally posted by "Flipper101"

A compiler is a computer program (or set of programs) that translates text written in a computer language (the source language) into another computer language (the target language).

This is the Wikipedia definition I found for compiler. So, since the bulk reo is not my thing, how are you all using the term?

Way to go James.

I think that in this context it is the clerk that makes up a custom list. You provide the parameters and they build a list of what matches.

People like to invent job titles...

John Corey

Edited: 06/26/2010 at 03:51AM

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Calixto Urdiales

Residential Real Estate Agent · Los Angeles, California

1,466 posts
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Aug 07 '07, 02:43 AM

True enough guys, the other day a guy told me he was going to be made a sub-compiler!! so i guess people do like to make up job titles.
good work guys!!!

ok James ill see what i can do but my main business partner is the one direct to our buyers and from what he told me it does not seem like they will provide that unless they get a LOA from the bank first to show that their real and not taking us for a ride... hope to hear form you soon...

p.s. are you still sick cause im praying for you James, keep in touch!!

Edited: 06/26/2010 at 03:51AM

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Calixto Urdiales

Residential Real Estate Agent · Los Angeles, California

1,466 posts
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Aug 07 '07, 08:21 AM

Thanks for the help James, im going to e-mail you as much information as possible!! hope to hear form you soon

Edited: 06/26/2010 at 03:52AM

Calixto Urdiales

Residential Real Estate Agent · Los Angeles, California

1,466 posts
4 awards
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Aug 08 '07, 03:20 AM

Hey there James, just dropping to let you know that
i left you an e-mail to let you know as much info about my situation
that i could give you... hope its helpful and that you can get somewhere with what i gave you!! please let me know what your people said and if you think you can help me, thank you for your time and have a nice day!!

Edited: 06/26/2010 at 03:52AM

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