BiggerPockets

Im looking to purchase REO's in bulk. I am looking for someone with direct access who can provide an LOA. Below are the orders i'm trying to fill

$8MM - Arizona (I can provide specific counties) - POF verified
$30MM - Texas (Entire State). - POF verified
$100MM - (Nationwide Non-Preforming Residential only) - POF verified
$600MM - (Commercial & Residentail - Nationwdie) - POF received
1.5B - Nationwide - POF Not Received (Meeting set up)
5.0B - Nationwide - POF verified
12B - Nationwide - POF verified

I Have a direct source that can help you out!

Mike Binford

No Problem..

REO bulk vendor,

Have you closed any bulk REO deals under your 3% fee?

:lol:

Chase gave out 250 LOA's.....?

I'm a bit miffed at the whole LOA thing for two reasons

1) LOA's aren't being written. Banks aren't handing out a paper trail as to how or why a publically traded bank was selling assets for a loss. It's the reason all transactions at that level have attorneys (confidentiality)

2) This is the funny one......You have an LOA that discloses the bank you have a NON DISCLOSURE AGREEMENT with?

Certainly at the rookie levels you can get an LOA with private sales and MOST OFTEN represented at the beginner level is the " double escrowed" transaction. In those someone locks up a tape from a bank and then has the " RIGHTS" to a package

The LOA will be in referrence to a John Doe until you see the inked offering

Now you see Chase, Deutsche, Lehman, or Suisse and you also see the 7% bump you're paying over what was locked in 3 days prior

This is some funny stuff here.....

Chris,

You have been one of the few brutally honest people I have seen talk about these famous REO tapes, and I respect that.

We should talk.

I have been approached by many of my clients who are interested in these tapes, and since I have worked with them on multiple occasions, I know that they have the resources to follow through.

That said, I never pursued it too hard, as every single tape lead I followed was a dead end, some kind of "chain", or there were too many "red flags" that pushed me away.

So while this is hard for my ego, let me disclose that I have zero experience and/or success with these tapes, and have even questioned that they actually exist to anyone other than a Wall Street Insider at this point.

I would like the opportunity to speak with you and see if there is an opportunity here.

I always thought it was odd that a person with such a huge tape being sold at a discount would need to advertise on Craigslist in the first place! Or better yet, how a residential Realtor who talked to a guy, who knew a guy, who heard about a guy, ever felt that he really had an "in" with a major lending institution on $1 Billion Dollars in non-performing assets!! LOL (Giving my best Dr. Evil impression here!) :lol:

Let me be clear, I have no desire to be part of some chain, and I am not promising a buyer at this point. I do not represent some huge investment group in China, Donald Trump, or whatever other terms people use to sound connected. What I do have is a solid network of investors that have resources and attorneys to assist with making something happen if it makes sense.

I do not want to chase down a pipe dream, give an investor false hope, or waste anyone's time.

I added you as a colleague, so PM me when you get a moment and we can get a call scheduled for later this week.

Lets see what happens!

Harrison,

I'd be glad to help. Reality being what it is the TARP application Bush and his idiots in Congress passed last year have significantly torn apart any real chance of finding asset's at a reasonable price. The market levels are 20 bps higher than most think is reality so sales are almost DEAD altogether.....but we can start a dialogue


Bob,

Your website is another in the long line of wasted effort and false hope. NOBODY real ever will ask to see an LOI or POF to get started. I can, do, and will take any reasonable request to a "desk" at most every national brand name left in the game. The process is done there beyond what I will do to understand the application asked or needed from regarding the buyer.

I can ask 10 -15 questions and have a buyer vetted well beyond what a fake LOI or POF will do

Why do these ridiculous patterns continue to show up time after time? When I go to 7-11 there's nobody asking if my wallet has money before researching what I want to buy....and in fact there's nobody at my mortgage brokers office asking for an LOI or POF to see homes for sale?

Seriously guys, any real offering being presented is scrubbed of personal info and addresses so who cares if an LOI and POF are shown? You're not going to get an offering from me with pertinent info disclosing the seller so who cares if you can buy or not? I can't count the times falsehoods were represented in buying RE so for all those reading these statements

LOI and POF requests are standard for those that want to "SHOP" or they'd be representing their ability with a spreadsheet!!! (tape)

Last bit of "what are you thinking" Bob is this....

On your site where you claim to have been selling for 15 years....?

A "principle" is really a "principal"

ex. a principal can have principles or principles are representative of the principal but the thought that a principle can buy is silly!

Have a fantastic day!

Josh will find that amusing....

He gets more fan mail about me than anyone...... :mrgreen:

Seriously,

The truth never gets old and it's impossible to refute!

Internet sites like this create a fervor of anticipation and creates a laziness unforeseen in any business model I've ever worked. The social and networking aspects are enormous which "CAN" lead to a financial reward but it's the exception....not the rule!

I have met "ONE" candidate here that performed and the deal is still being written....It's been a year in the making! Even if it closes it's been difficult at best and has left me with patches of baldness. The relationship in all fairness will endure many more buying seasons so I'm proud to have at least made a new friend,

Enjoy the readings here...and may you all be so lucky to make a friend here!

Chris

Fan mail.......now that is classic!

You guys just put a much needed smile on my face while I am here working late into the evening!!!!