Sorry Compilers 18 posts by 8 users

Posted: 03/07/2008 at 12:13PM

I've been observing,following,watching,laughing (you name it) this " business" , if thats what you call it, for a few months now and it just seems to me that this compiling stuff is just another way for brokers to find buyers so they can chase the " dream" . All of them require paperwork to be filled out and then a search for product begins. Kinda funny to me. I (and probably 90% of the people trying to enter this game),was an ex-mortgage person looking to stay in real estate. I've concluded that I need to find an angle(considering my background and experience) that fits what I can bring to the table in this distressed field, market that and see what happens. Maybe try to help keep these people in their homes or work to help the little guy (investor) make some money in this market. Not sure but I have found some buyers in this market and none of them want to fill out all this $#$$p paperwork because it continues to get them nowhere.

Posted: 03/10/2008 at 01:02PM

Gentlemen, I feel your pain but I can tell you with humility that I have a bonafide source and a simple way to make you know it if you have a ready to go buyer in place. My source does not oversimplifiy the process and make it seem like a walk in the park, even though its really not all that hard for the qualified buyer. If you would like to discuss it, I would be honored to help change your minds. I will get you straight to the people who are getting it done and I will do what it takes to help you see it, because I understand what you and your people have been through. I have seen the proof and know that my source will perform. Believe it or not. Let me get your people on a call and prove it!! Also keep in mind that new Federal Guidelines regarding bulk reo and other cursory industries make it harder to play games at the expense of others in this industry. I wont offer any 600b packages either. What you can buy is what you will get.

Contact me Please by P.M.

Posted: 03/10/2008 at 02:23PM

I agree... there is a lot of #&#*@'ers out there and there have been a lot of people that have been through the ringer, believe me I hear it every day. We have had the honor to put a number of good packages together for people and we have good sources that are able bring a deal to fruition. Obviously we do have some process that has to be followed, but that is the way it is in any RE transaction. But I too am frustrated with some of the folks that are out pretending to try and put together deals through some of these broker chains. Good Luck folks, and God Bless.

Posted: 03/13/2008 at 10:01AM

New regulations are going to take some of the buyers leverage away through qib sourcing, which only plays by one set of rules," proof up or no deal" . Many buyers now want to see proof from sellers of product etc., but that will no longer be an option for most buyers unless the sellers are private and not qib sourced.

You are talking about that BLAST e-mail that went out early this week and its total BS! The " Law Firm" that was quoted as being in " control? of the assets has sent out a cease and desist and may prosecute as well. Gets your facts straight!!

Let me get your people on a call and prove it!! Also keep in mind that new Federal Guidelines regarding bulk reo and other cursory industries make it harder to play games at the expense of others in this industry.

There are NO NEW REGULATIONS and NO qib sourcing. Bulk property assets are NOT regulated!

You just lost ALL your credibility......

Posted: 03/16/2008 at 11:50PM

However, to make sense of some of the thoughts of this thread, let me throw in a few comments:

As James already knows, my partner, lawyer, Nova Dean Pack, Esq and I have about $300B in retained buying power with the firm and relations with 6 direct sources. I get between 3 and 7 tapes a day to sell (the full tape plus the LOA) -- none of this " sanitized" rubbish -- as real sellers don't have to hide the details and are always willing to give full details, as they want a sale as soon as possible.

These tapes are usually not in the " billions" , and never in the " hundred billions" or the mighty " trillion" . No... sad to say all those representations are normally just " broker talk" , entertaining other " broke" brokers. The real tapes are usually in the 10's of millions and a few in the hundreds of millions.

But if anyone feels that they will sell a tape by advertising it here on the board, I have to tell you that may never happen as these tapes are not available for that long.

Today is (was) Sunday. This is a quieter day than the rest of the week. Let me tell you of my day to illustrate:

In the last 24 hours I received a $538M purchase price tape for NV at 49+3, a 30.7M bpo Tri-State (NY, NJ, CY) for 55+3, a 17M bpo Long Island for 59+3, a CA $200M bpo, a CA $210M bpo and a CA $300M bpo all from the sale seller and all for 57+3, a 20M bpo TX for 63+2, plus 3 other Fl tapes all in the 30M to 50M and from 45 to 55 +3.

As I received each tape file onto my computer and a brief description from the selling agent over the phone (in one ear) I had another phone in the other ear contacting a prospective buyer during the phone call. The LOI's for the NV, all the CA the TX and the Tri-State tapes are already written and ready for tomorrow morning's business.

This is how fast this business runs. Why? Because when a buyer engages the firm and asks if we can provide " real tape" , and they ask me for " my protocol" , I ask them to first do one thing:

I tell the buyer to take a blank sheet of paper and write down what they want to buy... price, how much to spend, location, condition, REO or Notes (PN or NPN) and their exit strategy.

So, suppose the buyer writes " Nationwide up to 45+3, zero to light rehab and up to $400M purchase price" ... I then ask, " If I get these exact requirements and after the due diligence is done, the numbers are according to your specs, will you buy it?" ...

If they can't answer " YES" I tell them to get out of the business as they will never get any product through their lack of decision.

If they say " YES" , I send them an attorney engagement authority agreement which they must sign giving the firm the authority to reserve a tape to their specs for their later due diligence. When they sign that, the firm has the authority to receive a tape file at 9:00 am and reserve it at 9:05 am, if it is according to their specs.

This is how it is done when real buyers are connected to real sellers. If any broker who is trying to make this business work for them is not this close to either the buyer or the seller, they are actually wasting their time since the tape that is available will be reserved and off the table before they can make two phone calls to their " two away" friends.

I'm sorry to be so blunt here, But these are the facts and both Nova and I have the facts to prove it. My advice to every broker trying to get to a source (buyer or seller), is don't give up, but get direct or you will never get a check (or at best a 1/20 of $10,000... once in a while).

Respectfully submitted

John Dillon
President
C.A.R.E. Corporation
and the Law Firm of Nova Dean Pack
thecarenetwork@gmail.com

Posted: 03/17/2008 at 12:38AM

John,

Maybe you should have been in NY over the weekend.

Nova Dean Pack, Esq and I have about $300B

You guys could have bought out bear Stearns for 200M !!!

$2.00 a share, down from $178.00

Your investors would have had enough left over to buy the other 5 biggest investment banks over the next few months.

Posted: 03/17/2008 at 12:59AM

Did I know? We had 3 investor at the TABLE the week before last and they were shot down, to include WMG!!

John, pres of BS EMC canceled a meeting in N.Y. at the last minute last week with our team.

JP Morgan is buying BS for 2 dollars a share as we speak as it all went down tis weekend. Take a look at tomorrows headlines!! History in the making!

Yes, I know about BS...

Posted: 03/17/2008 at 07:06AM

That's identical to the garbage that was " blast emailed" to every broker chain known to man LAST WEEK....

And how are FEES ADDED before the " buyer" contracts the offering. It's really strange that brokers have a propensity to add their worth before the buyer does? NO SELLER cares over the asking price (floor)......

All from the sale seller?

Please define that...

Posted: 03/17/2008 at 10:00AM

Does this look familiar?

[b]I have the following tape available, I am the sellers rep....

100M NY York five Burroughs, Kings, Queens, Suffolk, Nassau, Bronx 59+3
500M NY same as above 58+3
250 CA, Orange County, LA, Riverside, San Fernando Valley 58+3
100M CA, Orange County Only 59+3
300M CA, Orange County, LA, Riverside, San Fernando Valley 58+3
100M AZ-Maricopa County 56+3
150M AZ Maricopa County and surrounding 57+3
600M NY Five Burroughs as above 62+3
100M Florida Tampa 53+3 [/b]

Everyone has this......