Forums » Bulk REO Discussion and REO Dealmaking Forum » Is anyone direct with a seller?

Is anyone direct with a seller? 9 posts by 5 users

Mike K.

Real Estate Investor
newport beach, Alabama

Posted: 03/18/2008 at 03:46PM

I have to ask this question. Without being a " compiler" who wants to gather information and then go searching for product, is anyone out there actually direct with a seller/seller rep that is selling something today?? There seems to be some buyers (they might be fussy but they are buyers) but they can never get to a real seller. I know there are plenty of unrealistic buyers (20M in CA properties for .40-.50) and even some " undercover" brokers who claim to be buyers but maybe there just isn't enough real product out there.

Sponsors:

Christopher L.

Real Estate Consultant
Little Town, Oklahoma

549 posts

Posted: 03/19/2008 at 07:35AM

There's a lot of " real product" but the buyers that have relationships with the banks that see it first aren't letting it by.....and if they do there's a reason

The stuff I see every day (via the broker blast) is RIDICULOUS

I have seen THREE VERSIONS of the same tape

20M, 13M, and 12M........what are the brokers going to do when a REAL BUYER wants it?

Outstanding stuff!!!

flipper101

Real Estate Investor
San Ramon, California

2810 posts

Posted: 03/19/2008 at 09:22AM

Mike,

Does this resonate with my e-mail reply?

There's a lot of " real product" but the buyers that have relationships with the banks that see it first aren't letting it by..

I only differ in opinion as to the term LOTS...

Chris- whats LOTS?

Mike K.

Real Estate Investor
newport beach, Alabama

32 posts

Posted: 03/19/2008 at 11:38AM

How about the groups that are buying from the banks. How are they liquidating? Auctions I assume? Holding it? Just curious.

flipper101

Real Estate Investor
San Ramon, California

2810 posts

Posted: 03/19/2008 at 12:14PM

Auction-Wholesale-Hold-Re sell-" flip" combo...

As many scenarios as their are investors.

Some buyers are REIT, some private equity, some Hedge Funds, Some are national auction firms and others are " gurus" with nation wide students to wholesale to.

BUT: AGAIN as far as Bulk REO, there are WAY more buyers than sellers and the established buyers (who usually have been buying loan pools for years from the institutions) are the first ones in line...

Supply is TIGHT and DEMAND is a PLENTY....

flipper101

Real Estate Investor
San Ramon, California

2810 posts

Posted: 03/19/2008 at 12:19PM

Why are you not asking Fred all these questions? JUST KIDDING!

Also, do you feel that there are a vast number of distressed asset industry professionals on the forum here to give you accurate information?

I am going to start charging you by the hour! LOL

Sherri T.

Real Estate Consultant
Charlotte, NC

25 posts

Posted: 03/20/2008 at 09:18AM

I'm not a broker, yet our sources are direct or one away. I do have a couple of sources (3 intermediary groups before actual seller) who beg me to bring one of our buyers to them so they can show me what they can do.

I leave it up to the buyers I represent so I haven't closed anything with them yet, but I am intrigued by the amount of inventory and buy prices that they claim.

Anyway... maybe we can do business together. Contact me sometimes.

P.S. Is anyone interested in CMOs or TNs? A couple of packages have fallen out and seller wants them sold.

Mike K.

Real Estate Investor
newport beach, Alabama

32 posts

Posted: 03/20/2008 at 10:17AM

Thanks for your offer. Let me ask you this. Are your sources looking to compile data from buyers and then going out to find them product? If so, that's kind of what I've already done and I'll keep looking for my buyers. If your sources had actual product for sale and were willing to let us know a little about it beforehand, we could try to get a deal done. I always wonder what is wrong with showing your cards a little if you are the seller. In other words, if I had a tape of Nationwide or just NY or whatever, I would make a sanitized tape (maybe zips,values,prop types only) available to interested buyers only (not their brokers). Heck with the internet you could put it on the net in a view-only format. To ask a borrower to send you everything including proof of funds based on a tease flying around brokers e-mails just isn't happening. If the buyer likes the teaser tape enough, he'll show his cards and away we go. The fact remains the good stuff goes fast anyways, but if these other products exist, a better system has to be found then the broker " blocking" going on right now.

Kevin O.

Real Estate Investor
Bakersfield, CA

90 posts

Posted: 03/20/2008 at 03:40PM

Originally posted by "mkbatman"

How about the groups that are buying from the banks. How are they liquidating? Auctions I assume? Holding it? Just curious.

Yes and Yes... I have seen both auctions, buy and hold and some other exit strategies. Just depends on the individual business plan of the investor or investors.