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Who says no one is closing bulk REO!!
12 posts by 5 users
Kevin O.Real Estate InvestorBakersfield, CA 
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We have just closed several small deals (10-25M range) and have several larger deals in the works with the outlined process. If any of you out there have serious buyers, and are tired of chasing tape, come try our process. We have the ability to deliver good packages for your buyers review. Take a look at the attached process and give me a call or drop me an email if you have any questions. If you would like to receive an investor pack I will gladly send you one. |
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Andrew M.Residential LenderSalem, MA 
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Can you share a uick run down of what one of the recently closed transactions looked like? How many properties? Property types? How many cents on the dollar? Ect Ect Ect...? Thanks |
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Kevin O.Real Estate InvestorBakersfield, CA
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Without giving up a lot of detail the first was a small NW mix bag of REO’s 72 SFR spread over the SE, mostly in TX and TN this package sold at 50 +3, most were zero to light rehab. We assisted the buyer in placing the offer and completing their due diligence to the satisfaction of the buyer. Another of our most recent deals was a builder close out in Fla. of 80 units with a market value of 37M asking price was 17M +3, this one closed at 15.5M +3. We have had several other small deals in the 10-20M range and are currently working on sourcing and a couple of larger REO/Note packages through our custom conduit. Can't say I'm an expert at the Bulk REO market (or anyone is for that matter) or have closed 100's of deals but we are definitely ethical and try to work hard with our buyers and sellers alike.
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Andrew M.Residential LenderSalem, MA
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so since you were just involved in these deals, you will know this.... how old are those BPOs? 50+3 would only make sense to me if the BPO is less then 60 days old. this market has moved so much in the last 2 months. add to the equation the number of houses that are in process right now, ready to be dumped on the market, todays 50cents will be tomorrows fair market value. none of these deals are making numbers sense to me yet, unless i wanted to grind it out and hold these all for rental. im going to guess that this time next year, maybe fall 09 into 10 these banks will be giving their REOs away for free just to shed the expense of maintaining, securing, insuring, taxes and whatever else. this market seems to have an endless bottom to it right now. |
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Andrew M.Residential LenderSalem, MA
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congrats on getting the deals done btw... i hope it was a good pay day. |
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flipper101Real Estate InvestorSan Ramon, California 
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im going to guess that this time next year, maybe fall 09 into 10 these banks will be giving their REOs away for free just to shed the expense of maintaining, securing, insuring, taxes and whatever else. I will tell you what some " banks" are starting to do in some cases: They are forgiving arrears, re writing loans at a low interest rate with no costs or points, and in some cases totally forgiving the original amount in excess of todays current value! Makes sense to me as this is more than they would end up with a year later if they foreclosed, less all their costs and this way they still get the interest over the next 30 years. A win-win!~ |
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flipper101Real Estate InvestorSan Ramon, California
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Kevin, Quick question here. FNT accepts LOI and FOF, verifies and forwards to " sellers condiut" who in turn complies and order. After this, FNT verifies " seller conduits" LOA and the portfolio. My question is, how does the investor know who their banking information is going to, prior to FNT releasing it to the " condit" ? |
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Kevin O.Real Estate InvestorBakersfield, CA
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James... FNT does the verification and then sends a letter of verification back to us. Once this has been completed we work with our investors with full disclosure to our selling mandate and sellers direct at that point. No financial information is released without the permission of the buyer/investor. |
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flipper101Real Estate InvestorSan Ramon, California
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Got it-thanks |
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Sherri T.Real Estate ConsultantCharlotte, NC 
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Congratulations. If you run into buyers who do not want to compile but want real product, give me a call. We have REO bulk package sources that are private, as well as, CMOs available. Very, very competitive pricing and easy procedures that include attorney to attorney proof. |
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Paul C.BankerScottsdale, Arizona 
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Green Tree Servicing just aquired $1.1 billion in NPLs and REOs from Deutsche Bank! Anyone else here about this on the wall street end? Damn right there are Bulk deals getting done, I just need to become a part of the team within my company who conducts these transfers and I will have met my goal! |
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flipper101Real Estate InvestorSan Ramon, California
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BINGO- Now your " getting the big picture" .... |
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Posted: 04/03/2008 at 04:23PM
