May 30 '08, 01:35 AMSomeone I know and I are in a dialog with one of these REO sales intermediaries and he is trying to tell us that there was $600B released by them yesterday. He also states that there is $3T in REOs available. I can't find anything on this $600B, and obviously none of his numbers makes sense. I told him to give us his resourcs or a HUD1 for any of these deals and the first paragraph of his reply is pasted below.
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Shearson-Lehman is the house that released the $600B in REO's yesterday. I'm sure you would have as much success contacting them as I would. You won't find that release on their main website, as they are only accepting correspondence from those who have a $1B or more in their hip pockets to buy a splinter of that inventory.
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Does anyone have any information on this Shearson $600B bundle. I am talking a little over my head with this fellow but the crap he is spewing is just over the top, and we need to make him see how mistaken he is. If that is possible.
He also told me that they don't do HUD1s for bulk transactions. That is not the way I heard it, but I wouldn't really know as I have never done one. But to my knowledge the HUD1 and recording is done like any other real estate transaction.
Help!
