"BULK REO" looking for the seller 11 posts by 7 users

Posted: 07/24/2008 at 06:49PM

I am the Buyers mandate for bulk REO. I looking for the real seller

Let me take a moment to give you a few of my buyer guidelines and if they fit within yours then we will talk.

here is what He's looking for:

REO & NPN up to $30,000,000 purchase price. Ideally he like to stay closer to $2,000,000-$20,000,000 on the first round or two with a new source
Source does not mean, someone you know, someone you think has a tape, as a matter of fact let’s use an old time tested word to be perfectly clear... THE SELLER. If you are not in direct contact with the seller or the “seller's mandate”, then don't reply.
Light to no rehab
SFR, multi-family and commercial office
No condos, land, industrial
Primary markets of interest: CA, NV, TX, HI
Secondary markets of interest: FL, AZ, MS, AL
You have to be able to provide evidence that you are direct to the seller, and preferably actually closed on a package.

If this fits you or would like more infor you can pm me or call

thanks

Posted: 07/25/2008 at 10:58AM

:popcorn:

Posted: 07/25/2008 at 01:25PM

A true mandate is likely going to be an attorney or someone with a power of attorney. A Mandate is " not" a broker

Anyone assuming the position of a " Mandate" begging for product is 99% crackpot material

Buyer's and their mandates (representatives) can just walk into banks with third party verifications of available funds and create their own platforms for acquisition

This type of nonsense where buyers with tens or hundreds of millions can't call the same damned bank where their money is deposited is simply asinine

Banks want to unload distressed assets but it won't happen at the 30-40-50 type of smoke and mirrors brokers are blasting in circles of lunacy

60's and 70's will fill anyone's basket.......so either educate the buyers or continue on your " What Happened" paths of nothingness

Have a great weekend

Posted: 07/25/2008 at 07:19PM

So you want someone to make the connection for you? You want 30 MILLION DOLLARS worth of product and have a concern it may be " DIFFICULT" ....are you serious?

See if this makes sense.....

You have a buyer that wants 30,000,000 dollars worth of product. Why are you even a consideration if you are of no value? If you aren't knowing of these traders that sell or move paper why are you a mandate at all?

Why doesn't the buyer get on a flight to New York and take a cab to Manhattan and WALK IN TO THE BANKS....? It would take 24 hours and they would have ZERO fees associated to brokers or mandates that are worthless

This make absolutely no sense and I can only guess you've never closed or spoken to a trader of any type of asset based product,

I'm sorry if this seems harsh but frankly I'm sick and tired of having my job made more difficult every day because buyers get hosed at every turn with fake tapes and BS wannabes that don't know what they're doing.

NOBODY cares if you're new or don't have a clue but there needs to be a serious consideration as to what YOU BRING to a deal

3% commissions added to Billion dollar deals is STUPID and doesn't happen!

Performing assets trade at or near .25 bps and non performing/reo trades at or near 1% for the whole enchilada.....+3 is BS

I welcome everyone that wants to make money in this industry but my SUGGESTION is that you keep an income and do this as a SUPPLEMENT

You can expect to close One or Two a year as a newbie and that's if you know someone

It's Friday evening and I need some dinner.....

Posted: 08/24/2008 at 10:38AM

I have no problems taking a buyer to a trader. I deal with most if not all the big names (doesn't that sound familiar)...


Standard issue will always be my concern.....If I 'm not talking to the ckeckwriter there's no way I'm making that intro.

I need to know how the acquisition is going to happen (cash, LOC, pledged assets, JV etc)

Is this a buy and hold or a flip (I won't take a flipper)

Pricing needed or required

Transactional history

The first thing I get asked is: Have you done business with them before? Are you comfortable with them? My relationship will endure some mistakes but the fake buyer broker density gets their name spread around.......have fun with that!


Until I am comfortable (or the CEO here) there's no chance we're taking a buyer to a product desk to make an order of his/her choosing

Keep your POF and LOI nonsense.......If I don't have faith in who I''m talking to.....we're done


There are many here that tried me out and maybe 2 in 10 still speak to me because I don't have time for the BS and I'm not in this business to carry anyone

Posted: 09/13/2008 at 12:06AM

Have you accomplished your goal to find a reliable source of bulk REO properties? I have direct access. If you are still looking I can be of service.