Aug 18 '08, 07:41 AMHey group,
I'm curious if anyone is doing location specific bulk reo deals?
We are currently looking at REO deals in the eastern SF Bay Area, and while there are deals to be had, we'd love to cut out the "mass offer" game (making a ton of low ball offers to see what sticks), and try to do a bulk deal with a lender with a decent inventory in the 2-3 zip codes we are interested in.
For example, compiling a list of REO properties currently held by Lender XYZ in Zip codes A, B & C. Then offering to buy their entire inventory at $XXXXXXXX or at a specific $/sq, etc. We'd love to come in at the ~70% BPO level, but I have no clue if that is possible.
Just for reference, this is an area with skyrocketing REO inventory levels, where houses are NOT moving very fast without large price reductions.
The key here seems to be getting to the key decision maker within the institution, whether it be the REO dept, asset mgmt, etc.
Any feedback would be greatly appreciated! :mrgreen:
Spencer B
San Rafael, CA
