BiggerPockets

The fake ones:

I got 10B tape need LOI,POF +3

I got a friend of a friend of a friend of a friend of a friend of a friend of a friend of a friend of a friend of a friend of a friend of a friend who is in direct of someone who is in direct with the sellers.

Go to the bulk REO group forum you'll see the fakes from a mile away.

George,

I think part of the answer lies in the statement you just made: "Or I will see intermediaries trying to act like the mandates or direct principles and take control over the deal, which to me has become another big red flag."

Which category are you in? Intermediary, "mandate" or principal?

Lets start there, it is one key to your problem.

2nd, I saw a request of yours on another forum for "custom" tape - what would that be? Burger King REO? What are your buyers expectations? Usually they are not realistic, so nothing can get done even if you found a seller.

3rd, Didn't I see you hawking CA 200m tapes x 5 at .50 +3 yesterday? You hit all the big shoppers points in that one; 1 Billion of CA "tapes" for sale, +3, LOI, POF, NCND, direct buyers only. Talk about red flags.

You are causing the very problem that is frustrating you - shopping! It doesn't work in bulk REO - Having or developing Real, Solid, Trusted Relationships does and shopping will never develop that trust.

If you want to make headway in this business, you need to be clear with your position, expectations, be completely transparent and be prepared to step aside so a deal can get done.

Good Luck,
Greg

George,

I'm not asking you to defend yourself. I am suggesting you look at what you are doing and how, you asked for help.

I have NCND's up the wazoo - that has not prevented some from shopping offerings to others. Two from this forum alone have done it - both of those claimed to be buyers - One had the gaul to shop it back on this same forum at a higher price. If you shopped any product publicly in the past, how can anyone trust you won't do it again?

The last thing a seller wants is his product shopped - it makes the offering totally worthless and impossible to sell. That is why intermediaries, "mandates" (yet to see a real one) and buyers are thoroughly vetted these days.

As regards to your buyers criteria - you have still left that info out. I have seen many more "buyers" with unrealistic expectations than I have seen sellers that can't perform. Likely what you are getting back is someone taking that info and shopping it with the hopes they can find something close and/or take your buyer away. This is why the plus 3 game doesn't work - it's all greedy people, most of which don't even know what REO stands for!

If I or anyone else, offered your buyer assets at plus zero - what would you do?

Tell me what they are looking for and me and/or some others here can tell you if it even has a prayer of getting done. If it is realistic and you and your buyers don't know where to go to get it, you will need an intro from someone - but be assured, you and your buyers will be vetted first.

Custom orders - as I mentioned, this is not Burger King - the whole custom order, compiler thing is all internet BS! I have been in this field for over 2 years and have never seen one get done at plus anything. Yes, large deals do get done - principal to principal, but those guys don't need you or me or the internet - they know how to reach each other.

I will make this challenge here again to anyone - show me a contract and a fee agreement (names wiped out) and a supporting bank deposit of the matching fee (again names and account #'s wiped out) and I will retract my statement. I'm not talking about small pools - we all do them regularly - I am talking about a deal size of over 10 million with plus anything for fee's. Any intermediaries or "mandates" making any money that can prove it?

Good Luck,
Greg

George,

My point is, you need to know or find out if it is shopped or not and if it is real or not - otherwise you are wasting your time (as you are finding out), your credibility and everyone else's time.

Your criteria is a start but it is a very general request that will get no consideration. You did not mention where - so I'll bet your answer will be - Nationwide - Yes or No?. Sellers don't want to see a vague wish list. They want to know exactly what the buyer will buy or they are not going to waste their time. Frankly, this looks like a another shopping list searching for a seller, not a buyers criteria. The buyers know exactly what they want.

If you got a real list of assets that met all the criteria and were all in MI and OH - would your buyer buy it? If they were all FL 1.5m properties - would they buy it? If it were all mobile homes in AL - would they buy it? I doubt it. You get the point! So what will the buyer actually buy?

If they want a mix of location, type and BPO value, they need to identify that. If they can't or won't - likely they are not buyers. If they are looking for CA, CO, NY, DC and a few other area's, you will will likely not get anything at that price point for that size package.

You will also not likely get 14 days for due diligence for that small a package - 7 days maybe 10 at the most. We're only talking about a few hundred assets, should only take a few days if your buyer has a system in place.

REO at .50 to .65 is likely not going to be 0 to light - why do you think they are unloading them bulk?

Get some real hard info and maybe someone will take it seriously.

Greg

I don't know what would be more obvious - other than it's a shopping trip and not a specific LOI. For the reasons stated before and your more "specific" location information - it'll never happen! You're looking at probably .75 and not "0 to Light" maybe less if they just want the "Mobile" part of the assets!

Good Luck George!

Greg

Nice to know someone else was watching the store while I was away!

:mrgreen: