BiggerPockets

Where are the direct sellers of REO's?

I keep getting 2 away from a mandate's rep's intermediary at +4.

If you have CA, AZ, NV, UT product or just took down and are looking to resell please contact me. One buyer is not very price sensitive up to 200M. (buy and hold)

I must be able to speak to the actual seller not his/her Mandate's intermediary's rep's assistant. I will put the check writer on the phone.

Thanks,

Stacy

Alan,

Hijack away, and I invite any other actual buyers to post as well.

Stacy

It is real simple, they are called banks and/or servicers

Jeff,

It always sounds simple. Which banks do you know that can deliver REO's in CA, AZ, UT, NV?

Stacy

The banks are the only true seller of bulk REO... We have worked with 2 companies that have bought directly from Citi. We don't act as intermediaries, just retail brokers on the disposition. Another party purchased 54 homes directly from FNMA in Florida. To the best of my knowledge, I have never seen a brokered bulk REO sale.

He doesn't know.

I prefer to go direct to portfolio lenders - small banks and credit unions instead of dealing with the serviocers and slices and dices.

Here's what I do. Go to http://www2.fdic.gov/idasp/index.asp

Click Find Institutions
Search by STATE
Sort by Total assets
Asset Concentration Hierarchy: Mortgage Lending Specialization

I just searched CA and got a total of 8 with 6 that appear to be portfolio lenders. They are the ones you want to contact.

You can click the bank name to see their assets and liabilities, too. And then check other real estate owned to see a break down.

This is no guarantee they have REO but it gives you a great deal of intelligence with which to contact them and establish a relationship.

The latest incarnation we are seeing is selling the note just prior to the foreclosure sale. We have 2 nice assets that we will have title to in March. I am listing 2 others that we closed last week.

The key to this. You need to understand closing number 2 where the profit is made. Until you ujnderstand what your closing number 2 needs to be. You will not be able to put deals togther.

Why would they sell REO's in bulk unless its junk that the market will not gobble up.

Susan and Jeff,

Thanks for the info.

Let me clarify. I want to talk to the individuals that have already done the ground work and established the relationships at the Bank/Lending Institution/Billionaire Seller. It's all about relationships.

My clients have cash to spend but have no relationship with the bank. If you think it's as easy as calling a product desk and explaining you have money and you want to buy REO's at a discount, it's not they get that call everyday. Maybe it works for (1) one at at time but their appetite for SFR REO's is much larger. And yes the exit strategy is already in place.

So, I'm asking to tap into the Bigger Pocket's vast network and tell me where I can find SFR in CA, AZ, NV, UT. I just need the actual seller to be on title, or be able to assign your contract with the bank.

Let me know if you can help. Thanks,

Stacy

As I stated in another of your posts, I am what you look for is the simple answer. I know asset manger which almost anyone else on this forum cannot say. There are a lot of scammers out there and you should always deal with caution. Actions speak louder than words and I can deliver what you need.

Brett,

OK, give me a call. I need the person with the authority to sell and I'll put the check writer on the the phone. If you ask for a LOI/POF it will be a short conversation.

If you are able to perform as stated then you will sell all of the SFR REO's you can provide.

I look forward to talking to you,

Stacy