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I have direct access to a large asset management company who is looking to sell their reo through a bulk reo process. An asset manager I sell properties for sent the info across and I am just relaying the possibilities onto biggerpockets to see if anyone was interested.
They do not pay for the buyer agent fee, but of course I am. I require a 3% fee that will be paid additional to the sale price.
I will not deal with an intermediary unless you can be on the phone with the principal. They have to know the principal.
The principal must have Hard POF. I need to see they have the money or the financing lined up. Otherwise we are just wasting each others time.
They require you to submit a 10% deposit with the LOI.
On the first sale I do with you I will require an additional 0.5% to be put down as deposit on my fee.
They do not do any sales for less than .70 of bpos. I have done my research and anything below this simply does not exist. .40-.60 do not exist. They may occasionally with enough money go down to .60
If you can agree to this and I know it is a lot and I am sorry but there are so many scammers who would just waste my time and the asset management companies time if we did not put this is place. I simply telling you there conditions. I can get you bulk reo in any state for any amount in as soon as you want. Basically, the asset management company wants to see you can pay and are not ripping them off and they will do as many deals as possible. Let me know if you are interested.
Updated: 06:16PM, 03/29/2010
Also forgot to mention that only the principal mentioned on LOI can close. They will not allow any wholesaling on the bulk reo or transactional funding.
