Buying REO's in Bulk 26 posts by 15 users

Posted: 04/23/2007 at 04:57PM

We can do it, there is a fee of 4% , minimum is 15 MIL, there is an application and it takes about 2 to 3 weeks to close,thanks

Posted: 05/23/2007 at 05:33PM

Wow! Interesting Email me the details of buying REO'S in Bulk in Southern California also.

Posted: 05/29/2007 at 03:24PM

If you are still looking, I can help. I am a Jumbo Distressed Asset Investment Broker. The bulk of what I deal with are Bulk REO packages and Bulk Note packages. I have a several different ways I can approach this.

When you buy in bulk it isan't usually about the number of assets in the pool, it boils down to how much money you can spend. The pools are provided to me by the banks, or private investor group, and usually can't be broker up.

Posted: 05/30/2007 at 06:10PM

Hello I am very interested, please email me your contact info.

Thanks!

Posted: 05/30/2007 at 07:37PM

ethan, I tryed emailing you too and came up empty as well.

Regards,
Jorge Espinoza

Posted: 06/07/2007 at 10:54PM

Hello everyone.

For purchasing in bulk, here is how the program works (at least with us). We have been doing this for several years now.

We work directly with over 80 lenders that give us access to their REO inventory BEFORE it is sent to thier contracted asset management companies. The window to acquire these assets is very short, but can be very profitable! In addition, we also work with private asset liquidations and trusts.

When we first start to discuss providing an investor with portfolios of assets from our lenders, we have them execute a Non Disclosure and Non Circumvent Agreement, as well as a buyers premium fee agreement.

Once we have those documents, we ask the investor to complete an investor profile that effectively indicates to our group what type of asset you are interested in investing in.

Based on your verbal indication of ongoing funding capability, we will proceed down one of two paths. If you can provide a minimum amount per month ongoing, we will begin sending you sanitized portfolio offering announcements. If you are interested in acquiring the assets, we ask you to supply an indicative offer (an offer that says if the unsanitized information from this portfolio mathces what the sanitized portfolio indicates, we are committing to acquiring the assets at a set price (you decide how much to offer)).

At that point we will ask you to provide proof of funding capability or place a 10% non refundable escrow deposit. Once you provide one of these two items, you are given the unsanitized portfolio to perform final due diligence with as well as the contract from the source lender and closing instructions.

At the end of due diligence, you have the option of passing if there are other bidders, or replacing a pre-determined number of the assets (number varies by lender) that match the indicative offer. You will typically fund and close within 14 to 21 days of beginning final due diligence.

If you only want individual assets from time to time, we ask you to complete the same profile and provide a proof fo funds up front. The reason for this is we are going to go into the lender and ask them to " peel out inventory" . In addition, we require a " Purchase Order" tied to the proof of funds. When we find a pool that fits your custom purchase order, we effectively execute the purchase order and fill it. You have a predetermined numbmer of days to close the funding on the order, usually 5 to 7 business days.from the executing of the purchase order. As with the other way to acquire the assets, when you are given the pool to fill the purchase order, you are required to place 10% of the pool amount into escrow. Once you have the pool, you have 3 days to confirm you want it or to pass on the pool. If you confirm you want it, your escrow funds become non-refundable. This is done to ensure the lender has some recovery in the event the investor does not fund the pool in accordance with their contract. if you decide to pass on the pool, your funds are refunded, provided you pass on the pool in the first 3 days of receipt of the pool that fills the purchase order.

The advantage to this program is that you dictate to us and the lender where, how much and how often you wnat to acquire. You can decide at what LTV to acquire, what that LTV is based against (BPO or Appraisal), the amount of rehab the asset can require, etc.

The only drawback to this system is we can never guarantee how much inventory our lenders will have at any given time ina particular market. the system does work very well, but can take time to fill the orders.

That covers the REO acquisition processes. There are some exceptions and tweaking that can be performed for buyers that have the funding capability to acquire in excess of $300M per quarter. Currently we have 5 buyers acquiring at that level or greater and move in excess of $600M per month between all of our investment partners.

Hope this helps you all out.

Posted: 06/09/2007 at 09:44PM

Welcome to the forum,

You have my contact information below (or you can private message me in here) (That should make Josh happy )

I can help you. Send me the specifics of the request.

Posted: 06/14/2007 at 10:18PM

Henry,

Welcome to the Forum. Let me know how we may be of assistance in your hunt for REO's.

Posted: 06/25/2007 at 09:30AM

Hello George, I would very much like to network with you with regarding bulk buying. Please feel free to email me

Thank you in advance.
Don (Henry) Enrique

Posted: 06/25/2007 at 11:45AM

Hello Dami, I would be very interested in networking with you on your REO polls by locating buyers. Several investors have recently contacted me with interest in buying REO pools in the amount you stated. The reason I’ve been contacted is I’ve shared with the investors that I have brought 100’s of polls, unfortuanly they have been conventional mortgage pools in the dollars range you’ve mention. I have recently come out of retirement in hopes of pursuing a career in pool purchases. I realize that pool selling and buyer are some what different from what I have done in the past; I am quit at home in the real estate field and these dollar amounts. If you would like to contact me, please feel free to email me your contact information

Thank you in advance.
Don (Henry) Enrique