Thank you

Have a nice day

If you question my stating that they made loans illegally, look up the laws in lending for yourself.

Now they whine about it and stick it to the consumer for their own negligent behavior ! and yet they still expect everyone to pay full price for foreclosed / fixer-uppers etc., when houses in many areas throughout the country are dropping in value at 2% monthly. They must be smoking crack !

In those areas, you MUST ( not should ) be able to buy the houses at 50 – 60 % maybe 70 % at the very most of retail value to make them worth the effort financially for any investor.

In my opinion, let the banks bleed for a while…. they could use the lesson in abuse anyway. The lending “institutions” need to be held accountable for their own abuses of the lending laws which they blatantly disregarded just to make a quick buck in the first place.

If the Banks are not willing to look at legitimate offers from real investors, let ‘em suffer for a while til they come to their senses, ( provided they are actually intelligent enough to figure it out ) After all, they really would rather sell the houses than let them go to auction anyway.

Jeff

I noticed your response and it caught my interest. Could you tell me more about the process of bulk portfolio acquisition and how to penetrate the market segment associated with such large transactions ?
I am a realtor interested in the REO/Foreclosure segment of the industry but I want to think bigger than BPO/Listing REO . Whatever I had to do to get involved I am doing, but the landscape is scattered with scavengers fighting among themselves for the scraps of the kill .

My original desire is to bring first time homeowners into this market as part of the American Dream. Investors because of their resources are able to scoop up vast portions of the REO segment which only adds another layer for me to have to negotiate. In the meantime, I must succeed as a realtor before embarking on this alturistic endeavor of helping others individually. TRANSLATION: I must help me before I can help others and your involvement in bulk transactions intrigues me as a way to facilitate that desire. Any information,suggestions, or direction from you would be appreciated. I’m willing to assist you in any way to deserve your time and input. Funny, all of a sudden I feel like I’m talking to Gordon Gekko from the movie Wall Street about how to move above the crowd in this dog eat dog economy.

I seek long-term business relationships with serious investors of bulk REO, performing and non-performing note portfolios. I connect my buyers directly to the sellers of huge inventories, and these custom orders are typically filled within one week. For interested parties, please contact me.

As a long time trustee-sale investor (prior to becoming REO’s and after), I have personally researched and valued thousands of defaulted properties (1982>1994) and can speak from my 25 years of r/e experience here in the Southern California area (San Bernardino, Riverside, Orange, Los Angeles counties).

Asset Managers are not always aware of, and often times the Realtors they use are not 100% in-tune with what realistically will be required in $$$ to bring those REO homes to equal-value with other similarly priced homes, which by the way, most are in much better condition. Trust me, if the previous homeowner was not able to make the mortgage payments, rest assured you’ll find significant deferred maintenance on those foreclosed homes. Should I even mention the free exit-remodel the “pissed-off homeowner” will do to the home prior to the last day of their eviction? Boy! That’s a pretty sight!!!! I actually have a video rolling around here somewhere of some of the 25+ properties I personally purchased with blown-out windows, stolen toilets/faucets/fixtures, all kinds of trash, graffiti and the after-math of the illegal breaking/entering by the homeless. If this is my own personal experience, I can safely say it will mostly be the same for the banks taking on all of those REO properties.

Another problem I see, listing-agents do not want to low-ball the BPO to the asset-manager and possibly not getting the listing. Some are lazy (“it takes too much of my time and I’m only getting $25 for this report”) not doing a good job-assessment by pricing properties too high (considering their dilapidated state). Consequently, those REO’s will have to endure sitting longer, unsold, because the “as-is” price was NOT a good investment for anyone. Eventually, with normal market pressures and until the listing-agent sounds off the “listing-is-not-selling-alarm”, those properties will be re-priced bringing the area values down even further.

Keeping the asset-managers informed with current local real estate activity and the increasing competing inventories is part of the responsibility of the listing-agents, if the asset-managers are not being provided an on-going “market condition status-report”, they’ll continue to be clueless (after all, all they know is what the listing agent tells them, right or wrong).

To those with the “knowledge” and “resources” and a real interest in getting “the best-deal”, I say learn how to buy the properties with all-cash at the trustee-sale and prior to becoming REO’s. I realize this is NOT for everyone, a very high-risk r/e investment area but for sure, the most rewarding!