I am new to bigger pockets and wholesaling in general. However the connection of a lifetime just fell in my lap last week. (I think)I am about to have first access to foreclosed properties before they are even brought before the REO listing agents. This is coming from a Senior Asset Manager for a MAJOR mortgage company (Over 20 Billion dollars in assets in just mortgages) that has foreclosures come across his desk every day all day for locations all across the US. If you're interested, let me know. As of Monday I should have listings for my local area (Longview, Tyler, Lindale, Mount Pleasant, Texarkana, to East Dallas) I would love to work with buyers in my area and also in other areas either in Texas or other parts of the US. I need serious guidance as to how to handle this phone call Monday morning. Any advice would be appreciated.
Hey James, sounds like you potentially have a great source for deals. I have contacts in the DFW area as well in the Los Angeles area that might be interested. Regarding your call on Monday, the key things to find out is their process and investor criteria. Once you understand that, then you will have a better understanding of the type of investor you need to bring to the table.
@Eric Nelson thank you for your advice. If you’d like, message me on here (I’m new to this platform and not sure how it works) I have some more questions that you might be able to answer. We could potentially have some future deals together.
Something sounds fishy here. The REO business is pretty right and if the seasoned go-to REO agents found out their properties were being pre-vetted to investors through a third party, there would be an issue. What's your agreement with the asset manager and is it in writing? Are you a licensed agent and if so, have you ever worked with REO properties as listings and do you understand the requirements and low payoff for the agent? Who will the utilities be monitored by in the time before it goes to the listing agent. REO is not a game you can peek into if you don't know the rules of disclosure, the will of the bank(s) involved, and the paper agreement. There is rarely a step between like this and I would be worried there is a question of side payments in this case.
If you come across any in the DMV area, particularly Baltimore, MD, let me know! And congrats on the connection, that sounds like a great opportunity!