AAII Atlanta - Stock Investing Subgroup Message Board › bulk REO Packages available
|A former member||
Are you interested in buying multiple units of foreclosed real estate directly? Are you able to close with cash quickly? Can you quickly show proof of your ability to fund a bulk real estate purchase of $1 million or more? Can you close quickly with cash?
If the answer to all of the questions above is yes, then we may be able to help you in achieving your goals, by providing access to bulk REO packages.
What are bulk REO packages?
Bulk REO packages are portfolios of properties owned by the lenders that have foreclosed ( or will shortly) on them. These lenders have decided that it is in their best interest to dispose of all of the properties now at one time either as a single package or in large lots (100 units or more) and for a deep discount versus taking the risk and expense on trying to sell them on the open market, one at a time.
Many of these properties are now available for 20-30 cents on the dollar or less for cash buyers willing and able to purchase the entire portfolio enabling you to pick up killer deals that most of the other investors can't touch. Most of the properties have not been listed on MLS or with any realtors, so they have not have been artificially inflated in price by false demand. It's a great opportunity for those of you able to close quickly on a deal.
To get started we'll need the following info from you:
A letter of intent stating your desire to purchase bulk packages of REO property in the geographic area desired. The letter should also state the dollar amount that you are willing to commit, property condition, discount to current BPO, how you want to accept title, the type of properties desired (single family homes, multi family homes, commercial, mixed use, apartments etc), the area desired and the time frame desired to complete the purchase. Please summarize the proposal in a paragraph or two.
Proof of funds letter from a commercial institution showing the ability to fund the purchase. This letter should be on bank stationary and include a point of contact person for verification. The buyer or buyer's company should be the account holder.
If third parties are involved in assisting the buyer as intermediaries, the relationships must be disclosed.
Signed NCND and referral letters
Please note that these properties must be purchased in bulk, not as individual units. Additional fees in the form of points on the purchase price may be added to the total portfolio price (ave. 2-5%, depending on quality, current debt being written off and other factors).
Once we have received the info requested, we'll show you the TAPE (inventory) available per your specifications.
Please give me a call or reply to this message if you have any questions and are ready to move forward.