Bulk REO properties direct from the Seller!
We work for, and with, some of the top Bulk REO Clearing Companies, Private Sellers REITs, FUNDs, Trusts, and Publicly Traded Companies.
We source direct bank product for a handful of well capitalized companies on a regular basis.
Note: We have been in the bulk arena for almost 3 years – since October of 2008!
Here is how the larger banks release Bulk:
Each Institution releases product at different times of the month to the clearing companies we are associated with as well as several others. The clearing companies then send the tapes (list of properties) to their approved bidders / buyers. Each institution sets the review period – From 48 hours to up to 10 days (48- 72 hours is standard) – which is the length of time each bidder / buyer has the ability to bid or not bid on each tape.
This is not for the faint of heart – only seasoned professional investors can handle the pace! If a bid is placed the bidder / buyer actually bids on each individual property on each tape, however if you bid on one property on a particular tape, you must bid on all of them – there is no “cherry picking” – bidding on only a few properties on a particular tape.
If you win an intuitional bid you have to wire money directly to the intuition within 30 minutes and you have to wait up to 120 days to receive the deeds!
Please understand that we are dealing with larger Institutions that are not local banks – they are large Regional or National Lenders that “discard” properties in a National or multiple state way verses a concentrated way (NOT concentrated in certain cities or counties) – usually after 120+ days that the Institution has attempted to sell the property through a local REO Real Estate agent.
BulkREOTape.com powered by RealtyBid.com
BulkREOTape.com has partnered with the top online Bank REO auction companies, RealtyBid.com, in order to launch an auction platform for Bulk REO on this site. We are expected to go public soon.
As a Buyer’s Representative, you will be able to sign up your clients and receive 1% compensation each time one of your clients makes a purchase.
The site in its final stages of programming – If you contact me through the site, you will receive notice as soon as we are 100% live.
http://bulkreotape.realtybid.com
Please use the contact link at the top of the page to send us an email!
Warm Regards,
George Wagner