Bank Bulk REO – How Banks Release Bulk REO

Bank Bulk Reo Seller Bulk Reo PropertiesBanking Institution release Bulk REO properties at different times of the month to “clearing companies” which are third party companies that act as the “seller” of these properties on behalf of the Banking Institutions. The clearing companies then send the Bank Bulk REO tapes, which are simply a list of properties typically on an excel spreadsheet, to their pre-approved bidders or buyers. Each institution sets the review period which is typically from 48 hours to up to 10 days; with 48 – 72 hours being standard. This time frame represents the length of time each bidder or buyer has the ability to bid or not bid on each Bank Bulk REO tape.

Bank Bulk REO – Not an easy concept

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 Bank Bulk REO tape, you must bid on all of them – there is no “cherry picking” = you cannot bid on individual properties. In other words, you cannot bid on only a few properties on a particular Bank Bulk REO tape, you must bid on each of them no matter if you want them or not!

If you win an institutional 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.

Bank Bulk REO Facts

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 after 120+ days that the Institution has attempted to sell the property through a local REO Real Estate agent. These Bank Bulk REO properties are NOT concentrated in certain cities or counties. Essentially, the Bank Bulk REO properties are the cheap “scratch and dent” 20-30 “cents on the dollar” properties that the bank has been unable to sell through any other method.

Wagner, George. How Banks Release Bulk REO. 2010. TS. Marietta. www.bulkreotape.com. 2010. Web.

 

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