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Many investors know the value of a Bulk REO Portfolio while others may need or desire direct access to Bulk REO Portfolio Acquisitions for investment. Buying foreclosure properties presents a huge investment opportunity for agents, home buyers and real estate investors seeking pre-foreclosures, foreclosure auctions and bank-owned properties.
REO properties are great homes for investors to buy because they are generally paying below market for the home, and there is a lot of inventory and selection. Property acquired by a lender through foreclosure and held in inventory is commonly referred to as REO.
Real estate owned or REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. Real Estate Owned Properties are properties that either were not sold at auction or were properties that the bank or lender accepted the deed of trust in lieu of foreclosing on the home.
Bank Owned foreclosures and real estate auctions offer great deals on distressed properties throughout the United States and beyond. However, banks are in the business of lending, not in owning homes so banks want to get rid of these properties so they sell them as REO Homes.
Banks, themselves, hate being the owner of the property because it serves them with the additional expense and burden of paying all of the taxes and for being responsible for the upkeep and maintenance of the property.
Banks have a mind set up to sell the property at the best available price. Bank officials have properly preserved lists detailing the REO properties under their possession. Therefore, properties that match your search will typically feature exterior and interior photographs, an in-depth description and the address as well.
Banks typically like to sell these properties to investors that buy million dollar portfolios of REO properties at one time. This way they can move hundreds of properties at a time saving them time and money; as banks generally don't like to show such properties on their books and try to liquidate them as soon as possible.
Lenders usually sell their REO properties "as is" and without warranties, meaning they are not going to guarantee the plumbing, heating, cooling, water heater, sprinklers, etc. However, lenders do generally expunge all second and third liens, as well as delinquent taxes, HOA and mechanics liens.
REOs will often include appliances. While in hot markets, you may not see a difference in price between an REO and a typical property, during slower markets, you can pick up an REO at discounts to the propertys actual value. REO homes are usually sold below market value.
Theses properties can represent an investment opportunity when the property is worth more than the sales price and are divided into two kinds, program properties and non-program properties.
Real Estate Owned Property provides lenders with either the Peril, and responsibility of home ownership, as the lenders All Risk incurring the expenses of physical damage for any portion of their portfolio of owned properties, foreclosed properties, and properties in the process of foreclosure.
REO Management works closely with REO Portfolio Acquisition Specialist, who assist the banks in finding investors to acquire their excess REO inventory.
If you are interested in investing in Bulk REO Portfolios, it is recommended that you contact an REO Portfolio Acquisition Specialist, who can provide direct-source access to REO bulk packages, and a list of REO properties, which are usually exclusive, and available for a limited time period, before they are released to the open market.
A knowledgeable REO Portfolio Acquisition Specialist will guide you through the maze of acquiring your Bulk REO Property Acquisitions. Most Bulk REO Portfolio packages can usually be acquired for as low as 29 cents on the dollars. Once you have provided the appropriate documents, the REO Portfolio Acquisition Specialist can have a tailored Bulk REO package in front of you within 48-72 hours from the receipt, and verification review of the required documents.
The required documents usually consist of a Letter Of Intent (LOI) from you, the buyer/investor, Proof Of Funds (POF) to acquire the real estate portfolio, and a Master Fee Agreement for final acquisition.
Once documentation, and proof of funds (POF) have been verified, the Master Fee Agreement (MFA) will be drafted for signature by the buyer/investor. The REO Portfolio Acquisition Specialist fee for services is usually approximately 3% of the acquisition price of the REO Portfolio.
Once the REO Portfolio Acquisition Specialist has received the signed MFA, the buyer/investor request will be submitted directly to the bank. The bank will compile, and prepare the requested REO Portfolio Tape for delivery directly to the buyer/investor within 72 hrs.
Once the REO Portfolio Tape is delivered, the buyer/investor will decide which properties he/she is interested in acquiring, and be put in direct contact with the issuing bank for final negotiation of the portfolio acquisition. The REO Portfolio Acquisition Specialist will require direct access to the buyer/investor prior to delivery of the REO Portfolio Tape, as opposed to an agent of the buyer/investor.
It is a surprisingly simple process when you have an experienced REO Portfolio Acquisition Specialist to assist you with your acquisitions.
This is one of the best times in the history of America to take advantage of the foreclosure real estate market. The banks are overloaded with toxic loans that they need to unload, and you are doing them a favor with your real estate acquisition. So take full advantage of this once in a lifetime opportunity to create your wealth, and financial freedom. Talk to your REO Portfolio Acquisition Specialist today!
Upperhouse Enterprises is the Author of this Article. If you are looking to acquire apartment loan funding, a Bulk REO Portfolio, short sale funding, or a loan modification, go to Upperhouse Enterprises Now! If you want to fight your foreclosure and take back your property free and clear, go to The Home Owners Revolt right away!
