As many of you are aware, access to a reliable, consistent source of REO packages has been challenging due to changes in the banking systems brought about by a volatile market place and a flurry of new policies introduced by the government. As we now see many banks beginning to pay back bail out money and many more starting to implement plans to stabilize, programs have been put in place to facilitate disposition of toxic assets. The private sector is being encouraged to participate in this process and the timing is excellent for you to take advantage of this situation.
We are fortunate to have been introduced by a trusted associate to one of the first groups given approval to tap into government sponsored pools of REOs. There are also services in place to support private investors interested in the process of purchasing and managing packages of REOs. Details will be following shortly, but in the meantime the best part about this program is they have made it very easy to test the waters.
The only requirement to begin the process of acquiring REO packages is to submit an LOI. That’s it. Buyers will be required to proof up directly to the institutions at the appropriate time, but for now buyers just need to submit an order with specific details outlining their buying criteria. Please be as descriptive as possible and include total budget for a package of REOs, geography, average price, desired discount, and as many other details as necessary to ensure there is no misunderstanding of exactly what is wanted. For now we will be focusing on residential REOs only, although we have been told a variety of instruments will also be made available.
Contact me at bobbaumandeals @ gmail.com to submit your LOI. Do this as soon as possible so we have your details when the packages become available.
Filed under: real estate, REO Tagged: | REO, reo packages
