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Wholesale is the next level REO purchasing for
experienced wholesale buyers. It is essentially going from dabbling with
smallish REO packages to swimming with the sharks. As one of them. As
intimidating as it may seem, wholesale bulk REO is really an easy to follow
process. Wholesale Bulk REO takes advantage of a small window of time where REO
properties are available for quick purchase in national and state pool runs
before they are moved over to traditional liquidation programs. With wholesale
bulk REO timing and acting fast is everything. Once the deal is gone, it is
gone.
Wholesale bulk REO is available trough proprietary
inventory access from the top 50 banks, hedge funds, insurance inventories, and
mortgage companies. With minimum order set to $10,000,000 to unlimited, the
possibilities are endless. With something as great as wholesale bulk REO there
are few requirements, representations, warranties and special instructions that
must be followed.
To get a fast train to wholesale bulk REO, there are
few requirements:
1
Signed Mutual Non-Circumvention/Non-Disclosure Agreement
2
Signed Buyer Profile Form
3
Signed Custom Purchase Order Form
4
Letter of Intent
5
Letter of Credibility/Credit
Representations and Warranties for wholesale
bulk REO include:
Portfolio
and Order Profile:
Assets
are sold as is
Acquisitions
division will try to match the asset pool with the Buyer’s Profile and
Custom Order
Exceptions
are minimal
Picking/
choosing not available
Property
pools are formed from a single or more asset providers.
Purchase
Contracts
Variable
on case basis
Asset
Representations:
Fully
foreclosed
No
outstanding liens or encumbrances
Clear
title commitment issuance at closing
Buyer
foots other closing costs
Special instructions for wholesale bulk REO include:
For
a Pre-Program, depending on a case:
Complete
Mutual Non-Circumvention/Non-Disclosure Agreement (One time only)
Complete
Buyer Profile Form (One time only)
Complete
Custom Purchase Order Form (For each order)
Submit
Letter of Intent (See sample below: Must be on buyer’s personal or Company
Letter Head. It should include info from the profile, purchase order, exit
strategy and future order intentions. Must be written in paragraph form)
Submit
Letter of Credibility/Credit – This is NOT Proof of Funds. Letter must be
from a bank, mortgage broker, hard money lender, or attorney, stating the
buyer can perform on the size of the portfolio the buyer is requesting.
Have
Proof of Funds available to provide directly to the source
For Source:
Source
Contact
Source
will contact the buyer.
Source
works directly with the buyer, after Proof of Fund and verification
completed
Custom
order placing
Property
list is given to the buyer
Due
diligence period is three to five days, depending on source
Properties
are to be verified with source
Closing
involves working with Title Company
While wholesale bulk REO does require some effort and
qualification, the discounts and profits generated well justify the little work
needed. Anyone who’s in real estate investing dreaming of making it big is well
advised to take time and effort to explore wholesale bulk REO.
Mark B. Bradley is a leading real estate investor and marketing consultant. Mark started out in the Engineer Planning Division of MacDonnell Douglas Aircraft. Company. As a liaison between aircraft test pilots and the engineers, in the flight simulation department. He worked with computer technology helping the engineers and pilots in the simulation department.
