Nearly ever day we have students or other investors tell us about possible deals from bulk REO packages or “tapes” as they are called in the trade. Simply put, lenders take a group of properties that have major problems and can’t readily be sold and offer them  as a bulk sale to investors. They are sold for cash to middle men and the buyers are generally savvy investors using other people’s money (OPM) to do the transactions.

This should be short and sweet depending on whose side you are on. A student makes the usual ridiculously low offer for an REO (bank owned property) and gets rejected. The student personally feels rejected, but I explain persistence pays. Low and behold the lender counters two months later.

A marketable title is an insurance policy on a property that has……………

We recently closed on an REO with a very not very adept title company located in the central part of Florida. The trouble started early when we asked for a title commitment and we told we couldn’t have it until the day of closing. They finally agreed to provide us with one five days before closing.

New Trends In Bidding REOs Are Exciting!

The whole cycle of bidding on Bank Owned properties (REOs) is exciting and very frustrating for many reasons. Mostly the issue is about what the listing agent tells the perspective bidders and what the reality of the market – two very distinct differences.