Don’t Even Think About it – or Else

This week life went from sublime to absurd as we have seen some more strange things
happening in the short sale and REO arena. Before I get into the actual events, I
should say that lenders holding REO properties continue to keep shooting themselves
in the foot with total disregard for common sense. They are allowing their asset
managers and listing brokers to put stifling provisions on their submission requirements
– effectively keeping out legitimate bidders for properties.

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I don’t go a whole day without someone calling me to tell me a story about a property
they were involved in where a land trust was involved. It could have been the offer they
made in a land trust, where the seller had a land trust or usually where the closing agent
didn’t’ want to close the transaction because it was being bought in a land trust.

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I read it all the time in the publications, “Investors get burned buying foreclosures
at the auction” or “Investors get burned buying tax deeds”. Both of these bargain
basement methods of buying properties can cause the darkest of greed to come
out of people. This greed blinds their common sense and they literally throw all
sanity out the window.

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I guess we are seeing about 5 – 15 “unusual” looking REOs a week that upon closer
investigation are the residue of bulk REO (bank-owned) property sales. Bulk REO sales are
“bundled” REOs from many locations around the country that are sold in one chunk – often
referred to as a “Tape” because of the format they are presented in to a perspective buyer.

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