Anyone have specific experience/ideas/contacts for purchasing a block of properties from a lender? Im looking at 5-10 single family residences, attempting a discount to market value by purchasing in quantity.
What Ive found on lenders sites are properties listed with realtors, and little else.a
I work with one of the biggest REO agents in CO, you will never deal directly with the bank. The bank has strict policies when liquidating assets, listing through an agent is one of them.
Unless you can deal with the investor directly, or an investor who bought a block of non performing assets, you will have to deal with the bank and thus the realtor.
I did just meet someone recently who buys blocks of non performing assets directly from the bank investor. Interesting stuff.
Most of the investors I know to buy in bulk in the millions. Once it is REO. The holding company such as an asset company or the trustee market the property. It is never the bank.Do you have proof of funds. Prices are normally 55 to 65 cents on the dollar.
Hope this shed some lights. Start small.