REOs in bulk?

Anyone here buying REOs in bulk? Which banks are offering chunks of properties? Which banks are offering favorable terms on multiple property offers? What kind of discounts are you seeing vs regular REO prices?

I don’t know too much about this - but, there was a guy who came to my local REIA club a couple weeks ago to pitch this. He said that you had to be a high net worth individual - w. over $1 million in assets, and that the properties would be about .50 in the dollar. The lots were fairly large, and my guess is that you would have to have several million lined up to do the transaction. So, if you are good at raising $, may be a good opportunity. I also think that you may not be able to pick where your lot is … so you may be stuck w. some properties that you don’t really want. Just a little insight.

There was just something in the local newspaper about a REO auction. Not sure yet what it is but I will post back when I figure it out. Is .50 on the dollar even a deal? I would think if you were going to buy several properties for a discount then .30 on the dollar is more like a deal. They should be giving these properties away to keep the total market in most cities from self destructing.

Just 2 cents probably not worth 1.

JD