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This is the Three part Blog about buying REO's in Bulk and individual homes. We'll cover these topics: The realities of shopping for Bulk REO's, and getting Bulk REO property or bank owned homes. As well as the reason it is not as easy to purchase bulk reo as it might sound.

In this blog we'll discuss the issues of buying bulk foreclosure property from banks.

First encounters with all the REO: My first encounter with bulk REO's was every time a client asked our firm about buying bulk REO's. At that time I used to be a Financial Adviser and knew little or no in what he was ready for. Gurus around by incorporating of my old Real estate property contacts and stumbled into a few individuals who can help you me find "a tape". Well, I'm glad I've started that process because its ended up being quite a fun and rewarding adventure but on the way there are huge hurdles I wanted to have through and so much crap to place up with to obtain real answers...

Too many chiefs: Most significant issues most bulk buyers run into may be the daisy-chain or broker-chain. This is the tangled network of men and women who say they understand owner who's direct with all the broker, mandate or rep. There has been when I ask, "Are the actual seller for this package"? I usually hear, "No, but my partner knows the guy that's linked-in with all the corporation who's in control of the sellers attorney". What?? You'll gain in respect from me by saying you're with all the mob, and Vinnie was the person with the thing in the place once the deed was done...fugettabout it...

Honesty: This can be the first thing that lets me see whether I'm for the trail of the real seller of REO's or some clown who doesn't know very well what they certainly. If I find out if someone when they are the owner or buyer and they also decline, i quickly may be headed in the right direction. Some tips i call for a successful transaction is a buyer who will write an inspection then one seller who has the deeds. Only have to endure Tom that knows John, who then must talk to his boss Melissa who learned about Timothy..... I personally don't like to interrupt it to the people but half the times whenever you say there is a tape, you've got a tape that fell away from escrow in the bank, was sent to some securities reps, who then passed them on a couple of real estate professionals, or developers...it snowballs after that. Yesterday I spoke with a "sellers rep" who sent us a bulk reo list...and it seemed homeless. I pulled up my old tapes, which mind you I keep on declare smoking the daisy chain groups, and also this particular tape I received 21 days earlier from someone else at the substantially high price! Basically the original "source" who sent the tapes marked a $700,000 reo tape to around $932,000. Really? $230,000 profit for forwarding a listing to a person? Riduculous! The owner i stood a good laugh.

The ultimate way to reduce broker chains would be to require buyer put cash in a national Title Company. Done! If your buyer is real, then a bank progresses. Do you think Countrywide or Chase should prove to you they have the home on the market? Not at all. Quite often this, "We must verify product" is simply a ploy to release a tape so that person can sell it off to the world... bad news all the way around. Next blog, we'll investigate how things work well on the banking industry when you need to purchase in large quantities. Be on the lookout for part II and II of purchasing Bulk [http://chasereo.meopost.com/2013/11/11/things-check-purchasing-chase-reo-properties/ reo asset managers] and bank owned property.