How can I purchase forclosed homes from the bank?I want to be the middle man. I see in county records how other investor are purchasing from banks and selling to me. 7k to 16 k. but they are buying these properties way lower. 1k to 5 and 6 k. |
How can I purchase forclosed homes from the bank?I want to be the middle man. I see in county records how other investor are purchasing from banks and selling to me. 7k to 16 k. but they are buying these properties way lower. 1k to 5 and 6 k. |
The way to do this type purchase is called bulk purchase. You must be in a financial position to purchase more than one house at a time. In some instances these bulk transactions must be 5-10 houses. Some bank REO departments might require you to purchase more houses to be purchased.
The banks give these bulk buyers a deep discount because they are taking many non performing assets off their books.
These bulk buyers are not purchasing these type properties at any auction. They are in a position to get them direct from the lender or bank REO departments.
Once they purchase these properties they then wholesale them to other investors without doing any rehab work on the properties at all. The bulk buyers normally have a profit margin of approximately $5,000 to $10,000 based on the rate of return they require to please their investors or if they are a private company how much they would want to earn.
Your local bank or lender might not be in a position to handle these type bulk transfers, therefore you would have to get the department and person that handle these transactions.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
Cash, connections, & insider information flow.
That's what you need.
you bid on auction day that is how with cash in hand.