What Is The State Of The Bank Bulk Reo Market In 2010

What Is The State Of The Bank Bulk Reo Market In 2010

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Home Page > Finance > What Is The State Of The Bank Bulk Reo Market In 2010

What Is The State Of The Bank Bulk Reo Market In 2010

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Posted: Feb 06, 2010 |Comments: 1
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Let’s get something straight to start with. There is NO HIDDEN or Shadow Inventory of Distressed Assets.

I know many of you keep hearing that the second wave of foreclosures is coming. You could be thinking that because you are having difficulty in obtaining large bulk reo tapes, that the Banks must be holding or hoarding houses back from the market or that perhaps they are about to flood the market with thousands of properties.

We’ve been hearing that from many people for over a year now. I have never bought into it, because as I have always stated, is that the market can handle more inventory than most would think There is so much pent up demand it’s crazy.

The assumption that I have never challenged, until now, is that these foreclosures EVEN EXIST! Take a look at the latest numbers crunched at Foreclosure Radar.

I don’t know how you can argue with the data, the sales volume has been so great it is outpacing the numbers of foreclosures hitting the market. We have been saying that for over a year!

It is important to point out that there are massive numbers of defaults and foreclosure sales that are “hung up”. It’s an absolutely huge number of houses, but still, there’s not one person I’ve spoke to that did not believe that there are masses of foreclosures post sale that were sitting inactive that are not even being placed on the market.

The crazy thing is that every investor buyer wants to believe that they can purchase bulk these single family residential (SFR) tapes in CA, NV, AZ at 50-70 cents on the dollar. These investors are so motivated at the prospect that they are willing to treasure hunt for inventory that does NOT exist.

The reality is that our company is calling the banks every single day and I can tell you from our experience that nothing exists in CA, AZ, NV in bulk SFR tapes at discount prices (we have strong relationships with almost all the mid sized institutions).

The banks at best only have 1-5 REO properties at a time and they are unloading those via Realtors and brokers at NO discount. Asset managers are telling us that most of their bank owned properties are actually selling at full market value without any need to discount! The markets are moving in these states!

The inventory in the Southwest has dried up and the demand is obviously heading east across the Midwest. I can tell you that demand FAR exceeds supply so we only expect bulk SFR tapes in the Midwest and east to last another 12-24 months. The inventory that is available will NEVER be cheaper than it is now.

I am sure many of you have seen large, pennies on the dollar California Single Family Residential “tapes” flying around the internet, but I can assure you that it is NOT authentic product.

Many buyers are frustrated that they can’t find anything and it’s simply because it’s GONE. Anyone telling you that they have 0M – B in bulk single family homes at thirty (30) cents on the dollar is a joker or a part of a daisy chain of jokers….

So, check out the bulk market for yourself – the implications are huge for savvy investors! The Midwest is a market we are promoting because of the stock availability at low prices. Investors who are waiting to buy may really, really miss the boat. Available inventory has never been sold at such low prices. Waiting may be harmful to your wealth!

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Duncan Wierman -
About the Author:

Duncan Wierman is one of the founding members of “Bank REO Property Deals. His company is connecting sellers of verifiable” product with qualified buyers. If you are interested in learning more about Bulk REO investing, this site also contains great information about how to started and offers fabulous mini bulk reo packages Visit: http://www.BankREOPropertyDeals.com

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Article Tags:
bulk reo assets, bulk reo tapes, bulk reo investing, bulk reo seller, bulk reo sources

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1. Wes 04/05/2010

GREAT ARTICLE Duncan! There has been a wave of interest in this for the longest time and I’ve always preached this same notion “Why would banks unload assests under value when they are selling at fair market value”, it just doesn’t make sense. Maybe smaller banks, but they’ve already been bought out by the bigger banks, and even if they haven’t been bought out or closed, they are going to scrape every penny out of the asset.

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More Bulk Reo Articles

If you’ve been out of the bulk REO market for a while or if you’re a newcomer to the world of real estate investment interested in the idea of making a significant profit by investing in bulk REO properties, one thing is certain: you’re looking for some news on the state of the bulk REO market. If so, you’ve come to the right place – keep reading for a quick update on how things are looking at present in the exciting field of bulk REO real estate investments.

As you may or may not know, there was a small dip in the resale values of REO properties from late 2008 to early 2009, but it appears that we may have finally hit the end of the trail as far as the decline in prices is concerned. What does this mean to you as a real estate investor? Simply put, now is the time to buy.

While prices are slowly starting to turn around all over the country, California is particularly strong just as it always has been, with prices and resale values on the rebound – and also among the highest in the country. The Midwest still offers some of the nation’s lowest prices on bulk REO properties, though also some of the lowest; and most slowly recovering resale values.

For real estate investors who don’t mind holding on to their investment properties or pursuing other income generation strategies such as turning their REO purchases into rental or rent to own properties, there are some excellent values to be had in the Midwest, especially in and around larger cities like Chicago, Columbus and Minneapolis.

The same holds true for the mid-Atlantic region and the south, with prices in some areas at historic lows. These areas are ripe for investment by investors who have a longer-term investment in mind, with metropolitan areas such as Baltimore and the entire Baltimore/Washington D.C./Northern Virginia region and Atlanta being excellent areas for investment. Also worth looking into are bulk REO investments in Charlotte, Orlando and the entirety of central Florida; there are many foreclosures and a lot of potential for profitable property investment here.

Getting back to the idea of using bulk REO properties as a source of rental income, a lot of REO investors are finding this to be a lucrative source of revenue at present. While this is likely to change in the near future, it’s a winning strategy for investors who are looking to the future and intending to sell their REO investments once the housing market firms up and these properties can command prices high enough to net a substantial profit. However, many of these investors are maximizing their returns by renting these properties in the meantime, making their properties profitable investments even as they continue to hold and wait for the time to be ripe to sell them and really make money on the deal.

Again, the talk within the industry is that we seem to have either hit bottom already or be very close to doing so, so even those investors who are interested in turning their investments around for a quick profit won’t have long to wait. In fact, many bulk REO investors are already managing to do so, especially in growing metropolitan areas where the demand for housing remains strong, particularly in the Northeast and some of the growing cities of the Southwest. The southwest in particular has been hit hard by the foreclosure crisis, making this one of the regions of the country that REO investors will definitely want to have a look at when trying to find bulk REO properties which can make a profit for them in the short term as well as over a longer period of time.

Remember, just because you purchase a bulk REO package, you don’t necessarily have to sell them all at once. You may find the best investment strategy to be immediately flipping some properties to other investors while renting some and simply holding on to yet others until the time is right to make a sale. Not every real estate investor pursues a diversified strategy such as this, but if you have the backing of an experienced real estate broker or Realtor, you may be able to come up with some creative investment strategies of your own which maximize your return.

In short, the state of the bulk REO market is strong – and the potential for extremely lucrative investments in foreclosure properties is stronger than it has ever been. With a economic recovery and stronger housing market just around the corner, the time to invest in bulk REO seems to be right now.