Tracking This Changing Field

Welcome!

Like many of you I have been tracking REO Bulk tape sales for over a year. I am sure many of you have read other blogs such as, Andrew Clemente - Mortgages Made Easy, Inc. He was one of the first blogs I read but it is very light on details.

My goal is try and document the trends and processes. The REO Bulk Sales field is overrun with crazy chains of intermediaries, phantom sellers and buyers with wacky issues.

Here is a short example: Last week I talked to a Realtor in San Diego that had a 20 million plus REO Bulk deal fall out of escrow. Why you ask? This bank sold 80% of the inventory even though they had and escrow open and during the due diligence period after the Buyer had completed a review of the named properties on the tape. Oops, sorry buyer, of course they offered to provide replacements but the buyer had already spent 12 thousand dollars doing a Buyer Price Opinion or a BPO.

Every day I see one of more of these stories and this has been the norm. Many of you want to close a deal and get paid and that is why I am writing this blog.Our firm is located in Northern Nevada and unlike the Southern half of the state we continue to be in fair shape here in the Northern Nevada.