Foreclosure in Sacramento>Question Details

Dominic Foca…, Real Estate Pro in Manteca, CA

I am interested in buying blocks of homes from banks? Anyone know where to start?

Asked by Dominic Focaracci, Manteca, CA Wed Feb 2, 2011

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12
You can start with me. Please contact me at johnfconley1000@yahoo.com and leave you contact phone number.

Thanks John.
0 votes Thank Flag Link Mon Aug 20, 2012
You can start with me. Please contact me at johnfconley1000@yahoo.com and leave your contact phone number
Flag Tue Aug 21, 2012
I have a contact for this minimum 5 million purchase. Please let me know and I can put you in contact.
0 votes Thank Flag Link Fri Mar 25, 2011
Hi Dominic,

I have five REO listings that can be sold as a package. See the offering information on Loopnet: http://property.loopnet.com/17053420

Jay Emerson
916-517-9606
DRE# 01788488
0 votes Thank Flag Link Sat Mar 5, 2011
We are one of the few firms in the U.S. who buy Bulk Portfolios directly from the banks. Send me an email telling
me what you are looking for exactly. We can put together a Custom Package just for you or your Buyers. We have
properties everywhere.

Minimum purchase requirement is $500,000 plus your Proof of Funds Letter.
0 votes Thank Flag Link Tue Mar 1, 2011
Here is a link to the process for purchasing in "bulk" from Freddie Mac/ HomeSteps

http://www.homesteps.com/investors/bulk.html
0 votes Thank Flag Link Tue Feb 8, 2011
You would need to contact a Realtor in order receive these lists. Agent would require proof of funding and a buyers rep agreement be signed.
0 votes Thank Flag Link Thu Feb 3, 2011
There are currently housing tracts in different phases both on the market and in pre-foreclosure. I can think of one right of the top of my head. Joseph is right the bigger institutions differ from bulk sale and sell them off as individual REOs because of the speed in which they are sold and ROR. However, smaller credit unions especially in the central valley got caught holding the bag on alot of housing tracts, commercial, and industrial developments. You might have an easier time reaching decision makers at one of these local institutions. Best of luck Dominic!
0 votes Thank Flag Link Thu Feb 3, 2011
You might try talking to smaller lending institutions or credit unions that might not really want to be in the holding property business, they won't have the volume of inventory as the big guys, but they won't have the bureaucracy either.
0 votes Thank Flag Link Thu Feb 3, 2011
Get in contact with me and we can see whats the best option and deal for you.

Maurice Thomas
Eagle Eye Realty
"Focus your sights on your future"
415-705-9405
0 votes Thank Flag Link Thu Feb 3, 2011
I have five homes for sale in one city block. Does that count as a block of homes?

http://JayEmerson.com/Alchemy.html
0 votes Thank Flag Link Wed Feb 2, 2011
Both Elizabeth and Mani have some great insight.

I will offer this as I have previously ventured down this road with BOFA. The Return that banks with large portfolios receive on their California properties is so high that would rather sell them as REOs rather than as part of a bulk sell off.

Should you find a bank or asset management company that is willing to sell in bulk the properties could be anywhere.

Hope that helps
0 votes Thank Flag Link Wed Feb 2, 2011
Hello,

If you want to buy bank owned bulk properties, please call me. Most bulk properties are sold in price ranges from $10mil and up. You have to show proof of funds first and a letter of intent in order to work with these banks.

Thank you.

Mani del Rosario
Cornerstone Property Management
(916) 949-9499
0 votes Thank Flag Link Wed Feb 2, 2011
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