Home Buying in 92870>Question Details

Chris Arroway, Home Buyer in Orange County, CA

Effective Strategy, Contacting Asset Managers for list of properties?

Asked by Chris Arroway, Orange County, CA Wed Oct 10, 2012

I've heard of a strategy of contacting Asset Managers @ local/regional banks to obtain a listing of distressed/under-performing properties. I can find these contacts, but what is the liklihood of them passing deals on? I'm aware of "bulk reo listings" but I'm not in a position to purchase 50-100 properties at one time. My main goal is trying to obtain listings pre-MLS where the BPO isn't 90-95% of ARV for "fixer properties".

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Hi Chris, I come from an investing background before getting licensed and I looked into this as well. Here's the deal:

You first need to have contacts within the banks. These are high level people who have access to REOs or non-performing assets. These people get the info before they are given to asset managers who are either 3rd party vendors or internal to the bank.

Now once you got the contacts, you will need to have proof of funds and be able to buy bulk before they give you a list to look at. The minimum I've personally experienced is 250k/month and the assets are spread all over the states, not just in California. The California assets sell for 90% of BPO or appraisal.

Asset managers list to real estate agents in order to get the best possible price. They don't deal with the general public, at least based on my experience.

As a private individual, your best bet is to buy short sales. Then I would look into discount bids at Trustee sales where you have first hand knowledge of the properties.

Good Luck!
1 vote Thank Flag Link Thu Oct 11, 2012
That is all great information, and re-affirms what I was thinking. It does seem as if the California market @ 90% is high, but accurate. And it also seems as if the BPO's are very close to ARV even for fixer/junkers. And there are anywhere between 10-20 cash offers on most properties at list or over list, but that's the current market. Again thanks for the advise and insight.
Much Appreciated - Chris Arroway
Flag Thu Oct 11, 2012
I don't mean to be rude or insensitive to your needs; but you are asking Realtors how to buy homes without them! I'm just saying............
Good luck to you,
0 votes Thank Flag Link Wed Oct 10, 2012
Sorry, didn't mean to be rude. My question was just to the "community" I didn't think I posted just to realtors. So would your answer be that banks only deal with Realtors and that I should be going through an REO realtor? If that's the answer, then I'm fine with that, I was just asking a general question. Sorry to offend.
Flag Wed Oct 10, 2012
My advice is to be ready with your proof of funds, loans etc. And contacts all the asset managers directly. Usually, they will place you on a preferred buyers list. What I have seen, it that, most asset managers have a system in place, for their non - performing assets. Most Asset manager, prefer to work directly with specialized brokers that, handle all the cleaning and rehab of the properties, before placing them, in the MLS. I think it is, because, they don't have the man power to handle all the work involved. Your can also look for real estate agents, that have direct access to these particular brokers,
0 votes Thank Flag Link Wed Oct 10, 2012
There are banks that deal directly with the public on REOs, but finding them is tricky. Most banks just hand over their REOs to the asset managers who, in turn, deal with one or two agents they know and trust. Best of luck...
0 votes Thank Flag Link Wed Oct 10, 2012
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