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

Asked by ybarra_33, Phoenix, AZ Fri Feb 1, 2013

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Jose Dias’ answer
Jose Dias, Agent, Scottsdale, AZ
Fri Feb 1, 2013
I see two options, depending on how much money you are planning to invest.

1 - you can start with small, local banks and talk with their branch manager. He will be able to put you in contact with their REO department. It is not uncommon to find local banks that keep some of their notes in-house. They are usually much easier to deal with. The downside is that you probably won't find a significant amount of properties in their portfolios.

2 - another option is to contact the big bank's REO departments and discuss with them.

Please realize that those big banks probably receive several calls a month of people that want to buy real estate in bulk. In most cases the transactions do not happen. So most of the big banks will want to ensure you are serious before they invest too much time with you. Some will even try to send you to their website to look for the properties they have available. The key is to be able to bypass those initial contacts and find someone high enough that can negotiate with you.

By the way, REO stands for Real Estate Owned. The origin of the name is in accounting. That is the name of the account the banks use to classify real estate they took back into their books.

I hope this helps.

Jose Dias, REALTOR
(623) 418-5700

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Craig Frooni…, Agent, Glendale, AZ
Fri Feb 1, 2013
As Korene mentioned, you start with the REO departments, this is not something you should do alone as the waters are full of hazards. Finding an agent that knows and done several of these is a good idea, or working with an investor that has done a few of these is also a good idea. They will introduce you to the key people you should have on your team to be successful. We want you to be successful so you can do more purchases.
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Korene L. Cl…, Mortgage Broker Or Lender, Glendale, AZ
Fri Feb 1, 2013
Depending on how you are going to purchase (cash, finance, etc) , what are you looking to do with the properties (fix n flip, rent and finance/carry back, rent and hold), depending on the volume...I would find two - three realtors who have the contacts with the bank REO departments and start your process.

I can highly recommend the following realtors in the metro Phoenix area to you for this.

Jennie Miller West USA Realty Phone: 480-382-9681
Troy Landrum - Canterbury Realty
Linda Booker ---Realty Executives
Richard Shelton--- ReMax
David Van Oman ---ReMax

They are all highly professional and can serve your needs.

I am a Mortgage Banker in metro Phoenix, AZ. I lend in both Arizona and California NOT Colorado but Pinnacle Capital Mortgage Corporation does have offices in Colorado and they will be pleased to help you.. If you or someone you know is looking for financing options, please feel free to contact me or pass along my information. 623-340-0934 Korene Clopine-Seaman NMLS # 218520 KLCSLoanTeam.com We are Direct Lenders, WE CLOSE LOANS!
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