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Wholesale is the next level REO purchasing for
experienced wholesale buyers. It is essentially going from dabbling with
smallish REO packages to swimming with the sharks. As one of them.? As
intimidating as it may seem, wholesale bulk REO is really an easy to follow
process. Wholesale Bulk REO takes advantage of a small window of time where REO
properties are available for quick purchase in national and state pool runs
before they are moved over to traditional liquidation programs. With wholesale
bulk REO timing and acting fast is everything. Once the deal is gone, it is
gone.

Wholesale bulk REO is available trough proprietary
inventory access from the top 50 banks, hedge funds, insurance inventories, and
mortgage companies. With minimum order set to $10,000,000 to unlimited, the
possibilities are endless. With something as great as wholesale bulk REO there
are few requirements, representations, warranties and special instructions that
must be followed.

To get a fast train to wholesale bulk REO, there are
few requirements:

• 1
  Signed Mutual Non-Circumvention/Non-Disclosure Agreement
• 2
  Signed Buyer Profile Form
• 3
  Signed Custom Purchase Order Form
• 4
  Letter of Intent
• 5
  Letter of Credibility/Credit

?Representations and Warranties for wholesale
bulk REO include:

• Portfolio
  and Order Profile:
• Assets
  are sold as is
• Acquisitions
  division will try to match the asset pool with the Buyer’s Profile and
  Custom Order
• Exceptions
  are minimal
• Picking/
  choosing not available
• Property
  pools are formed from a single or more asset providers.
• Purchase
  Contracts
• Variable
  on case basis
• Asset
  Representations:
• Fully
  foreclosed
• No
  outstanding liens or encumbrances
• Clear
  title commitment issuance at closing
• Buyer
  foots other closing costs

Special instructions for wholesale bulk REO include:

• For
  a Pre-Program, depending on a case:
• Complete
  Mutual Non-Circumvention/Non-Disclosure Agreement (One time only)
• Complete
  Buyer Profile Form (One time only)
• Complete
  Custom Purchase Order Form (For each order)
• Submit
  Letter of Intent (See sample below: Must be on buyer’s personal or Company
  Letter Head. It should include info from the profile, purchase order, exit
  strategy and future order intentions. Must be written in paragraph form)
• Submit
  Letter of Credibility/Credit � This is NOT Proof of Funds. Letter must be
  from a bank, mortgage broker, hard money lender, or attorney, stating the
  buyer can perform on the size of the portfolio the buyer is requesting.
• Have
  Proof of Funds available to provide directly to the source

For Source:

• Source
  Contact
• Source
  will contact the buyer.
• Source
  works directly with the buyer, after Proof of Fund and verification
  completed
• Custom
  order placing
• Property
  list is given to the buyer ?
• Due
  diligence period is three to five days, depending on source
• Properties
  are to be verified with source
• Closing
  involves working with Title Company

While wholesale bulk REO does require some effort and
qualification, the discounts and profits generated well justify the little work
needed. Anyone who’s in real estate investing dreaming of making it big is well
advised to take time and effort to explore wholesale bulk REO.

Article Tags:
Wholesale Bulk