An interesting conversation with the Bulk Sales Asset Manger of the government agency FANNIE MAE today. As you know I sell lots of BULK REO's, they are properties that the government owns or large lending institutions or private investors that are sold for a discount at 100's and 100's at a time for 40-75 cents on the dollar depending on what state you buy in. Most of them are nation wide of which you must provide proof of funds, a letter of interest, a signed non disclosure, and a fee agreement as a investor before you can even make a bid.
I have a package right now from a top 15 Bank of 417 properties across the nation for sale for about $40M which breaks down to about 70-75 cents on the dollar. Nevertheless in talking to my rep at FANNIE MAE she said something to me in a very subtle way. but I got it. I'll share it with you in a moment.
I am starting to do loans again, since the rates dropped again people are looking to refinance, buyers are also feeling like this is the time to buy. The banks seems to be trying a little harder to close the short sales, and close loan modifications faster. There seems to be a sense that we are nearing the bottom here in SOCAL.
We have are selling a few more properties than the month before.
Ok, back to my conversation. So she said to me this we are liquidating properties across the country for as low as $30K each at Bulk, but these are less desirable to the single home buyer. We target the Home Path website with our properties that seem to be a little more desirable and are higher in price...hmmmmmmmmmmm....I thought BINGO !!! The road to wealth and fortune is doing what others will not, cannot, or are afraid to do...........These less desirable properties are the way to go because nobody wants them...My experience with FANNIE MAE is that like all large corporations they want the easiest and fastest way to make a buck.....not the way of a little effort...there is the TREASURE......I'm looking forward to getting a hot low priced BULK list from FANNIE MAE very soon, and you guys will be the first to know..Contact me at my web site www.jessetorrero.net, or my email at winwinwininc@yahoo.com, or on my office phone at 818-800-1343.......Until next time this is Jesse Torrrero 'STRAIGHT UP'....
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