REO Bulk Tape Program
Posted by HardMoney in Hard Money Info, Hard Money Programs, hard money sources, Inquiry, REO Tuesday, 5 January 2010 11:50 1 Comment
This new program is the future of buying REO and here are a few reasons why.
- Work in concert with the company to buy directly from the FDIC and other major banking institutions
- The Company is registered with the FDIC and SEC and is tracked by Fidelity Investments on their trading platform.
- You can explicitly customize your buying requirements.
- You set up your working agreements and account infrastructure only ONE time for many subsequent REO purchases on an ongoing basis, you do not need to re-setup the account every time. This makes it easier for you to close on available assets before anyone else.
- You can purchase at a real discount because of the direct relationships that the program create with the FDIC and other large banking institutions on your behalf. They build a relationship that enables you to get approved faster and before the competition. (ie… less than 60 cents on the dollar for diamond states)
- The Company will have all of the proper (‘new’) SEC Series 65 broker licenses. These are required as of the first of the year to negotiate for the purchase of assets.
- REO companies or groups that have been putting them together are not going to be able to much longer because they are outbid by the actual companies that have insurance with FDIC and have total transparency like the company providing this program.
- The company has the insurance with FDIC in place and has total transparency, and will first pick among the properties and buy them before they are even released to the public.
- They have the relationships to make first bid because of repeat volume and cash in escrow already ready by the time it is available.

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