It's been a while since I last posted and you may have wondered what happened to me and my crusade to clean up the Bulk REO field.
Well, to be blunt, I moved on to other things.
After nearly 2 years and over 50 offers totaling over 500,000,000 I have come to the conclusion that Bulk REO is mainly a fantasy, that most banks ARE NOT operating in this space, and very few trades are getting done, if at all.
Don't get me wrong, I know some deals are being done. One of my client's purchased 2000 homes last year and has bought another 1000 this year already. But like most of my big client's they are very well connected and usually have seen any "deal" I manage to throw their way (and usually directly from the institution selling it). The real elusive deals, the bulk pools of homes over 200k, are still a "flying pink unicorn" as far as I'm concerned.
So I decided as part of my New Year's resolution to go back to basics in my Real Estate career. For the past few months I have been renting and selling houses. I do see an occasional bulk pool of REO or NPN 1st Resi, but these are in the main the internet junk shopped from "broker" to "broker".
Things are starting to pick up however and I have a lot of great clients, and 8 figures under contract in short sales right now.
I hope you are doing well and I will keep you posted on how the short sale game is going as the year progresses.
2010 has GOT to be better than 2009!
To our mutual success!