Mark Bradley Says Time Ripe For Bulk REO As Foreclosures Hit Record High
A far from desired overall economic picture characterized by unabated job cuts data is sending banks on a continuing foreclosure frenzy, but a bulk REO expert sees an otherwise burgeoning opportunity in bank owned properties.
- St. Louis, MO-IL (1888PressRelease) October 18, 2010 - Newly released government data revealed a third of a million foreclosure filings or 347,420 properties were reported in September alone, with the total number of bank repossessions topping the 100,000 mark for the first time ever in a single month.
The latest report pushed further the 5-year high U.S. foreclosure rate recorded mid this year, thereby creating a mounting inventory of distressed properties that leave most banks dashing for ways to get foreclosed properties off their books.
As the number of U.S. homes taken over by banks jumped over 30 percent from last year's figures and households currently facing foreclosures growing by 16 percent, analysts predict the pace could send the number of bank repossessions this year to tap over 1 million mark.
But Mark Bradley, a leading expert in Bulk REO real estate investment is seeing the situation as rather "a glass half full" and points to the burgeoning viability of bulk REO real estate investing that is now clearly emerging.
http://ultimatebulkreo.com
REO or "real estate owned properties" are assets owned by the banks or lenders following a foreclosure process. When these properties are lumped for a specialized sale package these will turn into Bank owned properties or more popularly called Bulk REO.
Weighed below Multiple Listing Service (MLS) and Broker Price Opinion (BPO), Bulk REO are offered at a price much cheaper than those by private sellers and auctions, and are only a fraction of any approved short sale price.
Bradley stressed that under such prevailing condition, now is a good time to buy bank owned properties. "Make no mistake about it," he said, adding that, "banks and lenders are not in it for the property. Gained properties are as much nuisance to them as to their former owners, with the attendant bills, repairs, maintenance going along with it."
He further said that from banks point of view, hanging on to foreclosed property is the equivalent of renting prime estate on a major fault line. And as far as banks go - that kind of earthquake does not pay.
Apart from the burden of keeping the properties, banks are also required to clear their inventories of bank owned homes or face the wrath of industry regulators.
"Needless to say, banks do not want houses, but money. And if they cannot get money through mortgages, they will get at least some of it by selling bank owned houses in bulk," the top-notch Bulk REO expert said.
He also added that even without financing, struggling real estate investors can make a killing out of it since banks are rather keen on seeing how soon bank owned properties can be disposed of, even at a mere fraction of the price.
Most bank owned properties are freshly rolled and in a very good condition as banks put them on the market as soon as they get them. Low price and good condition make these properties an ideal choice to get back into real investor game, guns blazing and wallets bulging.
"With rates going about anywhere from 5% to 30% of the market value, we are talking here about getting dollars for pennies, with the banks gladly financing real estate investors going for bank owned properties," Bradley cited.
"Getting your hands on the best bank owned properties can be achieved through simple strategies of staying informed and regularly searching for bank foreclosure listings."
To know more about how bulk REOs had been seizing viable housing market opportunities, visit http://ultimatebulkreo.com/bulk-reo-insider-report/ and get four video series on how to make $997,323 in equity on one deal with bulk REO investing, and the 50-page Top Secret Bulk REO Insider Secrets Profit Guide.
About Ultimate Bulk REO Secrets
On average 278,297 bank owned properties remain unsold with over 300,000 added to banks inventory of REO properties each month. Mark Bradley teaches investors how to take advantage of this huge back log of bank owned real estate.
For more information and an (insider's opinion on what is really going on in today's real estate market) sure to be an interesting, informative and maybe controversial interview bookings please contact: prelaunch ( @ ) ultimatebulkreosecrets dot com
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