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Posted by richard schlageter
on 28/6/2009, 9:46:20
REOS Available From HUD....
Discount Pricing From 25-60 Cents...
Residential-Commercial-Industrial...
Custom Packages Avaiable To Buyers...
Minimum Purchase $5Million...
All Properties Are Titled To Hud...
HUD Protocol&Procedures For REOS...
I am associated with a HUD REO Direct to Sellers Rep of the type of properties you are in need of. HUD is selling residential-commercial-industrial-MBS-CMBS. I am sending you a copy of the HUD REO Protocol for your review. We look forward to working with you to facilitate a successful transaction with the HUD REO program. Please contact Mr Jeff Reckling or myself to set up a conference call to answer any questions you have.
Regards,
Richard Schlageter
Associate To
Jeff Reckling Direct To HUD Sellers Rep
732-981-9700 Office
732-688-5676 Cell
732-377-8677 Fax
jeffreckling@aol.com
Richard Schlageter
516-750-5740
Direct Line Office
srrsone@aol.com
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HUD REOS and MBS/CMBS
Residential – Commercial – Industrial
Price Range: 25-60 cents of Current Market Value
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Overview
The U.S. government’s bailout of banks across the nation and the record numbers of foreclosures occurring each month across the country has created trillions of dollars of REO’s. The U.S. government is liquidating unprecedented volumes of U.S. REOs it has accumulated through HUD, Fannie Mae, Freddie Mac, the FDIC, and several National Banks. HUD is our direct source for all these REO sources. These REOs are comprised of residential, commercial properties and non-performing notes.
"We directly sell HUD REOs through its non-profit agency affiliation in Washington D.C. This agency is certified and authorized by the United States Department of Treasury to liquidate these REOs into the private sector."
We facilitate buyers and/or investors to acquire these REOs and MBS/CMBS portfolios at an unprecedented price point in U.S. history. What makes these REOs especially attractive is that they are being liquidated at 25-60 cents on the dollar based on a current market value, property condition, and geographic location. For example, if a REO home was appraised at $300,000 in 2007 and the current market value today was $200,000, and then sold as an HUD REO for 45 cents on the dollar, this would mean you would pay a mere $90,000.
Read the requirements below to participate in purchasing these REOs:
ELIGIBLE BUYERS: Any private investor, investor group, or company from the U.S. or Foreign country. All purchases are in U.S. dollars.
MINIMUM PURCHASE AMOUNT: $5 Million dollars. REO prices are fixed and there is no bidding. Will accept purchases over $1 Billion dollars. Buyer to provide soft Proof of Funds (POF) when making a request. Hard POF will be verified by bank to bank by Citibank. Once funds are verified, the requested REO list will be sent to the Buyer.
REO TYPES AVAILABLE: Residential homes, Commercial Buildings, Retail properties, Industrial properties, and SBA loans. These properties may either be vacant or rented. You can customize your REO requests to what you are seeking, such as: property condition, geographically by state, county, or zip code; with zero rehab, light rehab, distressed, or a combination thereof; or by price point like 40 cents on the dollar, etc. These prices will vary by property types and geographic locations.
DUE DILIGENCE PERIOD: REO list is suspended from other buyers during15-day due diligence.
TITLE TO PROPERTIES: All properties are Registered and Titled showing HUD as the owner.
30-DAY ESCAPE CLAUSE: If you buy a portfolio from HUD, Fannie Mae, or Freddie Mac and there is a property in the portfolio that did not reasonably match the criteria you requested on your LOI, then you have up to 30 days from the closing of your portfolio to notify the Seller and have that property replaced.
· ESCROW: You can set up escrow with a bank of your choice (must be one of the 25 national banks) or a national title/escrow company.
· REO PROPERTY VALUES: Properties have been HUD appraised within the last 90 days and represent current market values. The REO lists will include property address and condition by category. If Buyer insists, they may receive a paragraph description of the property from the appraisal if available.
HUD PROTOCOLS & PROCEDURES for REO’s
1. Brokers must have their MASTER REO NCND signed and returned by the Buyer, Buyer’s Representative, Brokers and Intermediaries.
2. The MFA REO (Master Fee Agreement) is to be signed by the Principal (Buyer) and returned. The fee agreement is to list any and all representatives.
3. HUD LOI and HUD PROTOCOL completed and signed by the Buyer (No one other than the Buyer may complete the LOI). Attach the “Soft POF.” Once the LOI and “Soft POF” has been properly submitted to and accepted by the Seller; the representatives at this time should step aside and allow the Seller and Buyer to work directly to complete the transaction.
4. The Seller’s bank (Citibank) will verify “Hard POF” directly with Buyer’s bank. . This process normally takes no more than 48 hours. Once the POF has been Confirmed/Verified, the Seller will release the REO package to the buyer for their “due-diligence period”. Max due-diligence period (15) calendar days.
5. Upon Buyer receiving REO package, Buyer may select one of 25 national banks or a National Title company to open a Buyer’s escrow account in the Buyer’s name, otherwise Seller will select an escrow company. This selected escrow account is where the “Escrow” will be placed and the transaction funded (Buyer will receive specific instructions for funding). The LOI is then sent to escrow.
6. Once the Buyer has approved the REO package, Seller will provide a HUD contract for the Buyer to sign and notarize before submitting to escrow. This contract summarizes the Buyer’s REO purchase transaction with HUD.
7. The Buyer escrow process should take no more than 72 hours. Citibank will confirm the escrow has been completed. Closing to take place immediately.
8. The Buyer funds the deal and then can place another order. Once the Buyers account is opened, future orders will only require a new Order Form/LOI to be completed.
Jeff Reckling
732-981-9700 Office
732-688-5676 Cell
732-377-8677 Fax
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