First the monthly bank owned property list is the inventory of residential homes by city and state that are currently owned by banks that have decided to release them to market for fast sale. In many cases they have been on the MLS, you may find them on Zillow and you may find them on auctions sites. However, they have not sold so the banks are moving them out through a bid process.
The Good News
The price presented on the list by the banks is not what you need to bid. Our experience to date is bid in the range of 40-60% of the price on the list has a good chance of winning. Bidding on multiple properties increases your chance of a successful bid.
The Reality of This Process
It takes work – due diligence is a process and there are no shortcuts.
You must move fast – normally you have about a week to evaluate the deals an make a decision
It is important to have all the cash required for your bid. As part of our program you will need 50% of your bid amount plus $2,000 buyers premium for each property where you want to submit a bid.
Do We Distribute The Entire List Upon Request?
We distribute the entire list to our business partners and mentoring students. Each understand the process and have agreed to abide by the rules for sharing this information. If you are not in a partner or student we will send you the properties for your city once you represent you will not distribute the information, you are qualified to complete the due diligence process and you are a cash buyer. We recommend having a minimum of $30,000 available for the bidding process.
Can I Bid On The Entire List?
The recent list price value of all the properties on the last two months lists were approximately $44 million. For those interested in placing a bid for the entire list we will work with you to complete the process. You will need to provide proof of funds for $25 million. The total you bid could be less than that depending on the mix of homes.
Are All The Properties on The List Single Family Homes?
Some of the properties are condos and some of the single family homes are manufactured homes. The majority of the homes are single family home in a range of sizes.
I Am Interested – What Is The Next Step?
Contact me by email ( Click Here To Email ) and please provide the following
1. Include in the subject lint ” Important – Send Bank Owned Properties ”
2. In your message confirm you are a real estate investor experienced in doing residential property due diligence.
3. Confirm you are a cash buyer and have access to a minimum of $30,000
Be Sure To Register On The Right of This Page for Our VIP Mailing List
Finally – Is This Worth It?
When you have a buyer beware mindset and act fast there are opportunities for very good returns especially if you have experience as a flipper and wholesaler. Your chances improve if you are able to acquire more than one deal at a time. However, we are unique in the market because we do accept bids for one property at a time.
“Your Success Is Our Business”
If this catches your attention I look forward to hearing from you