That’s right! Due to the number of requests you can now make us an offer for ONLY THE HOUSES YOU WANT from the 249 list.
Want only California? No problem!
Want only Michigan? No problem!
Want all the midwest? No Problem!
We have several bids for the entire package, but you can still make us an offer for only the houses you want.
Here’s what to do:
- If you don’t already have the list of properties, click HERE.
- Select the properties you want.
- Complete the included contract, omit the entire list of properties, and include an addendum for only the ones you want.
- Email (or fax 425-790-4592) the signed contract to us.
- Wire in your bid to escrow (call for directions) or directly to Sunrise Property Group, per the instructions in the contract
How many chances do you get to PICK YOUR OWN PROPERTIES AND NAME YOUR OWN PRICE?
P.S. Someone is DEFINITELY walking away with these properties TODAY- don’t delay!
Thank you for all the positive feedback!
Here are the most frequently asked questions about the auction:
Q: Why do I have to wire in the full amount of my bid?
A: This is really the only way to make sure that bids are legitimate and that a bidder’s funds are really available. POFs and LOI make no guarantee that the winner of the auction will actually fund their bid. How many times have you received these only to have a buyer back out at closing time? If you need to fund the winning bid in two days anyway then there’s really no difference. The next time around we may try asking only for an applicable, but non-refundable deposit (for the winner that is- everyone else still gets their deposit wired back) for bids. With the response we’ve already had there will DEFINITELY be more auctions coming!
Q: Can I submit my bid to escrow rather then to Sunrise directly?
A: YES YOU CAN. If you’ve done business with us before than you’ll probably want to bypass escrow and send us your funds directly, but you you feel more comfortable you can certainly wire your bid to escrow since these deeds will be available very quickly- see next question for more on deeds.
Q: What kind of deeds are these and how soon will they be available?
A: We provide the same deeds that we receive from the bank. When we purchased this portfolio we received QUITCLAIM deeds, so we will provide YOU with QUITCLAIM deeds. This particular portfolio all from one bank, but from several divisions, all of which are responsible for providing the deeds to us. We have received several of them already and several are being FedEx’d to us everyday. We expect to have them ALL within 30-45 days. Remember, we JUST bought these and the bank lawyers are busy! They are contractually obligated to provide them all to us just as we are obligated to provide them to YOU. We don’t hold on to a deed any longer than 24-48 hours; as they come in we title them and FedEX them out to you.
Q: Why don’t I see Sunrise Property Group, LLC as the owner of record when I do a title search?
A: We formed a separate holding company for this portfolio; the bank has titled the properties to this LLC. We have not sent the deeds out for recording as this would further slow down the process of providing YOU with deeds. Each county has their own process, paperwork, and costs for recording. We sell through hundreds of houses a month; recording them all before we sell them would be a logistical nightmare not to mention slow down our sales cycle. The winner of the auction will actually receive TWO deeds:1) Deed from the bank to us, 2) Deed from us to you. Record them both and you will have no problem with chain of title or title insurance. Also, it is no problem if the winner would like to leave the properties titled to the LLC and simply acquire the LLC rather than re-title the deeds. It’s up to you. If for some reason you do encounter any issue, just let us know; we’re happy to help out. We want you to be happy and MAKE MONEY with this purchase. Without repeat business we have no business.
Don’t miss your chance to NAME YOUR OWN PRICE! Click here to receive the list of properties and contract.
If you have any questions please don’t hesitate to ask. I’ve been on the phone ALL DAY answering questions. Feel free to give me a call or email me directly.
GOOD LUCK!
Frank Brunetta NY Says:
October 27th, 2008 at 12:53 pm
Just wanted to chime in on what you’ve got going on here, based solely on my experience and what I gleam from recent coversations I have had with associates on both side of the equation.
I think you might really be onto something with this “sealed bid” kinda system you’ve created. It gives a legit buyer and a legit seller a genuine shot at actually closing a deal without all the BS that generally kills 99% of REO Bulk deals out in the field. To me, the system seems to favor the buyer since whoever submits a bid, it is a number that their due diligence dictates and works for them — not the seller. No matter who wins, they’ve got to be happy.
I’ve been in the REO bulk “trenches” now for about a year. When I first started hooking up buyers with REO bulk sellers, the sellers had the hammer and wouldn’t blink an eye w/o proofing up the buyer first. More often than not though, when it finally came down to getting the deal to close, the sellers turned out to be BS and the deals fell apart. Buyers wasted Hundreds of man hours and many thousands of dollars in due diligence, and not just once. Buyers understandably grew skeptical of any and all sellers and have since stepped up their due diligence on the seller which has further muddied the waters in getting deals to get done. It wasn’t long before buyers started proofing up the sellers and asking to get assurances and references directly from principles or the mandate over the phone.
Worse yet, and this is why I think you’re onto something here, I’ve noticed that lately some of tapes I get for buyers somehow seem to get “pirated” by rogue brokers or agents with no authority to close and sometimes without knowledge of who the source, the bank or the seller is! Maybe there’s just to many intermediaries, I don’t know. These pirates cherry pick and submit these bastardized tapes under false pretenses to legit buyers and everything goes sour from there. It’s a mess, and creates a lot of grief and lack of trust for the vast majority of the legitimate sellers, buyers and the intermediaries playing by the rules and trying to get deals done.
With your bid system, a buyer who did their homework and felt comfortable submitting a bid for X amount per property
(even if the bid is only based on 40% of the properties on the list) if he’s the highest bidder…bingo…the deal (with ALL of the properties in the package) closes and everyone moves on to the next deal. And that’s what this is all about. Doing deals seamlessly and lots of ‘em. Your system seems to be perfectly set up to do that.
So, Kudos to you, I think you’ve found a way to clean up the BS factor associated with REO Bulks and elevate the closing ratio on these package deals.
Looking forward to be a part of some winning bids very soon.
Good Luck! FB
We have a few bids in now and there is plenty of room for more!
This is a fantastic opportunity to NAME YOUR OWN PRICE on an REO portfolio. The feedback has been overwhelmingly positive.
I had a discussion just today on how to get a return on these and I thought I’d share it with you.
Every investor has areas that they are more familiar with and know like the back of their hand- making money there is easy. Could you not sell properties under market value in your home town in a flash? OF COURSE YOU CAN!
Chances are you probably won’t do that, since in your home town, you should have all the resources to maximize your return with some long-term strategies like rehabbing, renting, lease options, seller financing, etc..
So what about the homes in the areas I’m not familiar with? Easy.. Group them together and market them to local people on the net. There are several resources for this: rehablist.com, Yahoo groups, ebay, and Postlets.com just to name a few..
Here’s another idea- find local investors to market them with a Flex Option contract. This gives them the legal right to sell / market your properties while you simultaneously market them yourself.
So you’re in LA and a rehabber wants to rehab two of your houses in Detroit but needs financing.. beautiful.. it’s called CONTRACT FOR DEED! Who wouldn’t take that deal for $300/month? Worst case you keep the down payment, take back a semi rehabbed house, and do it all over again.
There are unlimited opportunities in this unprecedented flood of foreclosures / REOs- focus on your desired outcome and the answers will find you.
Name your price and get your bid in or else someone is going to steal them for PEANUTS! CLICK HERE
I don’t know about you, but I am sick and tired of all the BS and wasted time dealing with fake buyers and sellers for bulk REO lists, so we’re changing the game.
We’ve completed our latest acquisition: 249 properties in all the states you’ve been asking for. Now is your chance to SET YOUR OWN PRICE- YOU decide what you’re going to pay- YOU decide the LTV, YOU do the due diligence, YOU control the deal.
The process is pure, clean, and simple.
- Enter your contact info in the box below to have the full list of addresses and a contract emailed to you. (This has been removed as auction is over)
- Do your own due diligence
- When you’re ready to place your bid simply complete the contract and wire your bid to us.
- Bidding ends this Thursday (10-30-08) at 5:00pm EST. The highest bidder wins the portfolio.
- Everyone else’s funds will be wired back to them promptly the following day, Friday.
Bid to win, but BID SOMETHING- you can’t win if you don’t play. Think it’s only worth $1000/house? Great, bid $249K. Have buyers lined up that are going to buy them from you for top dollar? Great, bid $20K a house. YOU set the price and YOU control the deal.
If you are a broker or an intermediary have an agreement in place with your bidder to get paid. I know many of you have been working hard to close deals and have been the victim of deadbeat buyers yourself. Save yourself the hassle! Get an agreement signed with them, direct them to this post, and be done with it. If they don’t bid SOMETHING then they’re not a real buyer anyway- move on.
Abdul Karmach, Principle
Sunrise Property Group, LLC
P.S.-This list is completely new. All properties are completely unseen, not some recycled rejects that other investors have turned down. These newly acquired properties are being released for the first time in this offering, so don’t miss out… and kick yourself for the next six months.
P.P.S-By the way, they will be definitely sold to the highest bidder next Thursday, October 30, 2008. So don’t dilly-dally around … move on this NOW!
Our properties coming in the next few days are PRIME and in all the states you’ve been asking for. We have over a dozen buyers that have proofed up and are ready to spend $10M-$100M. HERE IS YOUR CHANCE!
This time around we’re trying something new- an auction!
- We’ll likely put together a package of around 100 PRIME properties with FULL addresses and post them to the site.
- Those that are ready to place their bid and WIRE FULL FUNDS can request a contract from us.
- Submit your completed contract and wire in full funds.
- The highest bidder wins the package.
- Everyone else’s money will be wired directly back to them the very next day.
If you are a broker, agent, or intermediary talk to your buyer NOW to prepare and get your fee agreements in place. These are our best properties to date. Any serious buyer will participate. There is no minimum bid, but bid to WIN! More to come later this week / early next week.
Cheers!
We’ve had several requests this week for New York City tapes (in the five boroughs). If you have DIRECT access to REAL product let us know!
These houses are going fast! We expect to sell another 40 in the next few days.
We have negotiations open with two major institutions for all the states you’ve been asking for! CA, NV, AZ, FL, NY, TX and more!
Of course first dibs goes to those that have purchased from us before. Help us move our remaining inventory and we’ll help YOU!
I’ve been getting calls from buyers all week looking to spend $20M to $100M on specific states. How can you lose on the midwest and southeast at $10K to $11K a house?? You could EASILY make a killing selling them on land contract for $300 a month- that’s a 36% cap rate! How else could you make 36% on your money backed by a real asset purchased at ROCK BOTTOM pricing?
I’m in Michigan right now doing some of my own!
We have 189 properties left from over 300- they’re going fast and selling every day! We have some prime states and properties in our coming portfolio- you won’t want to miss it!
If you’ve been waiting to get into the bulk REO game now is the time. Stop watching from the sideline and get into the game! With the Fannie and Freddie bailout and banks starting to re-negotiate mortgages who knows how long this will last. Don’t miss this unprecedented time in real estate history!
REOs from the Bank > Sunrise > YOU
Portfolio Details:
- 189 properties as low as 14% LTV
- States: AL, AZ, FL, GA, IL, IN, KS, KY, MI, MO, MS, OH, PA, TN
- Concentration in IN and MI
- 47 have warranty deeds as of Aug 2008; the rest are quitclaim deeds
- The LTV is roughly 14% based off of B of A comps using www.cyberhomes.com and www.zillow.com; however do YOUR OWN DUE DILIGENCE
Opportunity details:
- Portfolios may be broken up in quantities of 10 or greater.
- We buy and sell “Bulk / Blind”- due diligence is solely the responsibility of the buyer.
- We make no warranties or claims whatsoever as to the condition or value of the properties.
- Properties are sold “as is, where is” and “with all faults”.
- We sell on a first fund, first serve basis; the first to wire funds buys the portfolio.
- We only work directly with the buyer. Intermediaries should have their own agreements in place with the buyer.
- There is no “holding” packages unless a non-refundable deposit is wired, for which we will allow 24-48 hours for due diligence.
- We expect the buyer to be a “sophisticated investor” and have familiarity with the details and implications of purchasing bulk / blind post-REO real estate.
Sunrise REO Process
We now have an extensive FAQ- click HERE to read
There is Lots Going on at Sunrise Property Group!
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WE BUY HOUSES: We are buying houses in Tampa for Cash. Send us your wholesale deals and we will make you an offer. Submit Your Wholesale Deal Here.
CONTACT US: Just wanna say hello or have a deal that you need help with? Email Us and we will be glad to help you out.