I meant to get this out on Friday, but I was swamped with phone calls and emails for the auction.
You would absolutely kick yourself if you knew what the winning bid was!
This is good for you, though.. let me explain..
The winning bidder took this down at such a RIDICULOUSLY LOW PRICE that he will sell you properties from the list!
It’s no secret that you need to make money from your bulk REO purchase and we want to help you. The winner bought the portfolio at such a low price that he can sell them to you at a discount and STILL make money.
Our goal at Sunrise is to make a little bit on a lot of volume, fast. This creates opportunity for everyone!
We make money, the big buyers make money, and the local investor makes money- it’s a WIN, WIN, WIN.
We’ve been steadily receiving offers for portions of the portfolio- keep them coming. I bet you can still buy the properties you want at the price 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 offer to escrow (call for contact info) or directly to Sunrise Property Group, per the instructions in the contract
Thanks to everyone for coming together and making this a success. We just acquired another package and another auction is coming for next week! Stay tuned..
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!