What would you do first before you consider making an offer on a wholesale bulk packages?

What are the warning signs?
In Buying Property - Asked by brenda l. - Aug 11, 2011
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Answer(s)

Kristopher C.
Owner/Investor
Trabuco Canyon, CA

depends on the type of bulk package. Are the REO, are they Non-performing notes, or are they sub-performing notes? What is the underlying collateral? is it commercial or residential.

Aug 11, 2011
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Leah H.
Hopkins, SC

I would ask the following questions:

1. What are the deposit requirements.
2. Closing instructions
3. Requirements/documents needed to preview the tape.
4. Is it custom tape? If so when can you submit your request?
5. Can you preview the tape prior to purchase?
6. Can you cherry pick?
7. How many cents on the dollar are they offering?
8. Who receives and verifies POF?
9. Can they insure your POF will not be shopped?
10. Can you speak directly to the seller rep?
11. Will you get 30 days of due diligence?
12. Who is the escrow agent?

I wouldn't necessarily ask all these initially as the are not appropriate at every stage.
Good luck, let me know if I can help.
Leah Henderson
803-740-8080

Aug 17, 2011
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