From Realtor Magazine Online, Daily Real Estate News November 26, 2008
Entrepreneurs are rushing to cash in on the foreclosure market, buying packages of foreclosed homes at steep discounts. Web sites are emerging to fulfull demand.
ReoLynx.com allows investors to view more than 1,000 homes listed on the site, build a portfolio, and make a bid.
VerifiedREOs.com and BulkrREO.com both sell packages of properties assembled by sellers.
Finding the properties is the first step, but closing on these deals are proving to be the biggest challenge because financially strapped banks aren’t willing to lend or sell REO homes at sub-basement prices.
"We have shied away from selling in bulk" because buyers are looking for steep discounts, said Ronald Faris, president of Ocwan Financial Corp., a mortgage servicer with a large portfolio of foreclosed homes.
Source: The Wall Street Journal, Rhonda L. Rundle (11/26/2008)
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