Will banks consider a package deal?

[Brian Beadle]

So I was taking a stroll around a potential property this morning and happened to run into the neighbor. We chit chated for a while when he mentioned that the property across the street also was just forclosed and vacated earlier this week. I hadn't even given the property across the street a second look due to that fact that its is very nice condition and apperared occupied. He showed me around it and it seems that both properties were trashed on the inside.
Long story short.....both properties are owned by a local credit union and are in distressed condition. Has anyone ever done or heard of a package deal such as this?

[Don Konipol]

A few years back I financed a package of 11 single family homes a bank sold to an investor - heavily discounted but had to close before the end of their fiscal year. Banks sell multiple properties all the time. However, in some places equity funds have bid up prices so high and created such demand for package properties that they now pay a premium to buy multiple properties - instead of receiving a discount!

You won't know until you approach the credit union. If it is a small credit union you may be able to strike a deal. More likely it will go to an asset manager for disposition - lending institutions need to ensure they get the highest price for their reo properties.

We are also assuming the credit unions still hold the mortgages; they may just be servicing the mortgages for third party investors. Worth a phone call to find out.