Wholesale of bank properties

[Martin Zawarski]

I have been watching the house that has been foreclosed on recently both by driving by and watching the MLS. Today I drove by and saw that someone has bought it and is rehabbing it. I stopped and talked to the owner and ask how they had acquired it. They told me they bought it through a bank wholesaler. That it was foreclosed on and that it did not go through the typical channels of an REO agent. She said she works with this wholesaler all the time to dispose of properties for various banks. She is a realtor and works with many many investors to then dispose of the properties. Does anyone know much about these wholesalers and how to find out who the representatives are that the banks use For this process? Is this a new process or a means for banks to get rid of properties in a quicker manner?