All Forum Posts by: Jack Sarcia

Hey Josh! That is "true"....

Here is the bottom line, and I am going to skip over the entire foreclosure process unless someone specifically asks. 

If you want to buy REO properties, the easiest way to narrow the market is to check the "lender owned" box on MLS. From there, reach out to the listing agent. Like myself, REO listing agents just want to work with solid buyers who can understand a few points about buying REOs.

For example, REOs use contracts that forbid assignment. If you're a wholesaler, dont risk your deposit, and don't waste our time (unless you have a sweet off market deal!)

Also, don't complain about your offer not being accepted - just submit a better one or walk away - the seller doesn't care about anything other than how long its been on the market and how close to ask you are. They might accept your same offer 30 days from now, so sit tight and keep checking in with me. 

If anyone wants to discuss this, throw it in this forum! 

Hey everyone, I am looking for some help estimating the value to an end buyer so I can determine my MAO.

This deal is a multi unit building that has low rents, but doesn't really need any repairs. 

"Flipping" or "Rehabbing" this property would really consist of raising the rents to current market levels (about 40% increase). 

What I am having trouble with is estimating the "ARV" if that makes sense. Anyone who can help??

 Hey Kristi! Unfortunately not. I am up here in the Massachusetts and Rhode Island markets, but if you have any questions let me know.

Hey Dennis, solid question! 

Back when I started selling foreclosures, the REO (real estate owned) inventory was crazy high. In 2020, it came to a near complete stop.

Banks go through the foreclosure process typically taking 4-8 months. Once complete, they will assign the property to me. I have a window into the PRE REOs coming to me, and lately, that list is getting LONG. This is due to all the foreclosures that have been tied up in land court since the pandemic. 

An even stronger indicator is that I am getting more and more orders to do BPOs (broker price opinions) for "banks". This is when I go out and value newly vacant REOs. The upward trend of those orders suggests there is a WAVE of REOs coming. Most of which are tied up in court from 2020. While I don't expect another 2008 size wave, I do see a large hold back of inventory coming to market. 

Short answer- soon! 

Hey everyone, I have been selling bank foreclosures since 2009. I never asked for this LOL it was thrust upon me. 

Anyway, I have a recurring character in my life... The cash investor who "saw the property on zillow" but doesn't really understand what REO means or how the banks operate.

If anyone has question about buying a bank foreclosure, fire them off. I will do my best to answer. I am looking to build up a network here on BP. In a way I am a "long time listener, first time caller" jumping into the forums here. HMU!

Thanks Chris. That's the direction I was looking for. I'll head there next. 

Hey everyone, my name is Jack. I'm a licensed broker here in Ma. I almost exclusively sell bank foreclosures for a large asset management company, and I also do a lot of marketing for wholesale deals. I have a deal right now and I need buyers. Can I advertise here on BP or is this going to get me banned? Any info is appreciated. Thanks!