Bank Bulk REO Sales
Filed Under (Foreclosures) by admin on 31-03-2009
I’ve seen quite a bit of email and postings about bulk bank REO sales and most of it, in my opinion, is wishful thinking and promotional rather than being based on actual portfolios available. An interesting article from the (hat tip Calculated Risk) talks about one property as part of a bulk sale:
For example, a unit of Citigroup, the troubled financial giant, sold a foreclosure in Temecula to an Arizona investment firm for $139,000 when comparable homes in the area were selling for $240,000 to $260,000.
The firm listed the home for $249,000, received multiple offers and the property has entered escrow, said Amber Schlieder, the real estate agent who handled the listing.
CR Capital was the firm that flipped the Temecula foreclosure property, an investment group based in Tucson, Ariz. Ca