Bulk REO Terms
25. Aug, 2009 
6 Comments
In the world of bulk REO, you’ll hear many terms that you are probably unfamiliar with. Below are some of the terms that you will hear in this business. You may want to familiarize yourself with the terms and their meanings.
Bulk REO – an REO means “real estate owned”. This typically means that the bank or the lender now owns the property. Many lenders only want to sell these properties in bulk. Often individual REO purchases are not offered.
NCND – this stands for “non-circumvent, non-disclosure agreement”. This is an agreement between all the parties involved. So each person vows to not interfere with the proceedings of this sale.
POF – this stands for “Proof of Funds”. As with any transaction, the lender wants to make sure that you have the funds to purchase the properties you’re looking into. After all, if you don’t then it is a waste of everyone’s time.
Vetting – this is when the bank assesses the person intending to purchase the properties. Just because someone has the funds to make a purchase doesn’t mean they are serious about purchasing the properties. Sometimes, people may be “feeling” their way around the market and have no intent to actually purchase. So vetting again is to make sure you are serious.
LOI – is a “letter of intent”. This is a letter that shows you are serious about making these purchases. It generally lists the specifics such as the properties you are interested in, the desires location you are interested in and what you are willing to spend.
Knowing the terminology used in the REO world will assist you greatly. These terms will be used often throughout this process. Knowing what these terms mean will help you grow in the world of real estate investing. This can be a very profitable business for you, so learn all you can.
Do you know any Asset Managers who sell these bulk REO? or have a list to contact.
Hey Amanda – there are a bunch. I reveal the whole process in my course, Bulk REO Secrets.
Hi Susan,
I was able to get access to the purchase process for the Bulk Reo Secrets package late at night, I tried one more time and it went through. So, please disregard my previous emails regarding the problems I was having, sorry that I am writing here in the blog, at this time I have no other know way to get in touch with you. Now I’m looking forward to using the package and rip some possitive benefits from it. If there is any further questions or problems I should encounter then where would be my best way to contact for help or complaints ?Please notify of that at your earliest convenience. Thanks a lot, ttyl.
John
Hi John, feel free to send an email to lassitermarketingsupport@gmail.com
My business associate will send you directly to bank asset departments for the purchase of bulk reo’s. These reo’s will be customized for you. Specify location, type (res or comm) price point, 0-light or 0-medium etc NCND POF LOI ( detailed LOI )
Feel free to call, Thank you, Frank
1-800-631-8610 ext 213