| Bulk REO properties are also referred to as bulk | | | | tape. Lot of bulk REO transactions are stalled by fake |
| packages, tapes, properties, homes, portfolios etc. | | | | buyers who do not have the financial resources |
| What is a bulk tape? | | | | available to close the deal. |
| A bulk tape is a list of properties available for sale in | | | | What information is needed to order a tape? |
| bulk quantities or volumes. Bulk transactions run from | | | | The buyer needs to have all information regarding |
| the order of a few million dollars to a few billion dollars | | | | what kind of properties he would like to orderlike: |
| depending on the buying capacity of the buyer. Bulk | | | | - Residential/Commercial |
| tapes are available from the banks or in some cases | | | | - Broker Price Opinion (BPO) of the tape |
| from private sellers. | | | | - How many cents on the dollar the buyer is willing to |
| What are the different types of bulk tapes available? | | | | pay |
| Two different types of tapes are available: | | | | - BPO range for each property involved |
| - Residential | | | | - Type of rehab acceptable |
| - Commercial | | | | - Geographical locations |
| Residential can be further classified as Single family | | | | - Due diligence period |
| homes, Condos, Duplexes, Multi-unit complexes up to | | | | - Closing time |
| four units. Commercial can be further classified as | | | | How do I place an order with a seller? |
| apartment buildings for more than four units, hotels, | | | | In order to purchase a bulk REO portfolio, the buyer |
| office buildings etc. | | | | needs to submit a Letter of Intent (LOI) along with a |
| What do I need to purchase a tape? | | | | soft Proof of Funds (POF) to the seller. This will get |
| The buyer needs to make sure that he has the funds | | | | the process of ordering the tape started. |
| available to close the transaction and purchase the | | | | |