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The bulk reo con

The Bulk REO Con

Con artists and mobsters make sure their co-workers are vetted; you should too. In the case of Bulk REO deals, it pays to know who and what you’re dealing with. You’re entering a high stakes game and it’s tough to know if buyers and sellers are legitimate; you may be strung along for a time during the onset of a deal, or things might look perfect right up until you see the contract. I’m of the opinion that paperwork for a large-scale project like this need to be seen by a lawyer.

As a timeline, there are a number of things to navigate. First and foremost, find out about the person you are dealing with, and let them find out about you. Ideally this is someone you would trust to pack your parachute before you skydive. They should be comfortable enough with you that they would let you do the same. If you’re at the point where you’re considering a bulk REO deal, you probably already have some internal radar that can identify a scam. However, the con artists are really good at their jobs too, so never assume. There are probably some Bernie Madoff types out there right now.

The next thing you need to do is to find out about all the properties in the deal. All it takes is one property to sour things. One of the scams out there is this: A scammer finds out what properties are vacant and in foreclosure, and then rents them out for cash. By the time you come along to see the property, someone is living there. The tenant will probably not take too kindly to being told that they have been the victim of a scam and that they will have to leave. Use common sense when visiting these properties – think of it like being a bail-bondsman for a day.

Other real estate scams abound: Lending, Short Sale and Bait + Switch Contracts to name a few. You can find a lot of great advice out there one these different scams, but as an over-arching piece of advice I live by one rule, “Don’t do anything stupid”. The only addendum to the rule is that if you think you might be about to do something on the stupid side, you have to ask a trusted confidant what they think; in this case your lawyer. I know lawyers get a bad rap, but when it comes to avoiding a bulk REO scam, they will earn their keep.

Dan Perkins

To know more about <a href=”http://www.smartzip.com”> Investment Property Rating</a> and <a href=”http://www.smartzip.com/s/sz/property/search”>Real Estate Analytics</a> check out SmartZip website.

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