If you are interested to be added to our mailing list of bulk REO and
builder close-out packages that are currently part of our inventory,
please send an Email to us with BULK SUBSCRIPTION in the subject line
and a short description of what kind of packages you are looking for .
Please make sure to include your full name with phone numbers
and wheather you are a principal or agent .

GENERAL INFO ON BULK PURCHASES

• I don't want my name or my buyer's name to be disclosed. Can I still get the tape?

Without all names written and without signatures, the tape will not be presented. If the buyer does not want to disclose their identity or provide info on the contact person who can verify their funds, no further info on the tape will be presented.

• Who pays commission?

The buyer pays the commission, which is usually 3% on the top of the purchase price. 1% goes to seller's mandate, 1% goes to intermediaries (regardless how many of them are involved), 1% goes to buyer's representative. If there is no intermediaries (which is nowadays almost impossible), the seller's mandate usually takes 2%.

• How many intermediaries are involved in this transaction?

It varies. The good thing is that 1% commission is distributed among intermediaries regardless on how many of them are involved.

• How do I know that price is current?

We verify each package that we receive the info on to make sure that BPO (Broker Price Opinion) was done recently. However we don't assume any liability.

• Can I have a conference call with the seller before we submit any paperwork?

We worked hard over the past year to find sellers and we don't want to be bypassed. Therefore no contact between seller and buyer will be done prior to submitting all the requested paperwork.

• I am representing investors and I don't want to disclose their names to anyone as I don't want to be bypassed.

It is between you and your client to establish trust and secure your relationship. We guarantee that we will never steal a client from you. However we had cases when the buyer tried to bypass their representative. In these all cash transactions everyone should protect themselves. With our own buyers we sign an exclusive agreement for a period of three years before we put them in touch with the seller. Talk to your real estate attorneys.

• Can I get more info on a certain tape?

Info on a certain tape in the initial Email is all that is available to you prior to submitting the proper paperwork.

• What is the minimum amount we can invest?

Usually packages start from 5 M and up. Occasionally we will receive packages smaller than that. Some sellers request higher minimum amount.

• Before we proceed any further, I have some additional questions, that I want to clarify. How can I contact you?

These FAQ are provided to answer most of the questions. Please read them carefully. If you still have some additional questions, send an Email to BestHollywoodHomes@gmail.com We will respond by Email or phone within one business day. We are trying to reduce the number of phone calls and rather utilize our time to find new sellers & provide a quality service to transactions that we currently work on. This way you can expect to receive a superb service when you decide to move forward with your purchase.

PRE-CREATED BULK REO TAPES

• Why are these tapes already composed?

There are three basic possibilities why these tapes are already put together:

• Tape was created for another buyer using parameters described in his/her specific LOI. After receiving the tape that buyer either didn't like the tape or couldn't perform.

•  An investor bought a bigger tape and has broken down the package to smaller portions. Those smaller packages are being offered to smaller investors. Sometimes big investors will start the re-sale process while they are still in escrow and double escrow is opened.

•  Some major bulk REO sellers will put together a tape and set up a deadline date for auction. They receive several LOI and the tape will go to the highest bidder.

• How many people receive info on these tapes?

These tapes are sent out to several different intermediaries, buyers representatives and investors. That means that the tape might be available one moment and be off the market the next moment. Because of that a lot of buyers make a conclusion that this tape and/or seller does not even exist. However the only way to get in the game of pre-created bulk REO tapes is to be optimistic and continue trying.

• Can I cherry pick?

In general there are no cherry picking for these kind of tapes, but there are rare exceptions. If cherry picking is allowed, it will be disclosed in the initial Email about the package.

• What kind of paperwork is required?

Different sellers require different LOI (Letter of Intent), NCND (Non-Circumvention, Non-Disclosure Agreement) and POF (Proof of Funds).

• How fast we receive the tape after we submit the paperwork?

For these pre-created tapes the turnaround time is usually up to 2 business days.

• How long do I have to check out properties before we open escrow?

Usually you have 7 to 14 days due diligence period before you open an escrow. However there might be some other investors that will request to open an escrow in a meanwhile.

• Can I negotiate the price?

Even though there is usually no cherry-picking, you can still try to re-negotiate the price on individual properties prior to opening escrow.

SPECIFIC BULK REO TAPES

• How do I request these tapes?

Send an Email to BestHollywoodHomes@gmail.com and request forms to place an order for a specific tape that will be created solely for you based on your pre-determined parameters in LOI. It is extremely important to be as specific as possible in your LOI as there is no cherry-picking after the tape is compiled.

• Do I need different paperwork for different sellers?

In most cases different sources require different kind of paperwork, but there are exceptions.

• How long does it take to get the tape?

After you submit all the requested paperwork, it may take a couple of weeks for tape to be created. Of course depending on parameters of your LOI, it can take longer.

• Can I cherry-pick after I receive the tape?

There is absolutely no cherry-picking after the tape is compiled. You have 7-14 days due diligence period, during which you can re-negotiate price on individual properties. At the end of this period you decide if you want to go ahead with the purchase of the whole package or not.

• I want to choose prime areas of Los Angeles. How many cents on a dollar can I get them?

As you probably already know, there are more and more multiple offers on foreclosures that are posted on local MLS. Based on that fact sellers are not discounting properties as much as they were discounted last Summer. The lowest prices for Los Angeles bulk REO packages range between 65-90 cents on dollar.

• But I found a source to get properties in Los Angeles for less cents on dollar.

I would say, go ahead with that source. But make sure that BPO made for the package is recent!

• What is the advantage of these specific bulk REO tapes?

The tape is compiled based on your LOI and sent only to you. You don't need to worry during the due diligence period that someone else might already open an escrow. Only after that time period the tape will be distributed to other intermediaries and investors – of course only if you decided not to move forward with the purchase.

BUILDER CLOSE-OUTS

• What is builder close-out?

Some builders decide to sell the remaining inventory in a bulk for cents on a dollar. They might just want to move on to the next project or they want to get out of business or they want to sell before they lose their inventory to bankruptcy or foreclosure.

• How old are those homes?

Generally, these are brand new homes – turn key properties.

• Can I cherry-pick?

Yes. However the price will change based on the quantity of homes that you are looking to buy in package.

• Who pays commission?

If homes are bought as a bulk, the buyer gets discounted price, but pays 3% commission (unless specified differently). If you decide to buy just individual homes, the seller will pay the commission, but price might not be discounted much if at all.

• What kind of paperwork do you need to start the process?

Usually we just need NCND, but it may vary.

• How fast can I get addresses and specific info on the package?

After we receive the paperwork from you, it usually takes up to 48 hours to deliver the tape to you.

• Can I negotiate if I feel that prices for individual homes in the package are too high?

Absolutely. That is the advantage of builder close-outs, which is not always the case when buying bulk REO.

• Are those homes on MLS?

Some individual homes might be on MLS, but not at a discounted price.