It turns out that due to Federal Regulations, lending institutions are only allowed to hold REO houses for a certain period of time and then they MUST sell them - at ANY price.. The problem is that the lending institutions are not in the property selling business. They simply do not have a list of people sitting around waiting to buy their houses.
So what do they do when they NEED to get rid of them?
They dump them into the Black Hole of houses.
There is an underground market for REO properties and foreclosed homes that lenders have to dump. Almost no one knows about this process. No one knows who these people are, and no one knows how to get on this list. It is a select few.
So what is this Black Hole? It is a network of seasoned, well funded investors who can buy 100 homes at the drop of a hat - and buy them they do. Here's the thing - they are discounted to rock bottom! $5,500 per house, $3,500 per house, even as low as $2,000 per house!
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