Bulk Residential REO
My commercial real estate practices focuses primarily on representing sellers of commercial property like office buildings and warehouses.
That said, I spend a lot of time online, and I stumble across MANY residential brokers claiming to be peddling VERY large portfolios of foreclosed properties owned by banks, or that claim to represent buyers of such property.
Most of these folks roam real estate forums, and hide behind a cloud of secrecy. They generally seem like scam artists to me.
My experience tells me that banks disposing property have a fiduciary responsibility to their shareholders and depositors to make sure these properties are marketed widely and efficiently. I just don’t believe that any sophisticated seller peddles property through REOBIZLADY on such-and-such random investment forum.
So what do these scam artists have to gain by working this way? Are they working with a long chain of brokers, trying to squeeze in for a bit of a fee? I’d be interested in hearing your thoughts.
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