Q. What is a Bank Owned Property?
A. When a property goes through a Trustee Sale or Foreclosure sale and there are no bids received at the auction (generally held "on the steps of the courthouse"), the property becomes "Bank Owned"
Q. What happens to the loans that were on the property at the time of foreclosure?
A. Ususally, because the loan (lien) that is foreclosed upon is in 1st position, it is the "superior lien" and liens subordinate to it are wiped out at the time of foreclosure.
Q. What is Sylbury, Inc.'s role in Bank Owned properties?
A. As well as being principals and buying bulk packages for our own portfolio, we are also direct representatives for several national funders that buy bulk quantities of Bank Owned properties
Q. In what areas are Sylbury, Inc. looking to buy and what price range?
A. We are actively looking for bulk deals in the following areas in the $5 - $20 Million range:
- Arizona
- California
- Nevada
- Oregon
- Texas - especially Dallas, Fort Worth area
If you are a broker that has access to bulk deals, please contact us and we can arrange for proof of funds (sanitized) where needed.
We will need the following information - please email this to sylbury@gmail.com and put "REO Pool" in the subject line:
- Value of the pool
- Geographic area
- Number of properties
- Some idea of condition or estimates on repairs
- Ability to cherry pick
- Aggregate or single lender