It appears that the REO auction market is booming (in certain states) thanks to the efforts of such vendors as Auction.com and others. (Ultra low interest rates don’t hurt either.) But as most anyone in the mortgage industry knows, when it comes to REO auctions it’s a “cash-only” business. Recently we heard of a West Coast auction where one investor arrived in a hotel ballroom (where the event was being held) with body guards and $40 million worth of cashier checks. At another recent auction, an investor had $20 million in cashier checks. Interesting stuff.
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