Real Estate Asset Disposition Corp. specializes in selling bank-owned homes, but with foreclosure inventory shrinking, the company is turning to bulk sales to buoy business.
Jim Banford, chief executive of Real Estate Asset Disposition Corp., has bundled five groupings of previously foreclosed homes in West Palm Beach, Jacksonville, Fort Lauderdale, New York and South Carolina for investors wanting ready rental income and little renovation.
The homes, which are in packages of between 10 and 40 properties, were mostly bought piecemeal at foreclosure auction by other investors who have already made improvements and found tenants. Only homes in the New York bundle, which includes properties in Ohio, are still in need of remodeling, Banford said.
The bundles will be available for viewing today at www.reoinsider.net . “All the heavy lifting has been done,” said Banford, whose main office is in West Palm Beach. “People are chasing cash flow and this is cash flowing from Day One.”
Banford, who founded his company 11 years ago, said he started looking at bundling sales as the number of bank-owned properties dwindled.
In Palm Beach County, just 1,957 “lender-mediated” homes and condominiums, which are bank-owned or listed as a short sale, were on the market for sale in February.
Read : ” Firm sells former foreclosures in bulk” an article by The Palm Beach Post