Banks selling properties in bulk for cheap

09Another investor eyeing bulk sales is Bruce Norris, president of The Norris Group, a Riverside investment firm. Norris said he has not yet found great value in bulk sales but expects bigger discounts on bank-owned properties in the near future. Instead, his company snatches foreclosures once they are listed. So far, his company has purchased about 50 foreclosures after making about 1,400 offers. He says banks are routinely selling properties for 75 percent less than the mortgage note. And Norris said there is a huge number of foreclosures not even listed on the market yet, meaning those discounts will get bigger and banks will rush to unload properties as quickly as possible. \”Capitulation is here already,\” he said. \”What\’s coming, there\’s a new name. It\’s something we still have to dream up. It\’s complete terror.\”