For the past thirty years, Ted Weinstein has been involved in the foreclosure process. Operating as either principal or agent, Mr. Weinstein has repositioned over 1,000 distressed properties and non-performing notes with a total value in excess of $100,000,000.
In addition to his current REO brokerage activities, Mr. Weinstein teaches Continuing Education courses and speaks at various Real Estate conferences as either the keynote speaker or a panelist.
Beginning his career as a licensed salesperson while attending Brooklyn College, Mr. Weinstein quickly became recognized as a leading producer in his local market. Shortly thereafter, Mr. Weinstein expanded his efforts to additional markets and focused on the purchase, renovation and sale of distressed residential properties from the time of Lis Pendens through final auction and sale.
He was responsible for REO market prospecting endeavors that generated results ranking the organization first among its competitors. Operating as principal throughout the period 2002-2007, Mr. Weinstein raised sufficient capital to expand his proven architectural platform to include real estate development in Connecticut and Maryland.
Anticipating a market shift in 2007, Mr. Weinstein began the gradual transition from his own purchase, renovation and sale activities to REO brokerage. His clients have included: Deutsche Bank, Fremont S&L, Lehman Bros., Wells Fargo, Chase Bank, Coldwell Banker, PAS, IAS, EMC, LPS, SingleSource Property Solutions, Equity Pointe, Nation’s First Real Estate Services, Green Tree Servicing and Litton.
Currently, Mr. Weinstein supervises and directs a staff managing the preservation and sale of occupied and vacant REO throughout New York City and surrounding areas. Additionally, Mr. Weinstein coordinates the tasks of the various REO vendors and performs Broker Price Opinions (BPO) on a regular basis. Institutional sellers of REO rely heavily on the accuracy of the BPO to establish key pricing strategies.
In 1992, Mr. Weinstein founded Foreclosure Solutions, a consulting company that advised distressed homeowners. Foreshadowing the current trend of loan modifications and short sales, Mr. Weinstein negotiated forbearance agreements, short sales and various loan work outs directly with the lenders.
From 1994-2002, Mr. Weinstein served as lead acquisition specialist for F.H.B., a large NY/NJ real estate development firm that purchased over 500 homes annually in one-offs and mini-bulk packages. In that capacity, he managed extensive due diligence concerning asset valuation and renovation pricing.