Jul 23 '09, 11:54 PMMany of you are interested in buying REO/BULK real estate deals. Here is an explanation of some of the protocol to help you understand what we are looking for…
Letter of Intent
* LOI on buyer's company letterhead.(Only one contact person's name on LOI)
* Areas of preference should specify: City, State and Zip Codes.
* (Properties are pulled by the bank, by zip codes)
* Designate whether residential or commercial properties preferred.
* Bank notes: Designate whether performing or non- performing.
* Designate: price range, total takedown
Time Line
* Allow 2 -7 days to locate properties, depending on availability.
* Due diligent period: 48 hours, unless otherwise specified.
* Minimum 10% required for deposit, immediately after conclusion of due diligence period.
* Properties are exclusively yours, once deposit is made, up to designated expiration period.
* Properties are exclusive, unless otherwise specified in advance.
* Allow 3 - 14 days for complete transaction.
Proof of Funds
* POF: Submit on Buyer's Bank Letterhead
* Name a bank contact person with contact phone number to verify funds
* (Account numbers not necessary, an attorney will call to verify).
* Must be Current within 48 hours of date on LOI.
Fee Agreements
* Submit Master Fee Agreement
* Designate how many involved in transaction.
* Designate (1) Pay Master to be paid from Master Fee Agreement at closing.
