REO / BANK-owned Properties
Overview of process when ordering a customized portfolio.
If you have worked with us before just call us and place your request.
The Procedure for a Customized Order
1: Fill out the "Purchase Order / LOI" form
Begin by filling out the Purchase Order Request /LOI form. This will help us understand the buyer's interests: the type of REO portfolio, investment level and financial goals as it relates to purchasing real estate.
2: Initial Contact Call
When your order form is received, a representative will contact you to discuss your request and options prior to preparing a customized portfolio.
3: Proof of Funds (POF)
Buyers are required to show current Proof of Funds (POF) before the bank compiles a customized portfolio for the desired purchase amount.
4: Earnest Money Deposit
10% of the desired purchase price is required from the buyer, which was indicated on the Purchase Order/LOI form. The deposit will be placed in escrow.
5: Compilation of Customized Portfolio
We then contact the bank to submit the criteria for your portfolio. The bank will attempt to compile a list of properties fitting your requirements. The list is forwarded to us and we present the portfolio profile to you, the buyer.
6: Portfolio Review
The buyer is given approximately 3-7 days - due diligence time, to review the properties on the list. If the portfolio is acceptable, the buyer signs the necessary agreements in order to complete the transaction.
7: Offer to Purchase
We negotiate to receive a reasonable discount if the requested desired purchase price for the portfolio is not met. We draft and submit the offer once we receive the bank's decision. The offer for the portfolio is submitted to the bank and the usual response time is within 5-7 business days. Upon acceptance of the offer, the bank begins taking all the properties in your portfolio off the market. The title company will pull the properties down into escrow. The buyer will then sign all necessary forms and agreements to close the transaction. Once you accept the offer you cannot back out of the transaction.
8: Purchasing the Portfolio
Upon acceptance of the bank's offer, the remaining 90% balance of the purchase price will be required from the buyer within 48 hours prior to closing. The buyer will transfer funds into escrow for the bank.
9: The Portfolio
The buyer has now paid for the portfolio. The bank provides the buyer with affidavits of sale within days of the purchase and the deeds will follow. You now own the properties.
Please download and complete the attached form and fax to 407-730-3482 or email to: firstname.lastname@example.org.Buyer's Order Form