LIST 1 & LIST 3 REO PURCHASE REQUIREMENTS
REO AUCTION BIDDING PROCEDURE
- As is where is sale, all due diligence must be done prior to submitting offers.
- Low ball offers will never be considered.
- Your offer must be within 10-15% of the reserve for consideration.
- Give us your best and we’ll let you know where you need to be.
- No LOI required, just send your offer amount.
- Please do not submit an offer with a contract.
- The purchase agreement will always come from the bank/seller.
- The banks will not allow you to assign these contracts.
- No contingencies, no inspection period, these are sold as-is where is.
- Earnest Money Deposit is 3% and is required within 48 after buyer signs contract.
- $2,500 to $5,000 Non-Refundable bid deposit is also required in addition to EMD.
- Bid deposit amount is included in the total purchase price.
- Verifiable POF and entity docs are required before moving forward on any deal.
- Entity docs are not required if you’re purchasing as an individual
- Seller’s closing attorney/escrow company will always be used.
- Occupancy status in the excel spreadsheet may not always be accurate.
- If you’re purchasing an occupied property you are responsible for evicting tenants.
- Lease information is not provided by the bank/seller.
- If a property is vacant with a lock box we may be able to provide the code.
- Interior access is not always available.
- For access to occupied properties you’ll need to coordinate with tenants in person at your own risk.
- You have up to 30 days to close from the time the seller executes the contract.
- An amendment will be needed to extend closing if necessary.
- Preferred method of payment is cash, and hard money is considered cash.
- Conventional loans may sometimes be accepted, depending on the bank/seller.
- Government program loans such as FHA, VA, USDA, and/or any others will not be accepted.
|What we provide – Translate the hidden language of REO/Auction companies|
– Multi Family, Single Family, Residential & Commercial Properties
– Quickly digest an asset list with thousands of assets to hundreds of higher probability assets with higher win rates to increase your efficiency and approval rates
– Bidding guidance, when to bid, who you’re bidding against (even yourself) to increase win rate
| – Explaining the auction process post-winning the auctions|
– Understanding the contracting process and how to make it through simply and quickly
– Understanding the expectations for closing and helping with any issues that arise during the escrow period NOTE: Due to our VIP status with our sources, we are able to waive the mandatory bid deposit normally assessed to be able to bid o
LIST 2 REO PURCHASE REQUIREMENTS
1) Proof of funds must accompany your offer
2) If you are a broker, you must collect a fee from your buyer
3) You must properly identify yourself as a buyer or a broker
4) As prices are already discounted, offers must come in at or extremely close to asking price
5) You must be able to close in 30 days or less
TO CHECK STATUS AND FOR MORE DETAILS ON ANY PROPERTY OF INTEREST ON LIST 2 REO ONLY, YOU GO TO NYINVESTORREALTY.COM.