REO DIRECT SOURCE
Please do not place an order if you cannot consummate the transaction.
"Buy Direct....from the Source"
"Buy Direct....from the Source"
Custom Portfolio Properties
REO / Bank-Owned Properties
REO / Bank-Owned Properties
An REO/ Custom Portfolio differs from a standard REO Bulk Portfolio because it allows the investor to specify the properties they want to purchase. If you are interested in buying Custom REO portfolios you must have liquid funds to invest.
Many investors are new to this type of real estate investing and therefore may be unfamiliar with the procedures required to purchase portfolios. We try and simplify the buying process for our clients, by providing straight forward information that's easy to understand.
Here is a brief overview of what typically happens when ordering a customized portfolio.
If you have purchased portfolios with us before just call us and place your request.
If you have purchased portfolios with us before just call us and place your request.
The Process of a Customized Order
Step One: Fill out the "Purchase Order / LOI" form
All potential buyers fill out the Purchase Order Request /LOI form. This helps us to understand the buyer's interests: the type of REO portfolio, investment level and financial goals as it relates to purchasing real estate.
Step Two: Conference Call
When we receive your order form, a representative will contact you to discuss your request and options prior to preparing a customized portfolio.
Step Three: Proof of Funds (POF)
Before the bank compiles a customized portfolio, buyers are required to show current Proof of Funds (POF) for the desired purchase amount.
Step Four: Earnest Money Deposit
The buyer is required to put down 10% of the desired purchase price, which was indicated on the Purchase Order/LOI form. The deposit will be placed in escrow.
Step Five: Compilation of Customized Portfolio
We contact the bank and submit your portfolio criteria. The bank will attempt to compile a list of properties fitting your requirements. The list is sent to us and we forward the portfolio profile to you, the buyer.
Step Six: Portfolio Review
The buyer is given due diligence time, approximately 3-7 days, to research properties on the list. If the portfolio is acceptable, the buyer then signs the necessary agreements to complete the transaction.
Step Seven: Offer to Purchase
We negotiate on the buyer's behalf to receive a reasonable discount if the requested desired purchase price for the portfolio is not met. Once we receive the bank's decision, we draft and submit the offer. 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 signs all necessary forms and agreements to close the transaction. Once you accept the offer you cannot back out of the transaction.
Step 8: Purchasing the Portfolio
The buyer accepts 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.
Step 9: The Portfolio
The buyer has paid for the portfolio. The bank will provide the buyer with affidavits of sale within days of the purchase and the deeds will follow. You now own the properties.
All potential buyers fill out the Purchase Order Request /LOI form. This helps us to understand the buyer's interests: the type of REO portfolio, investment level and financial goals as it relates to purchasing real estate.
Step Two: Conference Call
When we receive your order form, a representative will contact you to discuss your request and options prior to preparing a customized portfolio.
Step Three: Proof of Funds (POF)
Before the bank compiles a customized portfolio, buyers are required to show current Proof of Funds (POF) for the desired purchase amount.
Step Four: Earnest Money Deposit
The buyer is required to put down 10% of the desired purchase price, which was indicated on the Purchase Order/LOI form. The deposit will be placed in escrow.
Step Five: Compilation of Customized Portfolio
We contact the bank and submit your portfolio criteria. The bank will attempt to compile a list of properties fitting your requirements. The list is sent to us and we forward the portfolio profile to you, the buyer.
Step Six: Portfolio Review
The buyer is given due diligence time, approximately 3-7 days, to research properties on the list. If the portfolio is acceptable, the buyer then signs the necessary agreements to complete the transaction.
Step Seven: Offer to Purchase
We negotiate on the buyer's behalf to receive a reasonable discount if the requested desired purchase price for the portfolio is not met. Once we receive the bank's decision, we draft and submit the offer. 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 signs all necessary forms and agreements to close the transaction. Once you accept the offer you cannot back out of the transaction.
Step 8: Purchasing the Portfolio
The buyer accepts 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.
Step 9: The Portfolio
The buyer has paid for the portfolio. The bank will provide the buyer with affidavits of sale within days of the purchase and the deeds will follow. You now own the properties.
