Purchase Criteria & Process
1. Buyers must be ready, financially capable and willing to consummate the transaction within a 15 day time frame. LOI and POF are required immediately. The LOI must be specific to the criteria of each transaction and must have the name, address, land line, cell phone and signature of the Buyer as well as the contact information for doing the POF.
2. Absolutely NO financing contingencies. Cash or Line of Credit only. If we are unable to reach the POF contact within 24 hours, we will move onto the next Buyer.
3. We will call the Buyer to verify the LOI and order. If the order cannot be verified with the signatory of the transaction (the True Buyer), we will move onto the next Buyer.
4. We will not “hold” a package for you in anticipation of receiving the LOI and POF. Our portfolios sell very quickly and they are FIRST COME – FIRST SERVED ONLY!
5. We will not offer for sale portfolios we do not have contractual control-or do not legally own.
6. IMPORTANT! In this fluid market, we require that after the list is released, the Buyer shall have a period of usually around 72 hours to review it and decide whether to move into due diligence or not. Due diligence is generally 5-7 days. After the due diligence period, the Buyer will need to put a good faith escrow deposit of usually 10% of purchase price to wherein we will begin crafting a Purchase and Sale Agreement (PSA) . The deposit is refundable during the due diligence period, but shall be increased to 20% upon full execution of the PSA. The Buyer will need to be prepared for and capable of executing this process before submitting an LOI. (This is the primary reason, financing usually does not work well. Buyer must have available cash on hand to meet deposit requirements)
The REO bulk portfolio acquisition process is simple:
STEP 1 – Complete and submit the following REO forms and documentation:
1. Proof of Funds (POF)
2. Letter of Intent (LOI) on Buyers letterhead. Including “EXHIBIT A” – Requested States, Cities and Zip Codes”
3. Buyer Profile-Bio (BP)
Failure to provide the required information will delay the processing of your portfolio request. Our Seller’s REO Asset Controllers will not fill any orders that are incomplete. Information may be emailed to: doug@dougesteves.com.
STEP 2 – When all documents have been completed and returned, Buyers will be contacted by us to review their order request.
STEP 3 – The Buyer’s order will be submitted for review and compilation of their order.
STEP 4 – Once we will fill the order, we will re-verify the Buyer’s POF.
STEP 5 – After we have re-verified the Buyer’s Proof of Funds, the Buyers may be asked to make a refundable 10% deposit on the desired REO portfolio.
STEP 6 – We will forward the REO portfolio list to the Buyer. Buyer is allowed a due diligence period of between 3 to 5 days depending on the number and location(s) of the properties.
STEP 7 – We will craft a PSA for review and execution by the parties. This usually takes 2-3 days. Escrow shall close within 5-7 days after full execution of the PSA.
