Procedure For Purchasing REO Assets

Joined: 24 Jun 2009 Posts: 36 Location: Tampa FL

Procedure For Purchasing REO Assets

1) The prospective buyer provides Proof of Funds, Investor Profile Form.
2) BFB sends prospective buyers a list of available inventory after confirming proof of funds for said assets.
3) The prospective buyer performs due diligence on all assets and chooses which ones he/she would like to purchase.
4) The prospective buyer signs a purchase contract with BFB for the desired assets and wires entire contracted amount.

The title company that will be used for all transactions is:

Title Company:CORNERSTONE TITLE SERVICES, LLC
Address:800 CORPORATE DRIVE #102A, LEXINGTON, KY 40503
Phone Number: 859-278-4588 859-278-4588
Escrow Officer: STACEY PENMAN

Please contact us for wiring instructions.

5) BFB then confirms with the bank in question whether each asset in the purchase contract is still available. (Please note that it is possible that one or more of the assets in the purchase contract may be unavailable depending on the time it took for the buyer to complete his/her due diligence, as the banks will not sit on assets indefinitely).

6) BFB will then draft an addendum confirming the finalized list of assets to be purchased and promptly notify the escrow company to refund the buyer’s money for the unavailable assets. All other funds become non-refundable upon execution of the addendum contingent upon BFB providing the contracted assets within 15-45 days (as stated on the contract). The buyer has the right to be refunded their money on any asset that is not delivered to the buyer within 45 days of signing the addendum. Buyer has the right to extend the period of time or get a refund on all assets not delivered after the 45 day window has expired.

7) Depending on the banking source, closings will happen within 21 – 45 days from the execution of the finalized addendum in step 6.

www.bulkforeclosurebargains.com