Real Estate Owned Schedule Form - What is a Wholesale Bulk REO Purchase Program?

Real Estate Owned Schedule Form

Real Estate Owned Schedule Form

Wholesale is the next level REO purchasing for experienced wholesale buyers. It is essentially going from dabbling with smallish REO packages to swimming with the sharks. As one of them. As intimidating as it may seem, wholesale REO is really an easy to follow process. Wholesale Bulk REO takes advantage of a small window of time where REO properties are available for quick purchase in national and state pool runs before they are moved over to traditional liquidation programs. With wholesale bulk REO timing and acting fast is everything. Once the deal is gone, it is gone. Real Estate Owned Schedule Form

Wholesale REO is available trough proprietary inventory access from the top 50 banks, hedge funds, insurance inventories, and mortgage companies. With minimum order set to $10,000,000 to unlimited, the possibilities are endless. With something as great as wholesale bulk REO there are few requirements, representations, warranties and special instructions that must be followed.

To get a fast train to wholesale bulk REO, there are few requirements:

1 Signed Mutual Non-Circumvention/Non-Disclosure Agreement

2 Signed Buyer Profile Form

3 Signed Custom Purchase Order Form

4 Letter of Intent

5 Letter of Credibility/Credit

Representations and Warranties for bulk wholesale REO include:

Portfolio and Order Profile:

Assets are sold as is

Acquisitions division will try to match the asset pool with the Buyer's Profile and Custom Order

Exceptions are minimal

Picking/ choosing not available

Property pools are formed from a single or more asset providers.

Purchase Contracts

Variable on case basis

Asset Representations:

Fully foreclosed Real Estate Owned Schedule Form

No outstanding liens or encumbrances

Clear title commitment issuance at closing

Buyer foots other closing costs

Special instructions for wholesale bulk REO include:

For a Pre-Program, depending on a case:

Complete Mutual Non-Circumvention/Non-Disclosure Agreement (One time only)

Complete Buyer Profile Form (One time only)

Complete Custom Purchase Order Form (For each order)

Submit Letter of Intent (See sample below: Must be on buyer's personal or Company Letter Head. It should include info from the profile, purchase order, exit strategy and future order intentions. Must be written in paragraph form)

Submit Letter of Credibility/Credit - This is NOT Proof of Funds. Letter must be from a bank, mortgage broker, hard money lender, or attorney, stating the buyer can perform on the size of the portfolio the buyer is requesting.

Have Proof of Funds available to provide directly to the source

For Source:

Source Contact

Source will contact the buyer.

Source works directly with the buyer, after Proof of Fund and verification completed

Custom order placing

Property list is given to the buyer

Due diligence period is three to five days, depending on source

Properties are to be verified with source

Closing involves working with Title Company

While wholesale bulk REO does require some effort and qualification, the discounts and profits generated well justify the little work needed. Anyone who's in real estate investing dreaming of making it big is well advised to take time and effort to explore wholesale bulk REO. Real Estate Owned Schedule Form

Real Estate Owned Schedule Form - What is a Wholesale Bulk REO Purchase Program?

By: Real Estate Expert

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