The main advantage of Bulk REO Purchase Procedures is the lack of red tape slowing down mainstream real estate sales. Bulk REO purchasing follows a simple, yet effective and well outlined procedure, a go-between between the Buyer, Escrow, Buyer’s bank and Broker of Records to obtain required information and satisfy sale conditions. The goal of bulk REO purchase procedure is to define the property, the buyer, the seller, sale price and fund information. The process requires completion and submission of Bank Letter, Confidentiality and Non-Circumvention Agreement, General Fee Agreement and Buyer Profile trough ten well defined steps:
•Step 1: Completing and transmitting of purchase bulk REO agreement. Buyer’s Mandate/Buyer sends a completed purchase bulk REO agreement to the Real Estate Company via where to buy techwear email/fax/upload.
•Step 2: Transfer of purchase bulk REO agreement to Escrow.
The Real Estate Company transmits this purchase bulk REO agreement to Escrow and the Broker of Record.
•Step 3: Based on the received purchase bulk REO agreement Escrow quotes and transmits Buyer’s mandate/Buyer the request for a Bank Letter.
•Step 4: Buyer’s bank transmits the Bank Letter to Escrow.
•Step 5: Escrow Officer verifies the funds by contacting Buyer’s bank and, conditional to positive results, notifies the Broker of Record.
•Step 6: Broker of Record forwards the offer with the bank proof of funds for purchase bulk REO agreement to the REO bank, who puts it into queue to be sold to the highest bidder.