Post Submission Process.
Once we receive your submission, we will check to see if it has been submitter already.
This search is done by a quick City and State search.
If your property has been previously submitted, we will notify you of that fact. If you have an exclusive listing and your property has been previously submitted by someone else, simply send us your documentation. Upon receipt and review of your documentation, we will request the same information from the other party.
In the event that both submit valid documentation, we will give credit and work directly with the person that submitted the property first. This means that the person that submitted the property first will be the person we will acknowledge and work with.
Though we are not Realtors or Arbitrators, this has happened several times in the past and we want to do what we can to eliminate any conflicts and mis understandings in an attempt to be fair to all parties.
Step 1 Document Review- 24 to 48 Hours
The First Step is to verify and review that all the essential documentation is included.
If not, we may or may not request the information.
If all the documentation is present, we then begin our analysis process and determine if it meets our investment requirements. If it does, file is then forward to our underwriting team for a closer analysis.
If underwriting approves the property, it is then sent to our acquisition team. The acquisition team will then prepare and submit and offer on the property to the submitting party.
Step 1: Issuance Of The Letter Of Interest
The LOI will be issued to the submitting party. It will specify the terms and conditions of the purchase and will contain the framework for the purchase contract.
Its important that the submitting part has access to the Seller or authorized party because:
1.Our initial offers are usually a Full Price Offer.
A signature will be required.
2. Any objections or modifications must be in writing.
3. Our LOI'S are typically valid for only 3-5 days.
Step 2: Acceptance Of LOI
The return of a signed LOI is considered acceptance. Once the LOI is returned, our underwriters will contact the seller to verify and validate the the financial documents. Is some instances, the underwriter will establish a value for the property based on the property's income. Once the underwriter confirms
the property's financial data, we will issue a contract and move forward with the closing.
Step 3: Rejection Of LOI
If the LOI is rejected, we request that the rejection be in writing on page 5 of our LOI.
Verbal rejections are discouraged.
Step 4: Execution Of Contract And Earnest Monies
Once all the terms of the LOI have been worked out and agreed to, we will execute a contingent free contract. Earnest monies will be help by our Attorney or a local title company.