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Let's Get the Facts on Investing with LEI & PEMCO

By
Services for Real Estate Pros with PEMCO Ltd.


What is a LEI Home? What is the advantage to buying an LEI Home?

 

LEI is a national reseller of residential real estate focused on targeting properties for investor purchases. LEI Homes are offered for sale via an online bidding process and are available for preview prior to submitting an offer. Each property is sold “as is” but LEI properties offer repair cost estimates, rental analysis and in some cases complete rehab and or rent roll.

Who is PEMCO Realty?

PEMCO Realty is a division of Pacific Engineering Management Company (PEMCO, Ltd). PEMCO Realty is a full service real estate firm specializing in real estate management, investment and development services.

Who can submit an offer on a LEI Home?

All offers will be considered once verified to be a valid offer. PEMCO Realty welcomes all offers for consideration and the buyer can leverage their offer by offering more earnest money or in situations where the deal is cash over financing.

Do I need a real estate agent?

No, PEMCO Realty will allow buyers to represent themselves in our online bidding process. Realtors, however, are also welcomed to represent buyers and can ask for the seller to pay their commissions as a part of the offer submission process.

How do I register to submit an offer?

If you are an agent submitting an offer on behalf of a buyer you must have a valid real estate license and will be asked to provide your license number when submitting your offer. If you are a buyer submitting an offer for yourself you must upload proof of funds or prequalification to purchase with your offer to validate your offer.

How does the offer process work?

All offers will be submitted online via pemcorealty.com. Each property will have a sealed bidding process and offers will be reviewed within 24 hours of receipt. You will be contacted within 24 hours of review with a response of offer accepted, offer reviewed, or a counter offer.

Where can I get a Sales Contract Package and where do I send my contract to?

Purchase and Sales Agreements are available online at pemcorealty.com . All applicable addendums and disclosures will also be posted with each listing. A contract package should be completed with the buyer before submitting the bid to validate the offer. Once you receive email notification of accepted offer you will have 72 hours to submit an original contract executed in blue ink to PEMCO Realty. Send your original contract package to: 1632 S King Street Ste 100 Honolulu HI 96826

How do I get access to show the property?

Please review all provided pictures and disclosures before submitting a bid. Please contact PEMCO Realty with any property specific questions. Upon receiving notification of an accepted offer the buyer will be given 48 hours to preview and inspect the property. During this time if the buyer chooses to cancel their offer there will be no sacrifice of earnest money. The buyer or buyer’s agent is to coordinate with PEMCO Realty to gain access to the property for said preview and inspection.

Can I submit more than one bid for different properties?

Yes, LEI properties are focused on the investment market and a qualified borrower can submit as many offers as they would like. Please be sure to have proof of funds or evidence of qualification for all offers.

How do I verify that my bid was received?

Once you submit a successful bid you will receive a bid confirmation number and an email confirmation. Please save these items for future reference.

When will I know if my bid was accepted?

You will be notified within 24 hours of your offer being reviewed via email. The email will indicate if your offer was accepted, reviewed or counter offered. In the event your offer is accepted, the email will serve as your official notification and trigger your 72 hours to return your fully executed contract package.

What are types of Offer Status?

You will receive an email within 24 hours of opening the auction notifying you of the results. A response of “offer acknowledged” indicates you are the highest bidder and you need to remit your contract as stated. A response of “offer reviewed” indicates that we have reviewed the results and your offer was either not the selected offer or asking you to submit another offer with a higher net return. Please thoroughly read the instructions provided in the status email and respond accordingly.

What will LEI consider when reviewing a perspective bid?

Each offer will be considered for net highest return to LEI. Closing costs, commissions, earnest money, type of financing will all affect the decision to accept the offer. In the case of multiple offers PEMCO Realty may be approach all perspective buyers and request they submit online their final and best offer.

How long do I have to close? What if I need more time?

Upon execution from the seller the buyer will be given 30 days to close. In the event that the buyer needs to extend their contract they will be charged a fee of $100 (one hundred dollars) per day until the property closing occurs. Applicable extension fees with accompanying extension forms will be sent to the LEI designated closing agent. All fees are non refundable and earnest money can be forfeited along with all applicable fees if the property fails to close.

What is the condition of the properties? Is there a contingency clause for home inspection?

All properties are sold “as is”. The condition of the property will be disclosed in the listing with estimated rehab costs included in condition report. LEI will provide a seller disclosure but makes not warranties or guarantees about the property. The buyer will be given 48 hours to preview the house and get a home inspection. In the event of unfavorable results the buyer will be able to withdraw their accepted offer without earnest money in jeopardy.

What is the earnest money on these properties? Who holds the earnest money?

When submitting your offer you will be asked to offer earnest money. The earnest money minimum will be $500. The amount of earnest money will affect the consideration of the offer.

Who is the Closing Agent for these properties?

Advantis Title Solutions, Inc.
30 East Washington Suite 300
Shelbyville, IN 46176
Office: 317-398-9973
Fax: 317-398-9974


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