QUALIFYING YOUR BUYER
To know if a potential buyer is serious or not, you are going to have to know what questions to ask. The right questions yield the right answers. The right answers yield a closed deal. A closed deal yields a nice commission.
THE POTENTIAL BUYER'S NEEDS:
A. Find out what they want:
REO's, Builders Close Outs, Performing Notes, Non-Performing Notes.
B. Location ------ States, or Nationwide
C. What LTV (Loan to value) are they looking for?
D. Amount they are willing to purchase as a take down price? Ex. $100M, $50M, $20B
E. PROTOCOL, PROTOCOL, PROTOCOL.
YOUR BUYERS "MUST" FOLLOW IT, IF THEY INTEND TO CLOSE A DEAL WITH US.
•· Sign Arbitron Enterprises, Inc NCND first.
•· Sign investor's NCND
•· Sign investor's genealogy form.
Once these documents have been filled out and returned, we will then arrange a conference call between our sellers mandate and/or the buyer, his mandate or his attorney. On that conference call buyer MUST be ready IMMEDIATELY to provide a verifiable LOI and POF (from bank, investment entity etc. on the institutions letterhead) to the sellers mandate upon request.
•· Seller's attorney will proof your buyer and then buyer will get the full tape.
After 24 hours, buyer MUST deposit 10% refundable deposit in a nationally known title, escrow company or Attorney's designated escrow. Your deposit will secure your order during the due diligence period.
· Following the 3-4 day due diligence period, your buyer will receive a purchase contract and close the transaction.
Turn around time is about a calendar week or less depending on turn around of all parties and due diligence.