The First step is to work with your de Faria Realty REALTOR® to assist you in finding the property that best meets your needs by determining the exact criteria and timing for your purchase. You will need to have an Earnest Money check of at least 1% of the purchase price when you make your offer.
If you are going to purchase a property using a loan, you do not need to go through the bank that owns the property. However, many banks will have you get a pre-qualification letter from them no matter which lender you want to actually use for your loan. Your de Faria Realty REALTOR® will assist you with the loan process.
If you are going to be paying cash for your purchase, the banks will want you to give them proof of funds, either a copy of your account statements or a letter from your institution saying you have the sufficient funds to close. Some banks also require that if you pay cash you cannot transfer Title within 60 days of your closing.
Many times a REO property will get more then one offer in on it. If that is the case, you may be asked to sign a multiple offer disclosure form and you will also be asked if your offer is your Highest and Best offer. If it is not, you can change your offer at that time. Your de Faria REALTOR® will help you with this process.
Once your offer is accepted, you will receive addendums from the bank for you to sign. You will be using their Title Company and as soon as you received the final contract signed by the bank (the Ratified Contract), your de Faria REALTOR® will send your earnest money to the Title Company to open the Escrow.
Your de Faria REALTOR® will assist you through this offer and acceptance process as well as follow up with the inspections, appraisal, and entire escrow period. We will be there every step of the way to the successful closing of your new home or investment.
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