Proof Of Funds & Letter Of Intent
It looks like buying REO portfolios from banks become very popular nowdays. It feels that a lot of investors want piece of that pie and there are more and more people who want to participate in that process by bringing potential buyers to bank.
Could anybody explain the whole process? I know few people who want to buy those portfolios ($10m each) and they do not mind to pay me small fee for this. How can I protect myself so they pay me if I do all the work by finding them the right portfolio? Is there any website I could go to?
This is the basic process:
Sign NCND
You find a source and provide and LOI
They produce portfolio
your proof of fund, the pool of properties, and a fee payment agreement are deposit in escrow
you then have X (negotiable)k to accept or reject the pool of REOs and close the deal.
Thanks ! What is NCDN?
Non Circumvention Non Disclosure