The Process
- The MiamiREO team of experts will guide you through the process of purchasing bank-owned foreclosed property, every step of the way.
- We as professionals pride ourselves on a high success rate of closing.
- Your offer must be submitted on an as-is FAR BAR (Florida Association of Realtors) contract. Along with your offer, a proof-of-funds letter from a bank or a pre-qualification letter from your lender is required to submit your offer.
- PLACE AN OFFER
- As-is Contract
- Proof of Funds/Pre Qualification Letter
- Earnest money deposit
- MULTIPLE OFFERS SCENARIOS
- You will have 24 hours to submit your highest and best offer
JUST A REMINDER: DON’T LET THIS ONE SLIP AWAY FROM YOU, THIS IS YOUR LAST CHANCE TO GET THE BANK OWNED PROPERTY YOU DESIRE. LET’S NOT FORGET THE OLD SAYING, “YOU SNOOZE YOU LOSE.” WITH THAT IN MIND, BE BRAVE AND TAKE THE RISK BY GIVING YOUR HIGHEST AND BEST OFFER.
- OFFER ACCEPTED
- Sign addendums
- Additional deposit (if required)
- CLOSING
We as REO experts will make sure that the bank-owned foreclosed property you are purchasing is ready to close with a clean and clear title the day of closing. Most importantly, we will also make sure that all the key players involved in the closing are in place in order to close quickly and smoothly.
As professionals in the industry the title company, insurance company, HOA Association, lender, attorneys, sellers agent, and the asset managers will be set and ready to close the day of closing.
- Documents Needed:
- In order to close on your bank-owned foreclosed property you will need the following:
- A cashiers check of the remaining balance
- HOA approval letter (if applicable)
- Title insurance
- Two forms of Identification
- Clear title
- HUD statement (closing statement)
- Once your offer has been accepted, the clock begins to tick. It is our job and duty to make sure we get you to the closing table.
- Now that your offer has been accepted, the bank will most likely send over an addendum (additional documents and terms to the contract).