Re: Acquisition of FDIC Inventory
We have access to FDIC liquidation event properties, one of only 10 invited buyers.
We have earned this relationship through years of profitable business and only serious Buyers will be offered this opportunity.
If you want our representative to pull product for you at this event we need the required documentation from you.
A simple Letter of Intent detailing the product class and geographical area desired and absolute hard proof of funds in the amount you intend to use for the acquisition.
Section I. Your LOI (sample attached);
1. Identify the actual Buyer who will be delivering hard proof of funds.
2. Identify the product class you wish to purchase from the list below and the amount of capital you will spend on that inventory type. If you select more than one property class, identify separate capital amounts for each class.
3. Identify the Geographic location in which you wish to purchase, however reducing your take area will reduce the inventory available.
4. If you have a Buyer’s mandate or representative they must be named and the amount of fee to be paid to them disclosed.
5. The due diligence period is 14 days from inventory access to hard contract.
Section II. Property Classes;
A. Performing Commercial Notes B. Non Performing Commercial Notes
C. Performing Residential Notes D. Non Performing Residential Notes
E. Performing Corporate Notes F. Non Performing Corporate Notes
G. REO Residential 1-4 Units H. REO Multifamily 5-20
I. REO Multifamily 20+ J. REO Commercial/Retail
K. REO Commercial/Office L. REO Commercial/Industrial
M. REO Commercial Development N. REO Residential Development
O. REO Vacant Land P. REO Business Hotel/Motel/Convenience
Q. Accounts Receivable R. Personal Property Auto/Boat/RV/Airplane
S. Personal Property Inventories T. Mobil Home Park/RV Parks/ Recreational
Section III. Geographical Identification
A. Western States B. Southwest
C. Central States D. Northwest
E. Eastern States F. Northeast
G. Southeast H. Southern
I. Rust Belt J. Alaska, Hawaii
K. Name States in order of preference
Section IV. Required Institutional Hard Proof of Funds
A. Depository Statement in name of Buyer
B. Brokerage Account Statement in name of Buyer
C. Depository or Brokerage Name, address, phone number, Contact Name, Position and phone number (of Personal Banker, Account Manager or Corporate Counsel)*
*If you elect option C and your contact does not hard proof your funds by affidavit or method A or B no product will be pulled for you.
Section V. Procedure
A. Your LOI properly completed with signature must be received via e-mail.
B. The representative will be purchasing as a principal and it will take at least 3 days for the Inventory he acquires to be split out to the respective Buyers.
C. When the breakout is completed your package information will be forwarded to you.
D. In all purchases, there will be a 14 day Due Diligence period prior to hard contract and you do not have to close on inventory not in compliance with your LOI.
Many of you have been waiting for actual, well valued inventory to be available.
This is the best opportunity we have seen for our clients to purchase pre bid inventory on a wholesale level.
There will be no purchases made unless all the above documentation has been delivered. If you are unable to complete the list above in the given time frame please complete the documentation listed above in order to be ready for the next round.
There is no guarantee that this opportunity will occur again but should it occur, there will be very little notice. The selling prices should amaze you, the contact is direct and our representative was invited and approved by the FDIC. Time is of the essence.
Here is an example of the LOI we need:
Company Letterhead: LOI must be on
Date: Jxxx XX, 2009
From: Companies Name
Attn: Joe Tufo, President: Cash Flow Specialists, Inc.
Property Type: Include all the property types interested in
Purchase price: describe property (e.g. sfr, commercial, office) then put in the range that you are willing to pay (e.g. 30-60 ltv off of unpaid balance, or BPO etc)
Then language something to the effect of – Please provide us the data of all “bulk” trade properties available for acquisition. The outline below is a summary of what we are looking for:
1. Order Amount:
2. Property type:
3. Price Ranger per asset: e.g. homes between 100k-350k
4. property condition: no rehab, light rehab
5. LTV: range you are willing to buy
6. Occupancy :
7. Preferred Geographical Location:
8. Financing:
9. proof of funds ( reputable banking institution, contact name, and account number to verify )
We are looking to establish a long term client relationship and acquire quality properties at a volume discount.
Please contact me with any questions, concerns or comments. Thank you.
CEO
Company
Address
Numbers
—
Joe Tufo, Certified Cash Flow Consultant, Certified Capital Specialist
CASH FLOW SPECIALISTS, INC.
P.O. Box 844
Alamo CA 94507
925-691-8200 Direct to my desk
800-669-2700 Business
206-984-2853 Fax
joe@joetufo.com
http://www.google.com/profiles/jptufo
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One reply on “REO FDIC Access This is Real!!! Sample LOI”
Many have been burned in the last two years looking for REAL Product – well this is it – It doesn’t get any better than this.
If you REALLY want to acquire REO’s and notes you should check back at http://www.joetufo.com/blog often.