1. Buyers must be ready, financially capable and willing to consummate the transaction today. LOI and POF are required immediately. The LOI must be specific to the criteria of each transaction and must have the name, address, land line, cell phone and signature of the Buyer as well as the contact information for doing the Proof-Up.

2. Absolutely NO financing contingencies. Cash or Line of Credit only. If the Seller is unable to reach the POF contact within 24 hours, they will move onto the next Buyer.

3. We will call the Buyer to verify the LOI and order. If the order cannot be verified with the signatory of the transaction (the True Buyer), we will move onto the next Buyer.

4. We will not “hold” a package for you in anticipation of receiving the LOI and POF. Hot-Drops sell very quickly and they are FIRST COME - FIRST SERVED ONLY!

5. We will not list unverified portfolios. If you have a Hot-Drop for us to sell, we require a verification of asset form be completed by the Seller’s attorney.

6. IMPORTANT! In this fluid market, most Sellers require that after the tape is released, the Buyer will have a period of usually around 24 to 48 hours to review it and decide whether to move into due diligence or not. After this time the fee/escrow agreement is established and signed by all parties. The Buyer will need to put a good faith escrow deposit of usually 10% of purchase price to begin due diligence period. The escrow is refundable during the due diligence period. The Buyer will need to be prepared for and capable of doing this before submitting LOI for any of our Hot-Drops. For this reason, financing usually does not work well unless the Buyer has the available cash on hand for escrow.

The REO bulk portfolio acquisition process is simple:

STEP 1 - Complete and submit the following REO forms and documentation:

1. Non Circumvent / Non Disclosure Agreement (NC/ND)
2. Proof of Funds (POF)
3. Letter of Intent (LOI) including “EXHIBIT A - Requested States, Cities and Zip Codes”
4. Buyer Profile (BP)

Failure to provide the required information will delay the processing of your portfolio request. Our Seller’s REO Asset Controllers will not fill any orders that are incomplete. Information may be Faxed to 1-310-861-1400 or e-mailed to: brenda@brendalerealty.com

STEP 2 - When all documents have been completed and returned, Buyers will be contacted by an acquisition specialist to review their order request.

STEP 3 – The Buyer’s order will be submitted to a direct REO Asset Controller.

STEP 4 - Once we have spoken to the REO Asset Controller will fill the order, the REO Seller will verify the Buyer’s POF and we will e-mail the Master Fee Agreement for the Buyer’s signature.

STEP 5 - After the REO Seller has verified the Buyer’s Proof of Funds, the Buyers may be asked to make a refundable 10% deposit on the desired REO acquisition.

STEP 6 - The REO Seller will forward the REO tape (bulk portfolio list) to the Buyers. Buyers are allowed a due diligence period of between 7 to 14 days depending on the requirements of the REO Asset Controller or Compiler and the size of the REO bulk portfolio.

STEP 7 – Escrow to close on the next business day after expiration of the due diligence period.

NO EXCEPTIONS