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Have a contact who is looking for NPNS nationwide. Will spend $500m and up. Must have legitimate product so there is no wasted time on both sides. Only serious sellers reply. We will paper up.
In response to your request for additional information, the following is our protocol and system. This brief overview represents an explanation of our process:
We are direct to BANKS and other institutions (our source of Sellers) and can provide custom specified non-performing note packages/tapes, residential and commercial properties: This is not a “Daisy Chain”. If you are direct with BUYERS that are searching for product throughout the United States, we can help you in locating SPECIFIC PRODUCT TYPES that can meet your criteria. The following is a brief outline of our process:
(1) Complete our NCND (Non-Circumvention/Non-Disclosure) Agreement and Master Fee Agreement.
(2) Complete the Seller Confidentiality Agreement.
(3) Present a very specific and detailed LOI stating exactly what product type, location(s) and specifications required for your organization analysis. For NPNS, clearly state (if this is required) that your tape (spreadsheet) should include the following: UPB (unpaid principal balance), Original Balance, Last Appraisal, P&I, Last Mortgage Payment Date, Interest Rate, FICO, Property Type, Date of Origination, Maturity, City, State and Zip Code, and any other information required by your organization or individual Buyer(s). Also, be specific on your requirements for RESIDENTIAL AND COMMERCIAL property types. In addition, be sure to state what your required “Due Diligence” period will be. The more specific you are in identifying your product type and location(s), the better we will be able to fill your order and provide you with the best possible product in the marketplace at that point in time. Again, this all included in the LOI.
(4) Provide Bank to Bank Proof of Funds. Before an order gets submitted for compiling, the Buyer’s Proof of Funds (liquid funds) will be verified by a Bank Officer. This will be a strictly Bank to Bank verification process. This is an ALL CASH transaction.
Our Master Fee Agreement, which is attached to the NCND, clarifies the Fee arrangements in our system. Our Fee structure is fairly consistent with the standards in the industry which is based on the total purchase price paid by the Buyer of the REO or Note package: 1% to the “Buyers Rep”; 1% to the Intermediaries; and 1% to the “Seller’s Group”. The Buyer will be expected to pay the “Take Down Price” for the package plus 3 (three) points.
This represents a brief overview of how we can provide a valuable service for you and your clients. Please let me know if you are currently in the market for product and are ready to move forward with our process. Upon request we will send a copy of our NCND which you can review, sign and email back to me to begin the process. Thank you for taking the time to consider our services and I look forward to hearing from you soon.
Khafra K Omrazeti
KMT Real Properties LLC
9381 E. Stockton Blvd., Suite 114
Elk Grove, CA 95624