Investment Property Fact Sheet

• The properties that you will be shown by Venture Realty will be properties that are for public sale or properties that we are aware of through our real estate business.

• Most of the properties will be sold “as is” and you will not be allowed to view the inside of the property unless the current owner allows this or you are able to gain entry if the property is vacant. If the home is occupied, knock on the door and tell the tenant who you are and what your trying to do, sometimes they may let you in, sometimes not, But maybe you can get an idea of what needs to be repaired inside the home.

• To place a bid on a property, you will need a certified bank check for 5% of the of the purchase price. The beginning purchase price is firm, you can not make offers on foreclosure properties. Checks should me made to the Clerk Of Court

• There is an upset bid period of ten days following your bid. If your bid is not upset in that ten day period, you are the winning bidder of the property.

• The 5% deposit will not go toward the purchase price of the property but is a good faith binder to bid on the property.

• The deposit will be refunded after an upset bid has been placed or after the property has been closed. Deposit checks are usually returned within a couple of weeks.

• If the person bidding on the property is the winning bidder and does not close on the property within the time given by the trustee or backs out of the contract, the 5% deposit will not be refunded and you could be sued for non performance.

• Buyer will pay Venture Realty a fee of 5%. This 5% is included in the purchase price of the property.

• To obtain conventional financing, the property will need to be vacant or the tenant will have to allow an appraiser inside before closing to obtain an appraisal. If the appraisal is not done before closing, you will need cash to purchase the property. However, there are hard money lenders or other resources available.

• Venture Realty can loan you money at the prime rate plus 2 and a 1% loan origination fee. Venture can call this loan if the purchaser of property does not close in a timely manner.

• If the previous occupants are still in the home after closing you can’t simply kick them out. There is a courthouse procedure for this. You don’t need to go through traditional eviction procedures but you will need a Writ of Possession and will need to apply for the Sheriff to come and force the occupant out.
  

Miscellaneous Things to Know