Thank you for all the positive feedback!
Here are the most frequently asked questions about the auction:
Q: Why do I have to wire in the full amount of my bid?
A: This is really the only way to make sure that bids are legitimate and that a bidder’s funds are really available. POFs and LOI make no guarantee that the winner of the auction will actually fund their bid. How many times have you received these only to have a buyer back out at closing time? If you need to fund the winning bid in two days anyway then there’s really no difference. The next time around we may try asking only for an applicable, but non-refundable deposit (for the winner that is- everyone else still gets their deposit wired back) for bids. With the response we’ve already had there will DEFINITELY be more auctions coming!
Q: Can I submit my bid to escrow rather then to Sunrise directly?
A: YES YOU CAN. If you’ve done business with us before than you’ll probably want to bypass escrow and send us your funds directly, but you you feel more comfortable you can certainly wire your bid to escrow since these deeds will be available very quickly- see next question for more on deeds.
Q: What kind of deeds are these and how soon will they be available?
A: We provide the same deeds that we receive from the bank. When we purchased this portfolio we received QUITCLAIM deeds, so we will provide YOU with QUITCLAIM deeds. This particular portfolio all from one bank, but from several divisions, all of which are responsible for providing the deeds to us. We have received several of them already and several are being FedEx’d to us everyday. We expect to have them ALL within 30-45 days. Remember, we JUST bought these and the bank lawyers are busy! They are contractually obligated to provide them all to us just as we are obligated to provide them to YOU. We don’t hold on to a deed any longer than 24-48 hours; as they come in we title them and FedEX them out to you.
Q: Why don’t I see Sunrise Property Group, LLC as the owner of record when I do a title search?
A: We formed a separate holding company for this portfolio; the bank has titled the properties to this LLC. We have not sent the deeds out for recording as this would further slow down the process of providing YOU with deeds. Each county has their own process, paperwork, and costs for recording. We sell through hundreds of houses a month; recording them all before we sell them would be a logistical nightmare not to mention slow down our sales cycle. The winner of the auction will actually receive TWO deeds:1) Deed from the bank to us, 2) Deed from us to you. Record them both and you will have no problem with chain of title or title insurance. Also, it is no problem if the winner would like to leave the properties titled to the LLC and simply acquire the LLC rather than re-title the deeds. It’s up to you. If for some reason you do encounter any issue, just let us know; we’re happy to help out. We want you to be happy and MAKE MONEY with this purchase. Without repeat business we have no business.
Don’t miss your chance to NAME YOUR OWN PRICE! Click here to receive the list of properties and contract.
If you have any questions please don’t hesitate to ask. I’ve been on the phone ALL DAY answering questions. Feel free to give me a call or email me directly.
GOOD LUCK!