Invitation Only Bid Auction

NoForeclosure Invitation Only Bid Auction

IOBA: At our Invitation Only Bid Auction (IOBA), we connect very motivated sellers who are in threat of loosing their homes and their equity with an opportunity to connect directly to qualified investors - home buyers who want to purchase a home and who have the ability to close quickly: There are two types of bids that we offer:

1. 1. Only Cash Buyers that must qualify by verifying liquid assets with the minimum amount of funds required for a specific purchase. The bank account must be in the buyers name, no third party representation or silent partner deals. We scrutinize for investors who try to flip without closing, as they will not be allowed in an IOBA Auction. In the event a cash buyer bids and does not close then the bidder will be banned from the site and not allowed back in to our auctions. Its simple we are trying to look out for the interest of the seller who may loose all their equity, so be prepared to put up NON-REFUNDABLE earnest money.
2. 2. A Pre-Approved Buyer that has been fully pre-approved with a NoForeclosure Approved Mortgage Banker with all required documents on file based on an automated underwritten approval. (this is not a pre-qualification or a pre-approval pending documents from the buyer, this is a full pre-approval). For out sellers interest that are under a short time frame to sell or loose their home, we cannot take any chances and feel we need to be fair to all parties involved.

OUR AGENTS: NoForeclosure is funded by local Real Estate Agents & Mortgage Bankers in each market to provide services to parties interested in representation. In support of our web site we would like to request for buyers to use our agents to help keep this free service available to all users. We work with only highly qualified trained experts in the field of foreclosures with seasoned real estate agents and mortgage bankers. All of our Approved Lenders are direct lenders who are mortgage bankers in an effort to offer the highest quality service to assist our clients. One of our national lenders is Prime Lending owned by PlainsCapital Bank and they are represented in most major markets. Since they have hundreds of loan officers you will need to go through NoForeclosure to find the designated loan officer that represents your market. Once you are pre-approved in the event you find another home that is not one of ours you will have a qualified lender to handle your transaction. Our lenders provide a strong commitment to execute with a quick turn around from contract to closing in an effort to accommodate our sellers who are offering their homes on our IOBA site.