Frequently Asked Questions
You need an account to offer on properties. Even if you didn’t need an account to offer, it’s most beneficial to have one because it gives you access to a dashboard that includes full property information, you can save properties and also receive messages. It also gives you access to important due diligence documents and allows you to receive notifications on the property status.
- Click “Login/Register” from the navigation bar on the home page.
- Enter your information in the form.
- Check your email for the confirmation and confirm your new account.
- Click the “Log In” tab from the green navigation bar on the home page.
- Click “Forgotten Your Password?” Button
- Enter your email address and submit.
- Follow the instructions sent to your email.
Yes. Email Customer Service at Admin@EpitomeRESolutions.com and request to deactivate your account. You can always create a new account later.
No, we will not. We will never use your number for spam and we will only call if we need to contact you regarding a property
The VIP program offers exclusive benefits to investors who buy many properties per year from us. VIPs receive “first dibs” on properties that match their criteria. This program is invite only.
The Reserve Price is the minimum amount accepted by a seller or wholesaler. Most properties have an established Reserve Price, although there are occasions when a winning bidder can be declared even if the Reserve Price isn’t met. This occurs when a property is sold “subject to” the seller’s approval. Sometimes, sellers sell a property for less than the Reserve Price.
If the Reserve is not met, the Seller has several options, including:
Declining all offers and re-posting the property
Selling the property to the highest bidder. These offers are considered “Subject to Seller Approval.”
On the EpitomePropertyDeals.com website, you can browse properties by clicking on the “Buy” tab from the navigation bar on the top of the page. Then, select “New Deals“ in the dropdown. When you find a property that you like, save it to your dashboard and follow these steps:
- Conduct your due diligence investigation prior to making an offer. (Must do your own due diligence)
- Prepare your Funds. EMDs must be paid on the day of Ratification to our Title Company / Attorney. Proof of EMD must be submitted with your Offer. Properties sold at Epitome Sales are most often sold to Cash, Private or Hard Money Financing Buyers. Traditional Financing (VA, FHA, Conventional Loans) will possibly be accepted on select properties labeled ‘Traditional Financing Accepted’ No offers will be accepted without valid Proof of Funds or Pre-Approval Letter
- Make a Great Offer. Use the property Offer form to make your Highest and Best offer on the property.
- Offers with No Contingencies will be given Priority.
- Quick Closings will be given Priority.
- No Offers are considered accepted until Seller or Wholesaler agrees to all terms and contract is ratified by both parties.
From the mobile app, you may be able to electronically offer on select properties before the Live Date (If VIP Buyer) or participate in real-time Offering. All remote Buyer must prequalify in advance before placing a bid. To do so, open the EpitomePropertyDeal.com app and follow these steps:
- Create an Account
- Fill out the Buyer Profile
- Sign the Remote Offerer Agreement
- Once you have been approved, you will receive an email shortly afterward with instructions on how to use the website.
- Find a property and conduct your due diligence.
- Make an Offer on the property based on your due diligence.
- If your offer is accepted, you will receive an email shortly afterward with instructions on how to fund your escrow account
- If your offer is rejected, you will receive an email shortly afterward saying so.
- In order to Officially Win the Property, your funds will need to be in the Title Companies / Attorneys account by Close of Business the day after Ratification.
Note: As stated above, The seller / Wholesaler must approve your offer before the sale can be finalized. During this time, your offer will be reviewed. You will receive an email notification once determined if your offer will be Accepted or Rejected.
Counter Offering is a common practice in Real Estate. EpitomePropertyDeals.com will counter offer on behalf of the seller in order to move the price closer to the Reserve Price, or minimum price that a seller will accept.
Yes, the Seller may accept a bid below the Reserve. For this reason, we suggest you place your highest and best bid at every auction.
The Opening Bid is the amount the bidding will start; it is not the Reserve and may not be what a Seller will accept as an offer.
Yes, you can. You can enter up to three entities into your contract and if you would like to be efficient, you can input your entities in advance in the note section so that they’ll be pre-populated into your contract the next time you win an auction.
Most properties on EpitomePropertyDeals.com are “Cash or Hard Money only” but properties that may be able to be purchased with a bank loan will be labeled.
No, most sales must be paid in full with cash or a cashier’s check on the day of the closing. EMDs (Earnest Money Deposits) are due within 24 Hours of contract Ratification unless otherwise agreed. Each Required Earnest Money Deposit amount may be different so please check the descriptions but generally 5% of the total purchase price ($2500 minimum) Payment in full is required within 24 Hours of Ratification.
It depends. Some properties may currently have liens but we transfer Properties Clear of all Title or Lien Issues or your money back. As part of the Pre-Closing, a Title Report is pulled on the property to Transfer with Clear Title.
Bids placed within the final 2 minutes will extend the auction. This keeps the auction fair by allowing all bidders to place their own last minute bids.
There are many reasons why a sale may be postponed or canceled. When you save a property to your dashboard, you’ll typically receive an email alert if the sale is postponed or canceled. You can also check the website dashboard. Sales may be postponed or canceled for some of the following reasons:
- The Seller does not accept any of the Offers at that time.
- The Homeowner, Buyer and lender agree to postpone the sale.
- The Title Company / Attorney uncovers Title Issues on the property.
- The Homeowner may have filed for bankruptcy. When this happens, it usually results in a cancellation and the lender has to start the foreclosure process all over. Bankruptcy does not stop foreclosure, it simply delays it until the homeowner resolves the debt or the lender gets approval from the bankruptcy court to continue the sale
If you are the highest and best offer AND the Seller Accepts your terms, you will receive an email that confirms you have the highest bid. Then you must complete some important steps to complete your purchase of the property. Here are your post-offer obligations:
- Contract Information: Your information and Company information (if applicable) is required to generate the Purchase Agreement. In the email confirming you have the highest offer we will also include the submitted offer information. You will be requested to review the submitted information and Respond with your Approval to start the paperwork. Make sure to Approve within 24 Hours or another offer may be accepted.
- Purchase Agreement: Once everything is verified and approved by all parties, the Purchase Agreement will be generated and you and Wholesaler or Seller will sign the documents electronically via Eversign.com. Make sure to Sign within 24 Hours or another offer may be accepted (unless otherwise agreed).
- Earnest Money Deposit: Unless otherwise specified in your purchase agreement, you will need to submit the Earnest Money Deposit to the closing company within 1 business day of Ratification and upload a copy of your confirmation receipt into your dashboard the same day for approval or you offer is void.
- Proof of Funds: You will have needed to upload a copy of your Proof of Funds or Pre-Approval with your offer when you submitted, for approval, before we sent your contract to the seller / Wholesaler. If your offer was chosen and you are not using cash, we will maintain communication with your Lender to ensure you can close in the timeline agreed upon.
- Escrow/Closing Process: Lastly, you will move into the escrow/closing process and be assigned a closing specialist and Transaction Coordinator. Your closing specialist and Transaction Coordinator help ensure a smooth closing process.
Note: Specific requirements may vary on a per-deal basis. Please carefully review all communication from our team to ensure everything is submitted correctly and in a timely manner.
Typically, this is what happens after you close:
- In most Deals, you have to pay for the property in full at the Closing Table on the Agreed Closing Date. We recommend paying with a cashier’s check or when using our preferred closing company funds can be submitted using their secured wire instructions. *Be sure to triple check with title company verbally the wire instructions to prevent any fraud*
- After you purchase the property, you typically have to record the deed with the county. The Title Company / Attorney should ensure that the deed is recorded and Paperwork is given to you as part of their duties.
- Do not attempt to enter the property, even if it’s vacant, until you have the legal right to do so which is after the Deed is officially recorded. If the property is occupied, you may want to contact a real estate attorney for assistance.
Yes, you can purchase the property as a separate entity, such as a Limited Liability Company or a Trust, but you’ll have to provide specific documentation and notify the closing Title Company / Attorney.
Yes. We welcome agent/broker participation with our properties. Just follow these steps:
- Check the property details page to see if a commission is offered. Even if one isn’t offered, the agent may be able to earn a commission when you flip or rent the property OR if they add their fee on top of the offer price.
- Submit your offer with your broker or agent information filled in when you submit.
- Agents and brokers must be licensed in the state where the property is located.
Commissions vary from property to property on properties. Check the property details page for details.
Most properties can offer commissions. In addition, many of our properties are exclusive to our platform so when inventories are low, this provides a significant advantage to the agent. EpitomePropertyDeals.com also facilitates the closing process and our transparent platform allows buyers to compete on a level playing field.