The Steps of Real Estate Investing: What to Expect

Here’s how to get started:

 

1. Call in today to speak with an eThree Real Estate and Finance Specialist. We will educate you

on the opportunities we have available and explain the process from start to finish.

2. Our talented team of eThree Real Estate and Finance Specialists will work with you to

determine the investment that best suits you and your goals. You will work together to analyze

and review the location, property types, price points, and all of the incentives offered: by both

the developer and eThree.

3. Speak with an eThree Finance Specialist to get pre-qualified. This will help you understand

what your monthly payments and cash flow will be after you make your purchase.

4. Once you’ve decided on the right investment property for you, select your specific unit.

5. Receive and review contract.

6. Sign where indicated and return to eThree with the required deposit check (please note that

these documents are time-sensitive and should be returned within 48 hours.)

 

After we’ve received your signed contract and deposit check:

1. An eThree Finance Specialist will work with you to determine the right mortgage program.

a. All pricing will be par rates (the minimum allowed by banks.) Its important to fully

understand your program so be sure to ask about pre-pay penalties, loan terms, and

broker rebate programs.

2. We will send you a package including your loan application and required state disclosures. This

package is time-sensitive. Please review, sign where indicated, and return with any requested

documents using the pre-paid return envelope. We’ve attached the list of required

documentation, so please begin to prepare this now. It’s important that you review and begin

collecting the documents immediately.

This is what will happen behind the scenes in the eThree Finance Department:

3. Your appraisal* is ordered. (Feel free to request a copy.) This process takes approximately 5

business days. *see definitions below

4. Title* is ordered. This takes approximately 5 business days.

5. Other necessary verifications and reports are ordered.

6. Once all appropriate documents are received, the file is submitted to the lender for

underwriting. After 24 to 48 hours, we receive a conditional approval from the lender requiring

additional documents and conditions needed to close.

7. At this point, we may need additional documents from you, as requested by the lender. Upon

receipt, the conditions will be submitted for approval. Once the conditional approval is received,

Phone: 877-50eThree

Fax:954-337-2488

www.eThreeRealty.com

2950 W. Cypress Creek Realty Rd

Suite 205A

Fort Lauderdale, FL 33309

the process takes 10-14 business days depending on accessibility and cooperation by you and 3rd

party vendors.

8. Once conditions are cleared we will receive a clear-to-close. A closing will then be coordinated

based on the title company and your availablity.

9. Many closings occur out-of-state, which is called a mail-away closing.

1. In most cases, mail-aways can be executed at a place of your choosing i.e. at home or

work. An approved notary or mobile closer will meet you with all the appropriate

documents. Your eThree Specialist will be available to answer any questions as well.

2. Because the file is not closed at the title company, the loan will take an additional 3 days

to fund due to overnight packages going back and forth between your notary, the title

company, and the lender.

Disbursement of monies due outside of closing:

1. Depending on the project and unit of your choosing, incentives are given in various ways:

a. Directly at funding (remember, mail-aways take an 3 extra days after you sign). Incentives

such as cash toward closing will be factored into your settlement statement. This will reduce the

amount of money you need to close. Other incentives may be included at funding as well. This is

on a case by case basis, depending on lender guidelines. Please see your Good Faith Estimate

for funds that will be credited at the closing table.

b. If there are additional broker rebates, these are paid from eThree approximately 1 week after

funding.

c. Any developer incentives that occur after closing are paid approximately 8 to 10 business days

after funding.

Useful terms:

Abstract of title A history of ownership of a property and any documents that affect the title during

that ownership.

Acceptance of sale/sales contract An offer of purchase that has been signed by both buyer and

seller. A firm contract that outlines all details of the property transaction. (Same as "offer to

purchase/contract of sale/sales contract.")

Adjustable Rate Mortgage (ARM) A loan with an interest rate that fluctuates according to the

movements of a predetermined index.

Amortization The paying off of a debt such as a mortgage in periodic installments for the term of the

loan.