Does IRESE verify the information provided by Property Owners or Broker in auction?
Identity Verification
When an individual registers with IRESE as a Property Owner,
IRESE obtains his or her Social Security number, state driver's license number and bank account information in an effort to verify the Property Owner's identity against data from credit reporting agencies
and other identity and anti-fraud verification databases.
When an individual or a company registers with IRESE as a Broker,
IRESE obtains his or her Social Security number or Federal Tax Number, state driver's license number and bank account information in an effort to verify the Broker's identity against data from credit reporting agencies
and other identity and anti-fraud verification databases.
Property Verification
Property information is verified through an independent 3rd party services and report is available to investors.
Can IRESE refuse to fund the Real Estate Option?
IRESE has the right to verify at any time the accuracy of all statements and information provided by Property Owners,
Investors and Brokers in connection with auctions and bids.
IRESE may conduct its review at any time – before, during or after the start of an auction, or before or after the funding of the auction.
If IRESE is unable to verify material information with respect to a Property Owner, auction or bid,
IRESE may cancel or refuse to start an auction, or cancel any or all bids against an auction.
IRESE may also delay funding in order to enable IRESE to verify the accuracy of information provided by a Property Owner,
an Investor or a Broker in connection with the auction or bids, and to determine whether there are any irregularities with respect
to the auction or bids.
IRESE may also refuse to complete funding, even if the auction garners a sufficient amount of bids to
otherwise support the funding of it,
if material misstatements, irregularities or inaccuracies are found in the auction or in other information provided by the Property Owner.
When IRESE undertakes to verify the income,
employment and occupation or other information provided by Property Owners in auctions,
the verification is normally done at the pre-auction stage,
before the auction has been started.
In such cases, the results of IRESE's verification are reflected in the auctions themselves.
In connection with IRESE's identity and anti-fraud verification of Brokers and Property Owners,
IRESE verifies the deposit account from which payments will be made,
to determine that the Broker or Property Owner is the holder of record of the account.
Even if an auction receives bids in the total amount requested,
IRESE will cancel the auction without funding the requested loan if IRESE is unable to verify the Brokers and Property Owner's account.