List for Agents Representing an REO Buyer
The property you are considering is a bank-owned foreclosure also known as an REO. There are several differences between REO transactions and transactions involvingregular residential real estate. These offer instructions are designed to inform you ofwhat to expect throughout the transaction.
* This property is a foreclosure or bank owned property. There is no property disclosure.
* Property is sold AS-IS CONDITION with no warranties. All inspections on financed offers shall be completed within 7 days from execution of contract. No inspection contingency allowed on cash offers, buyer must inspect prior to acceptance of offer.
* Offers must be submitted on a FAR/BAR AS IS contract.
* If there is a financing contingency the interest rate should read prevailing.
* Contracts are not assignable.
* Seller will choose the title company.
* Seller will usually respond between 1-3 business days. Some exceptions may apply.
* Initial deposit should be a minimum of $1,000 for properties under $100,000 and 1% of the purchase price for properties over that amount.
* Please include your office number, fax, cell phone, email, and your buyers phone number on the cover sheet.
* Please include a pre-approval letter for offers that are financed stating that the income and the assets have been verified and LTV amount, or proof of funds for cash offers. On offers with loans over 80% LTV buyer must provide copies of their credit score. Incomplete offers will not be submitted until all items are received.
* If obtaining financing the seller will only approve a 17 day financing contingency.
* Buyer must state in the offer if he intends to occupy the property or if it will be an investment. Seller will not pay over 3% of seller concessions on financed transactions.
* Multiple offers may be received on this property and the seller is under no obligation to negotiate offers in the order they were received.
* Once an offer is accepted verbally, the corrected contracts, all addenda and a copy of the Earnest Money check MUST be in our office within 24 hours. Earnest Money must be made out to and sent directly to the seller's Title Company via a CertifIed Bank Check.
* Buyer/Agent must verify all property information, including size of home, amenities, lot size, schools, etc. Most institutional sellers will not pay a commission to a buyers agent acting as principal.
* There is a penalty for closing delays not caused by the seller. This can vary from $50 to $200 per day.
* The buyers may not make alterations or occupy the property prior to closing. There are no exceptions.
* All utilities will be turned off on the closing date. Buyer must arrange transfer to avoid service interruption.
* Seller does not have keys for mailbox or recreation areas, security system codes, or garage openers. Only the front door key wW be provided. Once the buyer's documents are signed and buyers proceeds are received, you or your buyer may pick up the keys from our office.
Thank you, again, for your interest. Your cooperation is essential and greatly appreciated!We look forward to working with you!
* This property is a foreclosure or bank owned property. There is no property disclosure.
* Property is sold AS-IS CONDITION with no warranties. All inspections on financed offers shall be completed within 7 days from execution of contract. No inspection contingency allowed on cash offers, buyer must inspect prior to acceptance of offer.
* Offers must be submitted on a FAR/BAR AS IS contract.
* If there is a financing contingency the interest rate should read prevailing.
* Contracts are not assignable.
* Seller will choose the title company.
* Seller will usually respond between 1-3 business days. Some exceptions may apply.
* Initial deposit should be a minimum of $1,000 for properties under $100,000 and 1% of the purchase price for properties over that amount.
* Please include your office number, fax, cell phone, email, and your buyers phone number on the cover sheet.
* Please include a pre-approval letter for offers that are financed stating that the income and the assets have been verified and LTV amount, or proof of funds for cash offers. On offers with loans over 80% LTV buyer must provide copies of their credit score. Incomplete offers will not be submitted until all items are received.
* If obtaining financing the seller will only approve a 17 day financing contingency.
* Buyer must state in the offer if he intends to occupy the property or if it will be an investment. Seller will not pay over 3% of seller concessions on financed transactions.
* Multiple offers may be received on this property and the seller is under no obligation to negotiate offers in the order they were received.
* Once an offer is accepted verbally, the corrected contracts, all addenda and a copy of the Earnest Money check MUST be in our office within 24 hours. Earnest Money must be made out to and sent directly to the seller's Title Company via a CertifIed Bank Check.
* Buyer/Agent must verify all property information, including size of home, amenities, lot size, schools, etc. Most institutional sellers will not pay a commission to a buyers agent acting as principal.
* There is a penalty for closing delays not caused by the seller. This can vary from $50 to $200 per day.
* The buyers may not make alterations or occupy the property prior to closing. There are no exceptions.
* All utilities will be turned off on the closing date. Buyer must arrange transfer to avoid service interruption.
* Seller does not have keys for mailbox or recreation areas, security system codes, or garage openers. Only the front door key wW be provided. Once the buyer's documents are signed and buyers proceeds are received, you or your buyer may pick up the keys from our office.
Thank you, again, for your interest. Your cooperation is essential and greatly appreciated!We look forward to working with you!
posted by Bob Norwood at
5:16 PM
<< Home