Thursday, February 23, 2012

Selling Agent Instructions for REO Properties

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Please read carefully before submitting your offer to minimize any questions you or your buyer may have and provide clarification to the process.

  1. Please check on the MLS Request a Showing button to see the current status of the property. 
  2. It is advisable, for Investors, to wait 15 days ADOM before submitting their offer, or it may be rejected due to the First Look Initiative.
  3. The First Look Affidavit for Owner Occupants must accompany offer during the first 15 days of the property being on the market.
  4. Please submit your Buyer’s offer using the most current 10-page FAR As-Is Contract for Sale & Purchase. Please type or print information CLEARLY, so that all written portions are legible. Make sure the Buyer(s) name(s) are spelled correctly and as it is to appear on the Deed.
  5. Please include the HOA disclosure, if applicable.
  6. Also, include any Addendums that may be required by the Seller, which will be attached to the MLS listing when applicable, such as the Lead Based Addendum.
  7. Lender's Pre-qualification Letter is requested with offer or Proof Of Funds if cash offer.
  8. Please note that the samples of the HomeSteps Addendum1 and Property Condition Addendum are provided for review only. These samples do not need to be included on the initial offer.
  9. Seller’s response may take 24-48 hours. The Seller may or may not request Highest and Best in the case of multiple offers.
  10. Once there is a verbal acceptance from the Seller, it can take 1-10 days to receive the final HomeSteps Addendums reflecting the Buyer(s) name(s). Once the Addendums are provided to the Selling Agent, they must be returned signed within 48 hours, along with a new Contract reflecting any new conditions. Further instructions will be provided at that time, including the Title Company information. The Escrow Deposit must be submitted at the same time as the Addendums, otherwise the Contract will not be executed.
  11. Please advise your Buyer that:
    • Buyer pays for the Documentary Stamps.
    • Seller will assign the Title Company. If Buyer prefers to also use their own, then they will have to pay for the title insurance.
    • Occupancy and/or buyer’s repairs are prohibited prior to closing. No exceptions.
    • THE HOME KEYS WILL BE RELEASED AFTER THE FUNDING IS FULLY COMPLETED AND NOT ON THE CLOSING TABLE. No exceptions.

Please review, complete and submit the following documents, as applicable:

First Look Affidavit for homeowner occupants
Freddie Mac Addendum1 sample for review only
Freddie Mac Property Condition Addendum sample for review only
Home Protect home warranty flyer
Freddie Mac Multiple Offer Form
HOA Disclosure Form

Submit Offer Below

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