Thank you for considering to write an offer on one of our short sale listings. Let us give you some guidelines to help you get your offer through. The following is a list of offer terms that will expedite the process of getting your offer accepted. 1. Please, DO NOT waste your time on low-ball offers. We will not submit them to the bank.
2. Be sure to tell your client that we will not have an answer before 60 days! (Yes, there are exceptions)
3. We will NOT pay buyers closings cost, repairs, home warranties, etc, etc. PLEASE NOTE: For Vacant properties with utilities that have been shut-off: If you are representing a Buyer that requires a loan with the FHA or the VA, as an example, the appraiser WILL require that the utilities be on at the time of the appraisal. It shall be the Buyer's responsibility to pay for and make arrangements to have ALL required utilities turned on for the appraiser. Additionally, if the appraiser states that there must be corrective measures done in order to have the appraisal completed, Buyer bears the full and entire responsibility to pay for and, if necessary, correct such requests in order to satisfy the appraiser. Remember, the subject property is to be sold AS-IS, where-is, in its current condition, with NO repairs and NO warranties, either expressed or implied.
4. If we deem your price too low, be prepared to receive a counter offer.
5. You MUST use CAR form RPA-CA.
Page 1 of the RPA-CA
1D Escrow MUST be 30 days or less (After our approval).
2A Deposit must be a Minimum of 2.5 percent of the Purchase Price.
2I Loan Contingency Removal to be within 10 Days.
2J Appraisal Contingency Removal to be within 10 Days.
3B(3) Possession to be Close of Escrow plus 3 days unless property is vacant.
Page 2 of the RPA-CA
4A(1) Seller will pay for the report IF Buyer's Lender insists. If so, Buyer to pay for any Section 1 and Section 2 repairs if necessary. Do not include a WPA. PLEASE NOTE: It is highly recommended NOT to mark this section unless your Buyer's Lender REALLY insists on doing so.
4B(3) Seller will pay for The Natural Hazard Zone Disclosure (NHD) Report prepared by Property ID.
4C(1) Shall be checked Seller.
4C(2) Shall be checked Buyer if any retrofit.
4D(1) Buyer and Seller escrow fees shall read “Each to Pay Their Own” Escrow Company shall be West Coast Escrow – Lorraine Estrada, Escrow Manager.
4D(2) Seller shall pay owners title insurance policy through Equity Title.
4E(3)(4)(5) Shall be checked Buyer (if applicable).
Page 3 of the RPA-CA
8B(3) Shall read “Nothing Included” No personal property will be included in the purchase.
Page 4 of the RPA-CA
14B(1) Buyers investigations Contingency Removal to be 10 Days.
14B(3) All contingencies to be removed within 14 days. (After Bank Acceptance).
14C(4) Shall remain 24 hours.
Page 5 of the RPA-CA
16 Liquidated Damages – Buyer to Initial.
17 A,B Mediation and Arbitration – Buyer to Initial.
Page 6 of the RPA-CA
25C Statewide Buyer and Seller Advisory – To be checked.
25D Property Questionnaire – To be checked.
25E Short Sale Addendum – To Be Added and checked.
Page 7 of the RPA-CA
27C Agency- Coldwell Banker represents the Seller exclusively. Your Company represents the Buyer exclusively.
Page 8 of the RPA-CA
31 Expiration of Offer – Give us 3 days for Sellers acceptance. (It may be sooner)
Page 1 of the SSA-CA
A - The date on item “A” should be 60 days from the offer date.
B1 - Shall be checked.
B2 – Shall be checked.
6. We will only submit ONE offer at a time. All subsequent offers will be in back-up offer position only.
7. With your offer we will need the following: Proof of Funds (i.e. bank statements), Credit Report (with FICO scores), Letter of Approval/Pre-Approval and a copy of earnest deposit check (at least 2.5% of Purchase Price).
8. Your Buyer Can Not be related to the Seller in anyway, shape or form. If your Buyer should have the same last name as the Seller we will need a sworn affidavit that there is no relationship.
9. If the close of escrow does not occur on or before XX/XX/XXXX, through no fault of Seller, Buyer shall be charged through escrow the sum of $100.00 per day until escrow closes or cancels. This Clause will be added to the purchase agreement.
10. Email in Adobe Acrobat (PDF) format or Mongo Fax your offer to Info@HoppeGroup.com.
What We Will Do
1. We will submit your offer to the bank(s) within 24 hours of the first business day after accepting the offer. 2. We will make sure that your client gets all of the required disclosures, including a Natural Hazard Disclosure (NHD) Report, HOA info, termite report, etc. (The bank may not pay for any repairs) 3. We will give you a weekly update after 45 days. Please Do Not Call Any Sooner! 4. PLEASE NOTE: Chances are, your commission will be what is published on the MLS, however, it is not guaranteed. A Short Sale is ALWAYS subject to the lender(s) price, terms and conditions of approval. Any reduction in commission will be split 50/50 between the selling and listing brokers.
Getting Your Offer ApprovedIf your offer is written with the guidelines above it will be much easier for us to get the offer approved in a reasonable manor. Bare-in-mind that some lenders are overwhelmed with short sale files and may take even longer than 60 days. (Countrywide, WAMU, etc.) If before approval your buyer decides that they no longer want to purchase the property, please notify us in writing signed by the buyer.
Thank You and Good Luck!
Got A Question?
Do you have a question? Simply fill out the form below or call us at 949.400.1072.
