|
REO OFFER PREFERENCES
Writing the offer:
1. Offer should be presented on the CAR (California Association of Realtors)
Contract Only .
2. Homes to be sold in as-is condition.
2. A minimum of a 1-3% good faith deposit and copy of check to accompany
the offer.
3. The bank prefers a 30 day close.
4. Since this is a bank owned property the bank usually has no reports or inspections so typically the buyer would need to obtain these at their cost. If there are reports available. They can be emailed. Please email rick@quongroup.com with any questions.
5. Offer to be submitted with a Pre-approval letter from the institution named on the confidential line in the listing if required. The pre-approval must be from a direct lender, not amortgage broker and within 30 days of the offer date.
6. Please note that closing earlier doesn’t help your position. Seller to choose the COE date.
(Please keep in mind the Seller does NOT normally do extensions, so be realistic about your suggested close of escrow date.)
7. Although it is optional, and always the buyers choice, please use the seller’s preferred closing agent (due to default status). Seller to pay for owner’s title insurance policy.
Procedure for submitting an offer and getting a response:
1. Please give Seller 3 BUSINESS days to respond to Buyer’s offer. (In most cases we are able to respond within 48 to 72 hours.)
2. Pre-approval letter within the past 30 days, proof of funds and copy of deposit check MUST be submitted with the offer.
3. Gas and water may be turned off for safety issues. Buyer’s agent is
responsible to work with Listing agent to ensure that all utilities are on
before the inspection date.
4. Please email offers to rick@quongroup.com. You can also fax to 408-889-8189, Attn: Offer Processor. Please call or email to confirm we have received your offer.
5. Typically the seller will counter with no seller signatures. Buyer must sign and initial Seller Addendum or Counter Offer, which recaps terms and conditions of CAR contract and also restates Seller’s requirements and their disclosures regarding the nature of ownership.
6. After the contract has been agreed upon we will forward all paperwork to the seller with disclosures for the seller to sign. It can take up to 3 weeks to get the ratified contract back but we usually get that back within a few days.
POLICY ON AGENT COMMISSIONS:
1. Commission based on net sales price (net sale price is purchase price less seller credits and or concessions).
2. Selling agent will not be paid a commission if they are the principal or related to the principal. (Seller to approve.)
DISCLAIMER:
Information in this document is being supplied to you as a courtesy only and is NOT to be used as California Law or guidelines that you MUST adhere to for your offer to be submitted to the Lender/Seller of the property.
1. Counter offer acceptance is subject to senior management approval.
2. No sales transaction is accepted until seller signs written contracts.
3. Seller has the right to accept new offers as they come, until a binding agreement hasbeen made.
4. Incomplete or illegible contrcts will not be accepted and may be
automatically rejected by seller.
5. The seller reserves the right to accept or reject any offer for any reason. | 
