If you would like to Purchase a Foreclosure or REO Property, there are specific instructions you would need to follow. Here are some examples of the guidelines. Do not be discouraged it is fairly simple.
Contact me today if you would like to purchase one of these properties.
Harvey Yamanaka
Office: (408) 335-4660
Email: HomeSeller@Ymail.com
Offer Instructions: Please read completely. This is a Bank Owned Property and we have done everything possible to make the process simple for you. 1) NO NEGOTIATION OF CONTRACT OR TERMS AFTER ACCEPTANCE. 2) PRE APPROVAL Must be included: OFFERS WILL NOT BE LOOKED AT OR PRESENTED without a DIRECT LENDER APPROVAL, even if pre-approved already by another lender. 3) Copy of deposit check must be included. Give a 1% deposit. DO NOT use the increased deposit 4) AS IS ONLY, NO RE-NEGOTIATION AFTER ACCEPTANCE 5) Acknowledge the receipt of these procedures by having agent and buyer(s) sign 6) Scan and Email the signed offer and all required documents. Please write Offer/Address in subject line We have no inspections or reports. Property is sold As Is only, which means AS IS! No repairs for termite, roof or other items found during inspections. Disclosures provided to you by the seller are minimal: We try to get at least Agency, Agents Inspection Disclosure, Lead Based Paint, Smoke and Water Heater Compliance, Geologist Report; Permit non compliance, Lender Owned Property Addendum. We may not even get these signed or they may be on the sellers own form. Sometimes they don't even provide these. DO NOT have the buyers sign the offer or disclosures in counterpart. I can only send in one set of Disclosures. Use the CAR contract, please use WINFORMS. Do not give me a hand written offer. NO NEGOTIATION OF CONTRACT OR TERMS AFTER ACCEPTANCE. All counter offers are verbal; nothing is put into writing until we have verbal agreements. The seller does not see the offer until acceptance. I use an online worksheet format for submitting. Once we have agreement between the principals, the seller gives a counter/addendum that the buyer signs re-stating the terms agreed upon, and any additional terms the lender requires. This could be up to a 10 day long process. Buyer can not be "or assigns". This will not be accepted Proof of down payment REQUIRED IF ALL CASH Seller chooses Title Company, Escrow and Home Warranty if there is one. Sellers title company is usually in another city. Closing costs may vary and may not be normal for our County. Be aware that Pre-Lims are taking up to 3 weeks Response time from seller on offers is 2-7 days. They are working hard to respond within 48 hours. Keep in mind that I have no control over what the seller will accept response time, or their counter offer. I will contact you immediately upon acceptance, rejection or counter to your offer. I am not in contact the sellers daily, so please dont contact me for daily updates. It does not expedite the process. If your office requires any additional disclosures, get them to me when Counter/Addendum is returned signed. We do not get seller signatures on anything after signed contract comes back. It is not necessary to send a buyer introduction letter, justification for your offer or family photos, we only needs the above mentioned items. Commission amount is based upon the offering price minus any seller concessions. Remember we are all on the same side, with the same ultimate goals. The buyer wants to buy, the seller wants to sell and we want to put the two together J Let me know if you need any additional information! __________________________________________Buyer Agent Signature __________________________________________Buyer Signature __________________________________________Buyer Signature |
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