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Writing an offer on one of our Short Sales!

So you want to write an offer on our short sale listing?  The following is a list of offer terms that will expedite the process of getting your offer accepted: 

1.  Don’t waste your time on low-ball offers.  We will not submit them to the bank. 

2.  Be sure to tell your client that it’s possible we may not have an answer from the bank before for 30 to 60 days! (Yes, there are exceptions.) 

3.  You may ask for closing costs, but discuss and make sure that your buyer can absorb the closing costs in case bank refuses to pay.  Same goes for termite repairs.  The bank for our listing on Chatfield in Riverside has already refused to pay for termite and home warranty, so please don’t ask for these items.

4.  If we deem your price too low, we will counter you. 

5.  You MUST use current C.A.R. form RPA-CA REVISED 4/10…..  OR if your client is an investor (non-owner occupied) and writing an offer on a home where a Notice of Default has been filed, the offer MUST be written on C.A.R. Form NODPA (Notice of Default Purchase Agreement) and also must be accompanied by C.A.R. Form DPL 4/10 (Declaration and Proof of Real Estate License).

Page 1 of the RPA-CA

1D — Escrow MUST be 30 days or less (after bank’s approval).

3A — Initial deposit must be a minimum of 2% of the purchase price. 

Page 2 of the RPA-CA

3H(3) — Loan Contingency Removal: 14 days 

3I — Appraisal Contingency Removal:  14 days 

4A(1) — Seller will pay for the “Wood Pest Report”.  Buyer to pay for any repairs should bank not agree to this.  

4A(4) — Seller will NOT pay for a natural hazard zone disclosure report. 

4B(1) — Shall be checked Seller 

4B(2) — Shall be checked Buyer 

4C(1) — Buyer and Seller escrow fees shall read “Each to Pay Their Own”.  Escrow Company shall be Re/Max Partners Escrow Company

4C(2) — Seller shall pay owners title insurance policy through First American Title Company

4D(1)(2) — Shall be checked Seller

4D(3)(4)(5)(6) — Shall be checked Buyer (if applicable) 

Page 3 of the RPA-CA

5B — Possession to be “no later than 3 days after Close of Escrow” unless property is vacant, or unless otherwise revised by Seller. 

8B(3) — Shall read “Nothing Included”.  No personal property will be included in the purchase. 

Page 4 of the RPA-CA

11A — C.A.R. Form SPQ to be checked 

11B — C.A.R. Form SSA shall be provided by Buyer and attached to RPA-CA (go to bottom of “Short Sale Offer” instructions for info on correctly filling out the SSA)

11C — C.A.R. Form SBSA to be checked 

Page 5 of the RPA-CA

14B(1) — Buyers investigations contingency removal:  10 days 

14C(3) — Shall remain 48 hours 

Page 7 of the RPA-CA

25 — Liquidated Damages (Buyer to initial)

26B — Mediation and Arbitration (Buyer to initial) 

Page 8 of the RPA-CA

29 — Expiration of Offer.  Give us 3 days for sellers acceptance (this time frame may vary). 

REAL ESTATE BROKERS box (Selling Firm):  Fill in your company’s name and address, broker’s license number and agent’s license number, date, phone numbers, and email.  Sign your name also.  Do not fill in listing agent’s information. 

6.  We will only submit ONE offer to the bank at a time.  All subsequent offers will be held as back-up offers only. 

7.  With your offer we will need the following: Proof of down payment, FICO scores, letter of approval/pre-approval, and copy of 2% deposit check.

8.  Your buyer CANNOT be related to the seller in any way.  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 the contractually agreed-upon date, 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 shall be added to the purchase agreement. 

10.  Please e-mail your offer to aprilglatzel@remax.net  (if you must fax, then send to April’s attention at 951-278-4439).  

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, HOA info, and termite report (the bank may not pay for any repairs). 

3.  We will keep  you updated after 30 days.  Please Do Not Call Any Sooner! 


Getting Your Offer Approved!

If your offer is written with the guidelines above, it will be much easier for us to get the offer approved in a reasonable manner.  Bear in mind that some lenders are overwhelmed with short sale files and may take even longer than 60 days.  If, before approval, your buyer decides that they no longer want to purchase the property, please notify us in writing signed by the buyer.