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AGENT INSTRUCTIONS FOR OFFERS
ON REO PROPERTY.
Thank you for your offer. In an effort to assist
you we have prepared some information you will find
useful in preparing your offer and working with
your client.
Dealing with an REO property is different that than
buying a property from an owner occupier. It is
important to understand that the Seller has never
seen the property personally. They look at 50+ photos,
CMA's, BPO's and Appraisals to determine the price.
The bank's representative is called an "asset
manager" and they work 9 to 5 Monday through
Friday. They have NO personal feelings about this
property. It is one of 300+ all over the United
States that will be in their portfolio of work.
With 300+ properties (or more) they don't spend
a lot of time on each property.
Your offer frequently has to go through several
departments and sometimes people in different organizations
in different parts of the country before an answer
will be given to them; then they will pass the response
on to us. This can take 4 to 5 business days. Offers
will only be presented during business hours. Please
include the following information on your cover
sheet: Name, Broker Name and Code, telephone contact
information including cell phone, office telephone
and fax and your e-mail address. If the property
goes to "highest and best offer" and we
cannot contact you immediately it is impossible
for you to participate.
Please submit your offer via FAX to 404-920-2956
or e-mail to team@stewartbrokers.com
and check that your offer has been received on the
offers received button on this page, it is updated
twice a day during the work week Monday through
Friday.
48 hours by overnight delivery or personally during
business hours 9 to 5 Monday thru Friday to the
Stewart Brokers office at 2285 Asquith Ave., Marietta,
GA 30008
Below are the steps the sellers require in order
for us to present your offer:
| 1. |
The
offer here attached must be completed and
include all buyer(s) signed special stipulations
and attachments as well as buyer and Buyer's
Agent's (that is you) information form. You
can download these documents from FMLS or
www.buybankdeals.com. |
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| 2. |
If
a loan is involved all offers must be accompanied
by a prequalification letter. This letter
must be from the seller's preferred lender
as stated on the full agent FMLS/MLS print
out. (If you are not an agent we will contact
you with this information). |
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| 3. |
Cash
offers must show proof of funds in the form
of a letter or statement from a bank, credit
union or stock brokerage firm and it must
be dated on letterhead and be in the same
name as the buyer(s). |
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| 4. |
All
offers from a corporation must include the
corporate articles showing the names of the
share holders. |
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| 5. |
Earnest
Money will not be needed until we have a verbal
agreement and the buyer(s) signing of the
seller counter offer or additional addendum's.
Required earnest money is 10% for a cash sale,
and when a loan is involved 1% of the purchase
price or $1,000 whichever is greater. Please
indicate the earnest money amount in paragraph
4 of the Purchase and Sale agreement. Earnest
money in certified funds must be made payable
to Stewart Brokers and delivered with the
original inked contracts, addendum's and/or
counter offer within 48 hours by overnight
delivery or personally during business hours
9 to 5 Monday through Friday to the Stewart
Brokers office address listed in the sample
sales
contract. |
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| 6. |
"As
is" sale: This property is sold "as
is" and there will be no Sellers Disclosure
statement, termite clearance letter or survey
provided by the Seller. |
Following these steps
will lead to a smooth and successful transaction
by all parties. Thank you.
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