Instructions on how to make an offer - Gainesville GA Real Estate

By Diane Shaw,2014-05-13 23:00
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Instructions on how to make an offer - Gainesville GA Real Estate

Dear Agent:

    Thank you for your client’s interest in this Countrywide Property, please review this procedures form and call if you have any questions. Thank you!

Don Smith

    The Fauscett Team

    Keller Williams Realty Lanier Partners

    P.O. Box 5055

    Gainesville, GA 30504

    (770) 297-6411 x 104


    GENERAL INFORMATION Our bank foreclosures sell, on average, in 90 days or less. They are priced competitively

    in the marketplace. It is not unusual to have more than one offer at the same time and you

    will be notified of a multiple offer situation.


    Before submitting an offer, if your buyer is financing the purchase, they MUST submit

    with the offer a Countrywide Home Loans Local Branch Pre-Qual letter. This can be

    obtained by phone at 1-800-877-5626. The Countrywide Pre-Qual letter must be

    submitted even if buyer doesn’t plan to use Countrywide Home Loans. If this is the case

    than a good pre-qualification letter also needs to accompany the offer with the lenders

    name and phone number. All Pre-Qual letters MUST be with a Direct Endorsed Lender

    and need the following elements, at a minimum.

    1. in file credit report has been reviewed

    2. Bank statement has been reviewed to verify funds needed to close are on hand.

    3. Pay stubs have been reviewed to verify income is sufficient to qualify.

All Cash Sales need a letter from the bank stating funds are available in the amount

    needed. Offers lacking these documents will be considered incomplete and NOT

    presented to seller until received.


Please insert the following language in the Exhibit’s and Addendum and Special

    Stipulations sections of the GAR purchase and sale agreement form:

Exhibits and Addendum

    1. Real Estate Purchase Addendum

Special Stipulations

    1. Legal Description to be obtained by title search

    2. This document is subject to all terms and conditions set forth in the Real Estate

    Purchase Addendum

    3. There is no Sellers Disclosure as this property was obtained by Foreclosure.


The Earnest money check is to be written to Keller William Realty Lanier Partners for a

    minimum of $1,000.00. Earnest Money must be in the form of Certified Funds.

    * The above are general guidelines but lender may specify differently.

DISCLOSURE rdThe seller or 3 party did not occupy the subject property. Therefore NO disclosure is

    provided. You DO have the right to an inspection.


    All properties are sold “as-is.” If personal property such as refrigerators, washer/dryers, etc. are present in the house after the house has been trashed-out and/or repaired, they

    will remain, however, Fannie Mae will not sign a Personal Property Exhibit nor warrant

    the existence of any such items nor their usability.


    The Seller has not inspected the property for termites. It will be the Buyer’s responsibility

    to inspect the property for termites during the buyer’s inspection period to determine any

    active or prior infestations. The cost of that inspection will be the buyer’s responsibility.

    If the buyer’s lender requires buyer to have a clean termite letter dated 30 days or sooner

    from closing, the cost of that letter shall be the buyer’s.


    The seller will not accept an offer with a “Contingency on Buyer’s home sale.” Check

    with us if buyer’s primary home is currently under contract and the agreement would be

    contingent on successful closing.


Inspections are for “Informational Purposes Only.” Defects are only those items making

    the house unsafe or uninhabitable. Do not send the inspection report as the listing agent will destroy it without reading it. The Seller generally only considers repairs requests

    resulting from inspections if such defects affect an occupant’s safety or the home’s

    habitability. Please make your offer accordingly!!


    The Fauscett Team will disconnect utilities on the scheduled day of closing regardless of

    what time of day the sale is closed. It is your buyer’s responsibility to have any final

    walk-thru’s completed requiring utilities services and to have utilities transferred into their name by the original date of closing. If the closing is delayed because of buyer’s or

    buyer’s lender’s actions and utilities are disconnected, The Fauscett Team will have no responsibility to re-connect utilities.


    If a property is winterized and buyer chooses to perform inspections on the property,

    buyer must notify Listing Agent at least 2 days prior to buyer’s inspection and pay a de-

    winterization/re-winterization fee of $300 payable to The Fauscett Team, Inc. Payment of

    the de-winterization fee must be received by the Listing Agent prior to inspection.

    REAL ESTATE ADDENDUM The Real Estate Addendum overrides the contract and any special stipulations in the

    contract. Please Read It Carefully!


    Pick a reasonable closing date (30 to 45 days out) that allows some time for countering.

    The seller can keep the earnest money as liquidated damaged and extensions cost AT

    LEAST $50.00 a day. (#7b & 8 on page 5) Make sure you tell your lender that the closing

    package must arrive at the attorney’s office a minimum of 48hours before closing. The

    Seller does not waive the per diem.


    Upon verbal acceptance, the acceptance may be conditioned on Management approval,

    Mortgage Insurance Company Approval and/or Quality Control Approval. Once you are

    notified by the listing agent of full approval(s) he/she will present you with one clean

    copy of the purchase and sale agreement, addendum, and other forms needed for buyer’s

    signature or initialization ASAP. The listing agent completes these forms for you in order

    to be sure it is all filled out correctly. No changes are to be made to these forms once you

    get them. If there are any questions please contact the listing agent and discuss the issues.


Note: CHL will not allow me to present any offers until all the BELOW items are

    complete. Thanks for your interest in the property and I look forward to working with


CHL negotiates verbally until acceptance after we receive your original written offer with


If more than one offer is received on a property we will inform you via a “Multiple

    Offers Notification” Form.


    All offers must include the following prior to presentation:

    * Completed Real Estate Purchase Agreement, GA Form showing Keller Williams Realty Lanier Partners holding earnest money, and closing attorney as seller’s choice.

    (Closing attorney will be the choice of the seller. Buyer is welcome to have his or her

    attorney accompany them to closing for advice and representation.)

Also please make sure you’ve entered

     Under Exhibits

     1. Real Estate Purchase Addendum

     Under Special Stipulations

     1. Legal Description to be obtained by title search

     2. This document is subject to all terms and conditions set forth in the Real Estate

     Purchase Addendum

     3. There is no Sellers Disclosure as this property was obtained by Foreclosure.

* Completed “Real Estate Purchase Addendum” initialed on each page and signed.

* Copy of Earnest Money Check mad payable to “Keller Williams Realty Lanier


* If your buyer is asking for the Seller to contribute any closing costs, Home Buyer

    warranty, other fees, etc. or has any contingencies/requests, please input the terms in

    paragraph 38 of the Addendum as well as the Special Stipulations of the GAR form.

* If requesting repairs, exact dollar amounts for repairs must be stated in paragraph 38 as

    well as the Special Stipulations of the GAR form.

* Copy of Buyer’s Pre-Approval Letter from Countrywide Home Loans and/or

    other lender or Proof of Funds on Cash offers.

Fax COMPLETE offer package to The Fauscett Team of Keller Williams Realty Lanier

    Partners (770) 297-6416.

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