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Free Report: How To Buy Bank Owned Homes

IMPORTANT INFORMATION FOR

CO-OPERATING AGENTS AND POTENTIAL BUYERS

PLEASE READ BEFORE WRITING OFFER

All properties are sold AS IS in their present condition. The seller will not make repairs or give any concessions for repairs. Buyers are encouraged to inspect the property prior to writing an offer to purchase. If the buyer conducts inspections during the inspection period and finds unacceptable conditions, the seller will not renegotiate the terms of the contract and will not make repairs. Please inspect or look over property thoroughly BEFORE making an offer. Furthermore, seller will not pay for termite treatment if active termites are found during the inspection period.

We appreciate the opportunity to work with you on selling one of our listings. Many of our listings are bank owned/foreclosure/REO properties; there are some things that are different about this type of transaction that we want to make you aware of. Please explain these items to your buyer and if you have any questions please call our office.

• Our office is closed on weekends and government holidays. We do not return calls when the office is closed.
• E-mail is the best way to reach us. We check our email several times a day. The e-mail address is: aaron@baltimorehometeam.com. Please include your email address, telephone numbers and fax number in any communication with us so we can respond to you quickly and get information sent to you in a readable manner. We prefer to use e-mail for contracts and related documents. However-if you have a written an offer, do not wait for our office to call you or email you - - send it! We are extremely busy and we can not always take or return your call. If you are scanning and e-mailing your offer, please make sure your scanner is set to Black and White and no larger than 150dpi.
• The $2,000 earnest deposit must be in the form of a cashiers check or money order and must be hand delivered to our office within 24hrs of our office notifying you that your offer has been accepted.
• Please leave the seller’s name blank when writing your offer. The actual owner’s name is probably not the same as the owner listed in the tax records.

Agents representing themselves may not be entitled to a commission. If you are writing an offer for yourself, or your company, please be aware of this before sending us your offer.

Your broker may be required to sign an agreement accepting a reduced commission prior to your offers acceptance Many sellers reserve the right to pay commission based off of the NET SALES PRICE if there are sellers assist, repair allowances, closing costs, etc. that will affect the net sales price. (eg Contract price - closing cost = net sales price). Your broker nay be required to sign an agreement accepting a reduced commission prior to your offers acceptance.

• At the time you submit your offer, we will need the buyer’s proof of funds or a pre-approval letter from Michael Ciresi at Bank of America Home Loans. Contact Michael directly 410-952-4872 or michael.ciresi@bankofamerica.com. The loan amount must be indicated in the letter from the Michael and a copy of the earnest deposit. Some sellers will not process your offer without it. Once pre-approved with the Countrywide your buyer may use their lender of choice for financing, we will need the name of the lender, address, loan officer’s name, e-mail address phone and fax numbers. Please verify with the lender they can close by the date in the offer before submitting the offer. If the closing is delayed for any reason, the seller will charge a $50 per diem penalty to the BUYER, not the lender.
• The seller is an out-of-town bank and a response to your offer may take several days. Even though you may write a deadline for acceptance, it most likely will not be met, so please inform your buyers of this. The time needed for a response varies greatly depending on which seller we are working with. We will keep you informed via email as much as possible.
• If your offer is verbally accepted, the seller will require that the buyer sign special “as is” addendums. We fax or e-mail these addenda to you for your buyers review and signature. Please have your buyers sign immediately and return them to our office. The seller will not accept offers contingent upon the sale or closing of another property. The seller does not do owner-financing or do carry-backs. If buyer’s pre approval is contingent upon the sale of another property the offer will be rejected. We will be calling the buyers lender to confirm that they are pre approved with no contingencies.
• The seller has seen photos of the property and is aware of the condition. There are no seller’s disclosures. The seller never occupied the property. In most cases we have never met the previous occupants. If we know important information about the property we will let you know.
• The buyers may not make alterations or occupy the property prior to closing. NO EXCEPTIONS
• As soon as the signed contract is received by us, they will be delivered to the seller for signatures. It may take up to a week or more to receive the signed contract back from the seller. We will do everything we can but keep in mind some companies are handling hundreds of properties at a time in several different states and often the contract has to go to several departments before we get them back. We will get you the signed copies as soon as we receive them.
• Many sellers in their addendums will require buyers to close at the title company of the seller’s choice. REO closings are very different from regular closings and it is easier and more convenient if buyer and seller close at the same title company, even if it is not required by the seller. You are responsible for scheduling your buyer to close at the title company, please try to schedule it with the closer as soon as possible due to the high volume of properties the title company handles. Please let our office know the time and date of your closing as soon as it has been scheduled.
• Since these properties were acquired through foreclosure, inform your buyers that closing and title problems sometimes do occur and delay closings. If your buyers are going to be homeless after the scheduled closing day be sure they have a back up plan.
• After property is under contract, buyer’s agent may give combo to appraiser of home inspector. Please be sure to notify our office of the date and time for the appraisal and inspection.
• If a buyer is conducting inspections involving water, the asset management company must be scheduled at the same time to de-winterize and then re-winterize the property. Buyer will be responsible for the $150 fee for the services. Please advise the buyer to get the payment to our office one day prior to inspections. Do not turn on the water prior to closing without the asset management company’s permission. Any damage that occurs due to water being turned on with out the asset management company’s permission, will be the responsibility of the buyer’s agent.
• Make sure the buyers have arranged to transfer service into their names. If not there will be an interruption of services.
• The property has been keyed to a master key system. Buyer should re-key the property immediately after procession to ensure safety and security of personal and real property.

If you have any questions about anything we haven’t covered here, please give us a call or e-mail. Thank you for your assistance and we look forward to doing business with you.