California Offer Info

IMPORTANT!

Your offer we will need to include the following:
1.    Proof of down payment.
2.    FICO scores.
3.    Letter of Approval/Pre-Approval.
4.    A copy of the deposit check.
5.    Proof of funds if it’s a “All cash” offer.
6.    If you are submitting a VA offer a copy of the veterans    Certificate of Eligibility from the VA needs to be attached to the offer.
7.    If you are writing an FHA offer on a condo the BUYER is to provide SELLER written confirmation that the complex is FHA approved.

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 between the two.

There will be a Per Diem penalty written into the counter offer pertaining to closing late because of the buyer.

E-mail or MongoFax your offer to FaxResponder@gmail.com ONLY!

Any questions regarding the following; and ALL offers MUST be e-mailed to FaxResponder@gmail.com

What we will do if your offer is accepted.

1. We will make sure that your client gets all of the required disclosures, including a natural Hazard report, HOA info, and termite report after lender(s) acceptance.

California Offer & Counter Offer Information

The following information will help answer some questions and help the short sale offer process go smoother. 


We will confirm  receipt of your offer or counter offer via Auto 
e-mail response; please don't call before you check your e-mail to see if the confirmation is there. If you don't receive the confirming e-mail from faxresponder.com that your offer was received you can assume we DID NOT receive it and you should RE-SEND IT.
 
**We try and get you a counter from the seller within 3 business days. When a seller is unable to sign within that 3 day time frame you will be informed of the expected date to receive a counter.
 
**We will counter all reasonable offers so don't worry about price. Come in wherever your buyer would like, as long as it’s not so low that the seller doesn’t take it seriously and rejects it. We present ALL offers.
 
**Our protocol is to get one offer in front of the lender and 2 or 3 back up offers unless the lender(s) request that all offers be presented. After we have a sufficient number of back-up offers we change the MLS status to “Back up”.   WE DO NOT COLLECT OFFERS FOR SUBMISSION TO THE LENDER(S)!
 
**Expected lender(s) approval time, seller’s loan information and the specific information regarding the property will be updated every business day by 11:00 A.M. (click on the “California Property Info” tab above).
 
**Please understand that we are trying to protect our seller from foreclosure and we will counter your offer as per all the terms and conditions below.

**The seller will NOT pay for buyer's repairs. Buyer MUST have a home warranty paid for by buyer.

You MUST use CAR forms RPA-CA & SSA; and include the following where indicated.

Page 1 of the RPA-CA

Paragraph 1-D: Escrow MUST be 30 days or less if conventional financing is being required (FHA 45 days) from short sale approval by lender(s) of record.

Paragraph 2-A: Earnest Money Deposit must be a minimum $5,000. The higher the earnest money the greater the chance of your offer being selected.

Paragraph 2-I:  Loan Contingency Removal – 14 Days.

Paragraph 2-J:  Appraisal Contingency Removal – 14 Days.

Paragraph 3-B(3):  Possession to be Close of Escrow at 9 P.M.
 
Page 2 of the RPA-CA

Paragraph 4-A(1): Seller will pay for the report, Buyer to pay for any repairs. Do Not Include a WPA.  Do NOT check Paragraph 4-A2

Paragraph 4-B(3): Seller will pay for The Natural Hazard Disclosure Report through “Seller’s Choice”.

Paragraph 4-C(1): Shall be checked Seller.

Paragraph 4-C(2): Shall be checked Buyer.

Paragraph 4-D(1): Check both boxes and insert “Each to Pay Their Own”; Escrow Company to be “Sellers Choice”.

Paragraph 4-D(2): Seller shall pay owners title insurance policy through “Sellers Choice” of Insurance Company.

Paragraph 4-E (1),(2),(3),(4) & (5): Shall be checked Buyer (if applicable). 

Counter Offer & Counter Offer Addendum Questions

Counter offer Item #2 - We do not open escrow until we receive lender(s) approval of the short sale which could take 2-4 months. The escrow time line will start the day we receive lender approval.  Your buyers will then have the time agreed upon in the contract to remove ALL contingencies.

Counter offer Item #5 - All personal property such as refrigerator, washer, dryer, etc. is to be negotiated outside of the escrow.

Addendum Questions

Addendum Item #6 - Buyers' must be preapproved with stated lender. We have to be assured that the buyer is able to qualify. We only have one chance to close escrow, and save the sellers from a foreclosure, and we are doing our due diligence to theseller by getting a second opinion on the buyer's ability to close.   

Addendum Item #7 - Buyer's earnest money is "at risk" after contingencies have been removed. The Per Diem penalty starts first day after the agreed upon closing date. The earnest money deposit will need to be increased by the per diem amount before the seller grants the escrow extension.  The per diem increases the total amount due from the buyer.  It does not increase the selling price or having any effect on the buyer's loan in any way. It is a penalty for closing late that can be used to buy more time with the lender granting the short sale.