For Brokers & Agents

THE FOLLOWING INFORMATION PERTAINS TO REO/BANK-OWNED PROPERTIES ONLY

There are numerous foreclosed properties that are offered for sale by banks, asset management companies and corporations. Each entity has specific forms and procedureS for making offers on their properties.  Agents, please read the following  carefully before preparing an offer.

• FINANCING

Pre-approval letters or proof of funds ( for cash ) is required with ALL offers.  Pre-approval letter must come from the DIRECT LENDER, not the mortgage broker.

Some sellers require that the buyer is approved by the SELLER'S own loan officers who  may  sometimes offer special financing and incentives such as a free appraisal,  free credit reports, etc.  YOU DO NOT HAVE TO USE THE SELLER'S LOAN OFFICER.

If the property is  a manufactured home, the pre-approval MUST state that the lender will loan on a manufactured home.

•EARNEST MONEY DEPOSIT

Copy of the earnest deposit check is required with the offer. Earnest money can be held by the selling broker initially but must be transferred to the Listing Broker or Closing Attorney's trust fund when the offer is accepted.  No exceptions.

•NC RESIDENTIAL PROPERTY DISCLOSURE STATEMENT  FORM 140

A property disclosure form is not a required document for foreclosed properties.

•NC OFFER TO PURCHASE AND CONTRACT FORM

Although the seller requires the buyer to sign their specific addendum, a NC Offer to Purchase & Contract Form must accompany ALL offers.

•CLOSING DATE

Please allow 30 days from contract execution ( anticipated) date to the closing date.  Although sellers may require additional time to execute a contract, there is usually a per diem charged ( $50 - $200 per day) if the BUYER is unable to close on the agreed upon date through no fault of the seller. It is imperative that all loan contingencies (except appriasal and clear title) are met when submitting an offer.  

•INSPECTIONS

Sales of bank-owned/REO properties are typically" as-is, where-is" unless a contingency or repair is accepted with the original offer. Typically repair contingencies are seldom  negotiated. Inspections are for the buyer's information. Please let the listing agent know if your client will perform a pre-offer inspection done. The listing agent will then alert you to any offers previously submitted to the seller.  Inspections are for buyer's information only.  There is no appraisal, home inspection or survey performed by the seller that is made available to prospective buyers or other third parties.

Do not include ANY personal property in your buyer's offer.

• OFFERS AND SELLER RESPONSE

Please allow several days to receive a response from the seller ( see closing date above).  Sellers are reviewing hundreds of offers on properties nationwide and may not be able to provide an immediate reply to your buyer's offer. Please feel free to email our office at broker@hometownbrokernc.com to check on the status of your client's offer however we will contact you once a response is received from the seller.  Once a response is received either verbally or by email or fax, we will notify you by email and phone.  With all accepted offers, your client must sign additional addendums. Your client  will need to complete these forms within the deadline, so it is important for you to have a way to contact them and get these forms signed and back to our office.

•PLEASE CALL THE LISTING AGENT BEFORE FAXING OFFERS

Please call the listing agent before faxing any offer.  There may be unique circumstances or forms relating to the property.

FAX OFFERS TO:   866-896-3165