For REO Sales
All offers must have a loan approval or proof of funds letter accompanied with. Unless otherwise stated in the MLS, we recommend that you contact Danny Currie with Dominion Residential Mortgage to get your buyer approved. You may contact Danny at 703-890-7037 or dcurrie@dominionresidential.com We recommend Danny due to his intimate knowledge of our seller's process in addition to his ability to qualify buyers quickly.
Some of our sellers require that your buyer have a pre-qualification letter from their company; there is no obligation for your buyer to use that lender or any lender that we recommend. If it is the case that the seller wants an approval letter from their loan officer, it will be stated in the MLS.
IT IS VITAL THAT YOU NOT CHANGE LOAN TERMS, LOAN PROGRAMS, OR LENDERS WHILE IN ESCROW
All offers submitted must be accompanied with an Offer Cover Sheet.
Please read this fully and share with your staff or vendors that will be involved in this transaction prior to submitting any offers or contacting us.
What is the quickest way to get a response from Dan and Traci?
Real estate is mostly a people business; it is why we love the business! That being said, to successfully list REO properties, systems are required. We ask that you communicate with us via email at Natasha@GreetingsVirginia.com. If for some reason, you do not get a response within 24 hours, call our office at 703-562-1791. If you call our office, PLEASE be sure that you have first emailed us. If you need a response quicker than 24 hours, please type into the subject line of your email, "response needed ASAP, please".
What is the Process?
The foreclosure process is different than a traditional sale. The seller is an institution that makes decision based on how it will serve their company. They DO NOT make emotional based decisions. When responding to accepted offers, they will present your buyer with a counter offer on an addendum that may change some of the terms that your original offer included. If your buyer wants to accept their counter, it is VERY important that no changes are made to the bank addendum and that it is returned to the listing agent rapidly. If they accept, ask for your client to initial each page and sign and date the addendum and make NO OTHER CHANGES. Please understand this and prepare your client for the seller's requirements.
About Submitting an Offer
We submit ALL offers presented to us unless our client requests otherwise.
ALL offers must be submitted with a cover letter, a copy of earnest money deposit check, and loan APPROVAL letter. In the case of an ALL CASH offer or with an offer with a large deposit, please also include a proof of funds. Proof of funds should be an account statement from a bank or other institution.
Unless otherwise stated, deposit checks should be made payable to the listing broker. Be sure that buyer has funds available to cover the deposit.
Who should I write as the seller in my contracts?
Please enter, "Seller of Record" on all documents.
Will the seller accept a letter of intent?
Typically, no.
About Writing Low Ball Offers:
Our sellers are interested in selling their property. They want to work only with buyers that are serious and will be able to execute.
Please understand and guide your clients to understanding that the seller does not want to and will not get taken advantage of. The seller has hired several real estate professionals to help them determine the value of the property that they are selling. They are interested in selling their property as quickly as possible for the most amount of money - they are not interested in giving away their asset or dealing with low ball offers. Often, our sellers ask for us to cease to present offers to them from agents or buyers that waste their time in processing offers that they would never consider.
Why did the property close for an amount less than the amount that my buyer wrote for?
Sometimes, a seller will consider an offer based on financing or for other reasons. For example, if your buyer writes an offer for $150,000 for a property that the seller believes is worth $100,000, they may not take your buyer's offer because they are afraid that the property will not appraise. Also, they may consider an all cash offer over a government backed loan or other type of financed deal.
How will I know if my offer is not accepted?
We often receive many offers on each property. When your offer is not accepted, you will be notified via email. Please understand that you are important to us - but if we are processing 40 offers on a property, it would be impossible to call you to inform you when your offer has not been accepted. Understand that we will inform you as soon as we know. Repeated inquiries to us will not speed up the process, because if you have not heard from us, we have not heard from the seller.
How do I know if my offer has been submitted?
All offers are presented.
Where do I send offers?
Please send to the Alternate Agent listed in the MLS. If there are no instructions in the MLS, either email to Natasha@GreetingsVirginia.com or fax to 703-564-9815.
What form should I use?
You should use standard Realtor forms. Check the MLS remarks to see if any bank addenda are required to be submitted with your offer.
When will the Seller Respond?
We understand that you want a quick response from the seller - so do we! Unfortanetly, we do not have control over our seller's response time. Sometimes there are several decision makers - this can slow the process. Rest assured, we respect you, we are working hard for our clients, and we will let you know AS SOON as we know any response. Please understand that repeated requests, only slow down the process, because it clogs our systems. Thank you for your patience and trust that we are professionals in the way that we do business.
Will I get a response over the weekend?
No, any offer submitted over the weekend will be presented the following business day.
How does the Bank counter-offer?
In most cases, the seller will give you a verbal acceptance. We understand that this process may be unsettling to you - we don't like it either, but it is the way that the seller does business. Once the seller says, "yes" to your offer, they begin to write their addendum which will be presented as a counter offer. Please read the addendum carefully and ensure that your client understands the terms. After you and your client have read and understood the addendum and if your buyer agrees to the counter offer, please return a signed copy, with buyer's initials at the bottom of each page, with NO changes, or markings on the body of the addendum.
WHEN THE BANK VERBALLY ACCEPTS THE OFFER, WE REQUEST THAT YOU CONTACT YOUR BUYER AND ASK FOR THEM TO BE AVAILABLE TO RECEIVE THE BANK ADDENDUM DURING THE NEXT 72 HOURS. ONCE THE BANK RETURNS THE ADDENDUMS, WE REQUEST THAT YOU PRESENT THEM TO YOUR BUYER AND IF THEY AGREE TO THE COUNTEROFFER TO RETURN THE SIGNED DOCUMENTS WITHIN 5 HOURS.
Additionally, if your original offer differs from the bank addendum, make changes with initials of the buyer to the ORIGINAL CONTRACT ONLY and return with the unmarked addendum AS ONE COMPLETE PACKAGE.
We understand that these timelines may be unreasonable, but it is at the request of the seller.
What do I do if I get a verbal acceptance?
If you are notified that you have an accepted offer, please let your lender know so that they may begin the process. Unless otherwise stated in the MLS, we recommend that you use DANNY CURRIE with DOMINION RESIDENTIAL MORTGAGE because he understands this process and will respond to timelines that are expected of the seller. You may contact him at 703-890-7037 or dcurrie@dominionresidential.com. Some sellers require that your buyer have a pre-qualification letter from one of their loan officers; there is no obligation to use that lender or any lender that we recommend.
Even though the bank may delay getting you a signed contract returned, they still expect for you to close on time. Any postponement may cause the buyer to have to pay a penalty for the hold-up.
How do I prepare my client to receive the bank addendum?
When you are told that the bank has verbally accepted your client's offer, please know that the bank's addendum will follow. Please let the buyer know that once this is delivered to you, it is requested that you return it to the Listing Agent within hours. We understand that your buyer will want to review the counter carefully, but the quicker that they decide yes or no, then the happier the seller will be to continue to work with them. We request that this document is returned to us within 4 hours when possible. Please prepare your client for the requested quick turn around time.
What are the time frames?
Typically, 30 to 45 days for financed purchases and 15 days for cash purchases.
What closing dates do the sellers prefer?
The seller most often prefers that the transaction not close later than the 25th of the month for cash deals and no later than the 23rd of the month for financed deals and prefers to not close on a Friday. Middle of the month closing are the best.
Can the Buyer do Inspections?
Your buyer has the right to inspect the property as agreed upon in the purchase agreement.
Please read the addendum that the seller returns to you to understand and advise your client on what costs that your buyer may incur to perform inspections. Likely, your buyer will have to pay for dewinterization and rewinterization. Some sellers will not provide utilities for inspections.
The seller will not pay for any inspections.
How do we set up inspections?
It is Highly Recommended that you give us 3 BUSINESS DAYS NOTICE PRIOR to scheduling your inspection. Some utilities (such as electricity) will likely be on prior to your making an offer; others will not (such as gas or propane). The Listing Agent will not be responsible for re-inspections and/or associated fees. It is not a bad idea to visit the property a day PRIOR to the inspection to check if systems are on and working.
Can the Buyer cancel if they find something wrong?
The buyer has the right to cancel the contract and receive their deposit back if they do so within their contractual time.
Will the Seller pay for repairs?
No, the property is being sold as-is.
Will the seller accept an FHA or VA offer?
If the property needs any repairs, the seller will not make them. Because of this, it is unlikely that they will accept an FHA financed or VA guaranteed offer. If it is required that repairs be made to the property to obtain government financing, the seller will not pay for such repairs. We will present all offers regardless of type of financing.
Will the Seller pay for lender required inspections?
No. Any requirement's of your buyer's lender are the responsibility of your buyer. The seller will not pay for inspections such as pest inspections.
What are the Contingency Periods?
The contigency periods are as agreed between buyer and seller. Understand that the seller holds these periods to very strict guidelines. They will not tolerate delays and often charge per diem for delays. You can best serve your client by ensuring that they stay within all timelines for closing.
Will the Seller accept an offer Contingent on a home Sales?
Probably not.
Can I add or delete Buyers once in Contract?
Once the property is under contract, changes will rarely be made.
Will the Seller Accept an Assignable Contract?
In almost every situation, No.
What do I do if my buyer client is an investor?
If your buyer intends to take title as an LLC or other entity, the corporation will have to be formed before writing your offer.
About extensions of closing:
The seller will not allow for the closing of this transaction to be delayed. It is vital that you be sure that everything is done in a timely manner. This includes getting inspections complete, and staying on top of th lender including appraisals, etc.
About Negotiating after the offer is accepted:
All terms must be negotiated prior to acceptance to minimize problems during escrow. The Seller will not normally negotiate after they accept your offer.
For required REO cover page,
to submit with all offers, please Click Here.
Thank you for writing an offer on an REO property that we represent. We appreciate you and your hard work in bringing us a qualified buyer that will execute a successful transaction. By understanding the process of working with REO, you will serve your clients well. We look forward to working together!!
to submit with all offers, please Click Here.
All offers must have a loan approval or proof of funds letter accompanied with. Unless otherwise stated in the MLS, we recommend that you contact Danny Currie with Dominion Residential Mortgage to get your buyer approved. You may contact Danny at 703-890-7037 or dcurrie@dominionresidential.com We recommend Danny due to his intimate knowledge of our seller's process in addition to his ability to qualify buyers quickly.
Some of our sellers require that your buyer have a pre-qualification letter from their company; there is no obligation for your buyer to use that lender or any lender that we recommend. If it is the case that the seller wants an approval letter from their loan officer, it will be stated in the MLS.
IT IS VITAL THAT YOU NOT CHANGE LOAN TERMS, LOAN PROGRAMS, OR LENDERS WHILE IN ESCROW
All offers submitted must be accompanied with an Offer Cover Sheet.
Please read this fully and share with your staff or vendors that will be involved in this transaction prior to submitting any offers or contacting us.
What is the quickest way to get a response from Dan and Traci?
Real estate is mostly a people business; it is why we love the business! That being said, to successfully list REO properties, systems are required. We ask that you communicate with us via email at Natasha@GreetingsVirginia.com. If for some reason, you do not get a response within 24 hours, call our office at 703-562-1791. If you call our office, PLEASE be sure that you have first emailed us. If you need a response quicker than 24 hours, please type into the subject line of your email, "response needed ASAP, please".
What is the Process?
The foreclosure process is different than a traditional sale. The seller is an institution that makes decision based on how it will serve their company. They DO NOT make emotional based decisions. When responding to accepted offers, they will present your buyer with a counter offer on an addendum that may change some of the terms that your original offer included. If your buyer wants to accept their counter, it is VERY important that no changes are made to the bank addendum and that it is returned to the listing agent rapidly. If they accept, ask for your client to initial each page and sign and date the addendum and make NO OTHER CHANGES. Please understand this and prepare your client for the seller's requirements.
About Submitting an Offer
We submit ALL offers presented to us unless our client requests otherwise.
ALL offers must be submitted with a cover letter, a copy of earnest money deposit check, and loan APPROVAL letter. In the case of an ALL CASH offer or with an offer with a large deposit, please also include a proof of funds. Proof of funds should be an account statement from a bank or other institution.
Unless otherwise stated, deposit checks should be made payable to the listing broker. Be sure that buyer has funds available to cover the deposit.
Who should I write as the seller in my contracts?
Please enter, "Seller of Record" on all documents.
Will the seller accept a letter of intent?
Typically, no.
About Writing Low Ball Offers:
Our sellers are interested in selling their property. They want to work only with buyers that are serious and will be able to execute.
Please understand and guide your clients to understanding that the seller does not want to and will not get taken advantage of. The seller has hired several real estate professionals to help them determine the value of the property that they are selling. They are interested in selling their property as quickly as possible for the most amount of money - they are not interested in giving away their asset or dealing with low ball offers. Often, our sellers ask for us to cease to present offers to them from agents or buyers that waste their time in processing offers that they would never consider.
Why did the property close for an amount less than the amount that my buyer wrote for?
Sometimes, a seller will consider an offer based on financing or for other reasons. For example, if your buyer writes an offer for $150,000 for a property that the seller believes is worth $100,000, they may not take your buyer's offer because they are afraid that the property will not appraise. Also, they may consider an all cash offer over a government backed loan or other type of financed deal.
How will I know if my offer is not accepted?
We often receive many offers on each property. When your offer is not accepted, you will be notified via email. Please understand that you are important to us - but if we are processing 40 offers on a property, it would be impossible to call you to inform you when your offer has not been accepted. Understand that we will inform you as soon as we know. Repeated inquiries to us will not speed up the process, because if you have not heard from us, we have not heard from the seller.
How do I know if my offer has been submitted?
All offers are presented.
Where do I send offers?
Please send to the Alternate Agent listed in the MLS. If there are no instructions in the MLS, either email to Natasha@GreetingsVirginia.com or fax to 703-564-9815.
What form should I use?
You should use standard Realtor forms. Check the MLS remarks to see if any bank addenda are required to be submitted with your offer.
When will the Seller Respond?
We understand that you want a quick response from the seller - so do we! Unfortanetly, we do not have control over our seller's response time. Sometimes there are several decision makers - this can slow the process. Rest assured, we respect you, we are working hard for our clients, and we will let you know AS SOON as we know any response. Please understand that repeated requests, only slow down the process, because it clogs our systems. Thank you for your patience and trust that we are professionals in the way that we do business.
Will I get a response over the weekend?
No, any offer submitted over the weekend will be presented the following business day.
How does the Bank counter-offer?
In most cases, the seller will give you a verbal acceptance. We understand that this process may be unsettling to you - we don't like it either, but it is the way that the seller does business. Once the seller says, "yes" to your offer, they begin to write their addendum which will be presented as a counter offer. Please read the addendum carefully and ensure that your client understands the terms. After you and your client have read and understood the addendum and if your buyer agrees to the counter offer, please return a signed copy, with buyer's initials at the bottom of each page, with NO changes, or markings on the body of the addendum.
WHEN THE BANK VERBALLY ACCEPTS THE OFFER, WE REQUEST THAT YOU CONTACT YOUR BUYER AND ASK FOR THEM TO BE AVAILABLE TO RECEIVE THE BANK ADDENDUM DURING THE NEXT 72 HOURS. ONCE THE BANK RETURNS THE ADDENDUMS, WE REQUEST THAT YOU PRESENT THEM TO YOUR BUYER AND IF THEY AGREE TO THE COUNTEROFFER TO RETURN THE SIGNED DOCUMENTS WITHIN 5 HOURS.
Additionally, if your original offer differs from the bank addendum, make changes with initials of the buyer to the ORIGINAL CONTRACT ONLY and return with the unmarked addendum AS ONE COMPLETE PACKAGE.
We understand that these timelines may be unreasonable, but it is at the request of the seller.
What do I do if I get a verbal acceptance?
If you are notified that you have an accepted offer, please let your lender know so that they may begin the process. Unless otherwise stated in the MLS, we recommend that you use DANNY CURRIE with DOMINION RESIDENTIAL MORTGAGE because he understands this process and will respond to timelines that are expected of the seller. You may contact him at 703-890-7037 or dcurrie@dominionresidential.com. Some sellers require that your buyer have a pre-qualification letter from one of their loan officers; there is no obligation to use that lender or any lender that we recommend.
Even though the bank may delay getting you a signed contract returned, they still expect for you to close on time. Any postponement may cause the buyer to have to pay a penalty for the hold-up.
How do I prepare my client to receive the bank addendum?
When you are told that the bank has verbally accepted your client's offer, please know that the bank's addendum will follow. Please let the buyer know that once this is delivered to you, it is requested that you return it to the Listing Agent within hours. We understand that your buyer will want to review the counter carefully, but the quicker that they decide yes or no, then the happier the seller will be to continue to work with them. We request that this document is returned to us within 4 hours when possible. Please prepare your client for the requested quick turn around time.
What are the time frames?
Typically, 30 to 45 days for financed purchases and 15 days for cash purchases.
What closing dates do the sellers prefer?
The seller most often prefers that the transaction not close later than the 25th of the month for cash deals and no later than the 23rd of the month for financed deals and prefers to not close on a Friday. Middle of the month closing are the best.
Can the Buyer do Inspections?
Your buyer has the right to inspect the property as agreed upon in the purchase agreement.
Please read the addendum that the seller returns to you to understand and advise your client on what costs that your buyer may incur to perform inspections. Likely, your buyer will have to pay for dewinterization and rewinterization. Some sellers will not provide utilities for inspections.
The seller will not pay for any inspections.
How do we set up inspections?
It is Highly Recommended that you give us 3 BUSINESS DAYS NOTICE PRIOR to scheduling your inspection. Some utilities (such as electricity) will likely be on prior to your making an offer; others will not (such as gas or propane). The Listing Agent will not be responsible for re-inspections and/or associated fees. It is not a bad idea to visit the property a day PRIOR to the inspection to check if systems are on and working.
Can the Buyer cancel if they find something wrong?
The buyer has the right to cancel the contract and receive their deposit back if they do so within their contractual time.
Will the Seller pay for repairs?
No, the property is being sold as-is.
Will the seller accept an FHA or VA offer?
If the property needs any repairs, the seller will not make them. Because of this, it is unlikely that they will accept an FHA financed or VA guaranteed offer. If it is required that repairs be made to the property to obtain government financing, the seller will not pay for such repairs. We will present all offers regardless of type of financing.
Will the Seller pay for lender required inspections?
No. Any requirement's of your buyer's lender are the responsibility of your buyer. The seller will not pay for inspections such as pest inspections.
What are the Contingency Periods?
The contigency periods are as agreed between buyer and seller. Understand that the seller holds these periods to very strict guidelines. They will not tolerate delays and often charge per diem for delays. You can best serve your client by ensuring that they stay within all timelines for closing.
Will the Seller accept an offer Contingent on a home Sales?
Probably not.
Can I add or delete Buyers once in Contract?
Once the property is under contract, changes will rarely be made.
Will the Seller Accept an Assignable Contract?
In almost every situation, No.
What do I do if my buyer client is an investor?
If your buyer intends to take title as an LLC or other entity, the corporation will have to be formed before writing your offer.
About extensions of closing:
The seller will not allow for the closing of this transaction to be delayed. It is vital that you be sure that everything is done in a timely manner. This includes getting inspections complete, and staying on top of th lender including appraisals, etc.
About Negotiating after the offer is accepted:
All terms must be negotiated prior to acceptance to minimize problems during escrow. The Seller will not normally negotiate after they accept your offer.
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