REO Foreclosure Properties For Sale

 

 

Please Email Offers to REO@DareToCompareTeam.com or fax to 703-831-8962

 

 Please read the instructions for Bank Of America REO Purchases.

 

 

Printable Version

 

REQUIREMENTS FOR BANK CONTRACTS

· No bank addendums required until bank accepts offers

 

· Email offers to REO@DARETOCOMPARETEAM.COM or fax to 703-831-8962 Please call 

  703-803-3889 to let me know you sent an offer

 

BUYERS MUST BE PRE-QUALIFIED WITH BANK OF AMERICA. CONTACT RICK ELMENDORF AT 877-391-2900 or www.LOANWITHRICK.com  (click on the Get PreQaulified Link)

 

· On Page 1- Owners name should be listed as “BAC Home Loans Servicing, LP”

 

· On page 10 under “For Informational Purpose Only” include the following:

          o Listing Company is Century 21 New Millennium

          o Address is 5109 Westfields Blvd, Centreville, VA 20109

          o Office number is 703-818-0111 Office fax is 703-831-8962

          o MRIS Broker Code is CENT2003

          o Agent Name is Bob Scherbarth

          o Real Estate License Number is 0225 063797

          o Licensed in VA

          o MRIS ID is 74081

          o Email is bobscherbarth@aol.com

 

· One Page 1 of the Virginia Jurisdictional Addendum, all deliveries should be mailed: Attn: Bob Scherbarth, Century 21, New Millennium. 5109 Westfields Blvd, Centreville, VA 20120 or Fax 703-831-8962 or emailed at REO@DareToCompareTeam.com

 

· If you use Addendum of Clauses, include "AS/IS Clause." Home inspection contingency may be used but include "For Informational Purposes Only." (These items are located in section 12 & 13 of the BAC Home Loans Servicing, LP RE Addendum already.)

 

· Seller decides where the EMD will be held. NO EXCEPTIONS. EMD should be payable to CENTURY 21, NEW MILLENNIUM AND MUST be converted to CERTIFIED FUNDS or MONEY ORDER within 48 hours of acceptance. EMD will be delivered to the Listing Agent with Addendums which are generated at the time of acceptance.

 

· CASH OFFERS-need to be accompanied with a bank statement or letter on bank letterhead, less than 30 days old showing the balance of the sales price plus closing cost. Most banks will want to see the Earnest Money equaling 10% of the sales price for cash offers and close within 30 days. Cash offers without proof of funds will NOT be submitted.

 

· Lender Letter- No exceptions. This must be a Bank of America Home Loans Letter per the Seller. (The Seller will not review the offer without this.) THIS MUST BE SUBMITTED WITH THE CONTRACT. IF THERE IS NO BANK OF AMERICA HOME LOANS PRE-QUAL WITH THE CONTRACT-THE OFFER WILL NOT BE SUBMITTED.

          o Please Contact Rick Elmendorf's office for a loan officer with Bank of America Home Loans to pre-qualify before submitting an offer on our Bank of America Home Loans Foreclosure listings. You can start the process online at www.LoanWithRick.com  (Click on the Get Prequalified Link)

CONTRACT NOT SUBMITTED PER THE INSTRUCTIONS ABOVE ARE INCOMPLETE AND WILL NOT BE SUBMITTED

 

Expectations

In order to prevent confusion or miscommunication:

 

My client response to all offers within 48-72 hours. If an offer is accepted, status will remain active in the MLS per MLS rules. Accepted is NOT ratified. Accepted means that the submitted offer meets the Seller’s minimum criteria and eligible for presentation for corporate review. Alerting other agents that a contract has been accepted and ratification is pending will be added to the agent remarks in the MLS. Other offers will be submitted if the Seller request. If the Seller elects not to accept any additional offers, any contracts that are received after contract acceptance will be held as back-up.

 

Although rare, the Seller may elect to pull the property at any time to put it up for auction or take it off the market. At times, bank owned properties are backed by investors, and are sold in blocks to other investors. If the subject property happens to be in a block that goes up for auction or is pulled from the market, the EMD check will be returned and the contract will be considered “Null and Void” whether or not it’s ratified and the listing will be immediately withdrawn from the MLS. This is a business decision, not personal and there is nothing I can do to sway the decision if that happens.

Please do not schedule an inspection/appraisal etc until my office has confirmed all utilities are on at the property and that it has been de-winterized. The BEST way to coordinate is to send my office an e-mail at least four days prior to any inspections. We will submit the request immediately and follow-up with you upon completion. Please refrain from calling or e-mailing every day to check the status or de-winterization/utilities. We will be sure to get you updates as soon as they are available to us.

 

It takes up to a MINIMUM of 2-5 BUSINESS DAYS for the signed contract to be returned from my client. If I receive it earlier than that, I will forward you the signed contract via e-mail. Set this expectation with your client(s). Please refrain from calling me to inquire as to why you haven’t heard anything about the contract UNLESS IT’S BEYOND THE TIMEFRAME GIVEN ABOVE.

If at any time the lockbox combination is shared with your client(s) OR keys are removed from the lockbox and handed over to your client(s) prior to closing, I will notify your broker and request that the property be rekeyed at your expense. DO NOT PUT YOUR LICENSE ON THE LINE TO PLEASE YOUR CLIENT(S)!

 

Closing may be delayed because of title issues. So do not panic! It is better to close late and have a legal transaction than to rush to close and have your client(s) stuck with a house they can’t sell. I suggest projecting the close date 45 days out from the date of contract but keep the flexibility of closing earlier. The close date will not be moved up based on verbal agreement. IT HAS TO BE ON AN ADDENDUM. To avoid headaches, do not request to close during the last week of the month. You will be competing with thousands of other contracts and some will be pushed out to keep the bank’s workload manageable.

 

Please Email offers to REO@DareToCompareTeam.com or fax to 703-831-8962