Forclosure Contract

Date: _________________

REO Contract Check List

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Submitting an Offer

	Is the GAR contract filled out completely and signed by buyer?
	Did I remember to ask for a termite letter?
	Is mandatory info sheet filled out?
	Did I remember to include a copy of the pre-approval letter?

Remember that Seller addendums and earnest money are not required at this time.

After the Listing Company sends over the final contract

	Copy the contract three times. Three contracts will need to be returned to Becky’s office. Hold on to the other copy for your records.
	Be sure to have buyer sign ALL three contract in blue ink.
	Earnest money will have to be certified funds or money order made out to either Listing Company or the designated closing attorney depending on the Seller. You can always refer to pg 1 of the GAR to find out who will hold the earnest money.
	Return signed contracts and earnest money within 24 hours

Once executed contract is returned from Seller

	Call the Listing Company once inspection is scheduled to make sure property is de-winterized and utilities are on
	If termite letter has been negotiated, a clear termite letter will be sent to the attorney’s office for the closing.
	Be sure that lender knows this is a foreclosure and that per diem will apply after the contract close date and make sure they have the closing attorney’s information.
	Is the home owner’s Insurance policy in place?
	Has the home warranty been ordered? Note: Listing Company NEVER provides home warranties. This will be between you and your buyer.
	Is lender aware that loan package will need to be to the attorney’s office 5 days prior to closing?
	Call attorney’s office to schedule the closing.
	Contact the Listing Company office immediately if you anticipate any delays or there is a change of lenders. Freddie Mac has their amendment form for any changes/closing delays.

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Agent Buyer(s)