REO Reminders for Realtors  

ü      NO Seller Disclosure Statement

ü      Property sold “AS IS”

ü      No Repairs to be done by Seller

ü      Purchaser may perform inspection at own expense

ü      Any lender required inspections will be the sole responsibility of the Purchaser and own expense. Termite Letter and/or treatment, septic tank and water inspection and certification.

ü      Inspector may de-winterize property, however it is the Purchasers responsibility to re-winterize property by a certified contactor and own expense.

ü      All contracts must be on our pre-written contracts.

ü      All other earnest money checks are made out to Listing Company or the designated “holder” by the Seller.  Please refer to contract.

ü      Typically, earnest Money minimum $1,000 for properties up to 100K, and $2,000 for properties over 100K and must be in the form of a certified checks.  Seller will determine.

ü      Contract should be written for at least a 30-45 day close.

ü      Title of property is conveyed by Special or Limited Warranty Deed.  Recommend title insurance to be purchased at closing.

ü      Minimum response on offers is typically 48 hours. Contracts written after 3PM EST on Fridays are not reviewed until Monday. In some cases third level approval may take up to a week for response.  Do not call office for update.

ü      Original offers must include GA Residential Contract Package with mandatory language, a letter of pre-qualification from lender at least the list price; or proof of funds if paying cash.

ü      Multiple offers received will receive an opportunity to re-submit a revised best and final offer as the Seller will only entertain one offer at a time.

ü      Sellers will designate attorney. No exceptions.

ü      Lender must have package at closing attorneys 5 days in advance.

ü      Purchaser(s) will be charged a per diem fee ($50 - $150) per day (estimate) to extend closings dates.

ü      Purchasers shall have utilities transferred into their name effective on the closing date and have locks re-keyed.

ü      Agent as purchasers may not receive a commission.  Check with Listing Company for clarification.

ü      Buyers can not occupy property prior to closing.

ü     If buyers are using FHA, VA, 100% financing with gift funds or other financing, addendums must be included with original offer.  

Submitting an Offer must include:

Mandatory Information Sheet

2006 Purchase and Sale Agreement

Instructions to Closing Attorney – Commission 

Lender Approval Letter

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Disclosure

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 Despite advertising claims to the contrary, the internet is not an experienced Dancer, Real Estate or Mortgage Professional. It cannot consult, counsel, advise, have knowledge of local laws and market conditions, make judgments, "own" the result, or most importantly, understand your individual goals and needs or care about you as a Customer, Client or Dancer. To obtain an accurate interpretation of any information you're receiving online, please contact Cathy at 404-550-0775 or E-mail: mcm135@aol.com

Last modified: January 10, 2006