This property is being sold in its present condition “AS IS” condition.  Seller will choose title and open escrow.

 

A pre-qualification letter is NOT the same as a pre-approval letter.  A pre-approval letter is required stating credit and income has been verified, approved amount, loan type, LTV/CLTV, etc.  In certain circumstances, the bank may require the buyer to be pre-approved through their preferred lender.  The buyer does not have to use this lender, but must get pre-approved to show ability to purchase the home.

 

Please be aware some of the foreclosure properties have condition issues that leave it unable to qualify for FHA/VA loans.  The seller WILL NOT pay for any lender required repairs to qualify the home for buyer financing.  Please only write offers on these properties if your buyer is willing to pay for the required repairs out of pocket, and is aware they will NOT be reimbursed if they don’t close escrow.

 

If you have questions about availability of a property or want to know if there are offers on the property, e-mail the Barringer Team for the most up to date status available.  Please be advised that due to the amount of offers coming in, there are always offers that have not yet been processed.  Not all banks will counter in a multiple offer situation, so advise your client to put their best foot forward as they may not have a second chance at the property.

 

Please note there is a non-negotiable per diem fee that will be charged to the buyer if the buyer is unable to close escrow by the date stated on their contract.  Make sure to write your contract with a close date your buyer’s lender can meet.

 

The offer must include the contract, copy of deposit check, and pre-approval letter for financed offers and/or proof of funds for cash or large down payment offers.  The offer cannot be submitted for bank approval without all of these items. 

 

You will receive confirmation within 24 hours that your offer has been received on weekdays.  For offers received on Saturday and Sunday, you will receive a confirmation of receipt by the end of Monday.

 

BANKS CAN BE VERY SLOW:  Once the bank responds to your offer, we will notify you.  It can take up to 2 weeks depending on the back and/or the banks work load.  You will be notified immediately upon receiving the bank’s response. 

 

Buyer investigation rights do not start until we have received contract.  Any and all inspections/reports are for informational purposes only.  Seller will not adjust price, complete repairs, nor give concessions as a result of any inspections.

 

Once we receive the buyer signed documents and send the purchase package for seller signatures, please be advised it can take up to 14 business days to receive the seller signed documents back as well as escrow information.  It depends on the bank and the bank’s work load.  We are excellent at forwarding them on immediately upon receipt.  As soon as we have them, you have them.

 

If you have any questions you do not feel this covered, please e-mail them to the Barringer Team.  We understand this is not your typical transaction, and do our best to make it a successful one.