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PROCEDURES FOR
PRESENTING OFFERS ON BANK OWNED, THIRD PARTY, BANKRUPTCY OR
CORPORATE OWNED PROPTERTIES
WRITTEN OFFERS: Fax your offer to our office at 216-472-8114.
It will be presented to the Seller within 1-4
business days. The seller will then counter the offer as soon as
he/she is able, usually within 1-7 more business days.
The counter is typically made “verbally” via email
and a Buyer may counter verbally via email as well.
Please understand that we are usually negotiating the
main issues such as price, time, earnest money and
contingencies. Once
a “verbal” agreement has been reached, the Seller will make
the required changes to your contract and most often will
include some type of corporate addendum and “AS IS”
disclosure. The
Seller typically requires a fully signed original before they
will sign the final contract. Subsequent changes to contracts by
addendum must first be signed by the buyer and then seller will
sign. All properties will be sold “AS-IS”.
This does not mean a buyer must waive his/her home
inspections!
WEB OFFERS: EMAIL your offer outline using our web site at www.SarverRealty.com to convey details or your offer more quickly. Click on “Submit a
Bid on a Property” and then click on “I agree” (to
Procedures) if you do in fact agree and then fill in the boxes
on the offer submittal page. All “blue” fields must have a
value and then all remaining fields should be filled in as
applicable. It is very important to provide valid phone numbers
and especially email addresses.
This transmittal is not binding but is merely an outline
of the offer. Using this format will speed up the negotiation
process. Please be specific and feel free to make any additional
comments in the notes section. After acceptance, all follow up
through to the final closing will be handled via email and it is
important to have email addresses for all involved.
VERBAL
AGREEMENTS:
Our Sellers handle many properties, sometimes numbering in the
hundreds or even thousands and these procedures usually prove to
be the best. Remember
that a verbal agreement is NOT
binding, but we will do all we can to honor the verbal
agreement. Our
Seller cannot be bound to it any more than your Buyer can be
bound. Therefore, it
is not a binding agreement until the final contract is SIGNED and DELIVERED!
MULTIPLE
OFFERS:
Very often, there are one or more outstanding offers of which
you may or may not be aware.
If an offer comes in after you have presented your offer
or after the Seller has verbally agreed to your offer, the
Seller may choose to work with the new offer.
The order in which an offer comes into our office does
not give that offer priority; the seller will always look for
the best price and terms.
It is very common for our Sellers to use the “highest
and best” method when dealing with multiple offers.
I.e., the Buyers are instructed to bring their best offer
within a given time frame. Even
then, the Seller still reserves the right to counter again.
On the other hand, the Seller may simply work with the
best offer on the table. Not
every offer will be countered.
If an offer is less than 80% of asking price, the Seller
will usually reject the offer unless the property is in a low
price range. Remember that highest does not always mean it is
best.
Agents and buyers will NOT be able to speak to the Seller directly. For best results, present a standard real estate contract, a bona fide
and binding Buyer qualification or pre-approval letter, net
proceeds statement, verification of funds such as a bank
statement and sufficient earnest money of at least $1,000.
Of course, the greater the earnest money, the stronger the
offer. You may also attach a note outlining any issues that you
wish to convey to the Seller and we shall forward same.
Many of our Sellers require that earnest money to be held
either by the title/escrow company, the Seller’s agent or the
Seller. Due to the
high volume of properties and the procedures for handling of
same, the Seller most often prefers using a title company of
his/her choice. Title work is often started prior to listing or
sale and expenses are already due. The buyers have the right to
choose their own title company but seller will often still use
their pre-assigned title rep to represent them in the closing,
in which case there will be two title companies involved.
Negotiation and follow-up procedures may vary from case to case.
Please feel free to contact us daily for updates on
your offer. Kindly send
follow up correspondence via email to Dsarver@SarverRealty.com
or Support@SarverRealty.com
. Thank
you for your patience and good luck!
I
agree, go on to the Consumer Guide
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