This information is intended for Licensed buyer agents who intend to submit an offer for a short sale status listing.
When submitting an offer to one of our short sale listings please take into consideration the following points in order to help us process your offer in a timely manner.
1. - Offers 10% or more below asking price may not be responded. Offer acceptance deadline will be sufficient. We present all offers to seller but since a short sale acceptance is done by Primary Lien Holder, approval is subject to Lien Holder's decition, not to sellers. Seller's acceptance of an offer prior to Lien Holder's Approval is not relevant due to the short sale addendum. Price reconsideration below 10% of asking price can be done with a current appraisal of the subject property attached to the offer at buyer's expense. The sole submission of an offer below the asking price will not disrupt the current Marketing Status (MLS) as active and will not be processed with buyer's agent until Lien Holder either accepts or counters the amount. Counter Offers made by Lien Holder (s) to buyer will be made by a simple communication ( Email ) to buyer agent and if counter offer is accepted by offeror then paperwork will be processed at that time. We do not recommend it, but a Lowball ( 10% below Fair Market Value ) offer may be submitted to LH only it the prospective buyer agrees to pay a "non" refundable service office fee of $1000 for the office and other expenses that will carry this offer submission but this is at buyer's own risk and does not guarantee an approval whatsoever. Negative Response can be delivered to offeror 48 hours after submission and will only happen with listings that do not have a pending offer at the time.
2. - Offers have to be done using the Residential Contract form only and have to attach short sale addendum and current verifiable proof of funds with the name of the buyer at the time of submission. Proof of funds with a different name ( beneficiary ) than offeror or that are not verifiable will not be accepted and offer will be considered incomplete and will not be processed.
3.-All Short Sale negotiations are to be done by Prime One Realty. No Lender Info, seller info or any other information not yet provided in this website or public records will be given at any time to any buyer agent or third party working for or with buyer agent.
4.-Send offers with current proof of funds and Short Sale Addendum to our email address:
DavidLandman@primeonerealty.com
5.-All information available is on this website. Any additional questions please send by email only to :
DavidLandman@primeonerealty.com
Phone Calls for information may or may not be returned since we do not have any other information available and phone conversations sometimes are futile.
6.-Buyer agents who send offers that are accepted for a short sale with LH acceptance where buyers walk away at the last minute will be recorded at our office for future offer acceptance evaluation and due to our fiduciary duties to our clients ( homesellers ) we will need to disclose to them about our past experience with such buyer(s) agent(s) unless proof of distress is submitted to Prime One Realty. It is understandable that a buyer agent sometimes submits multiple offers at the same time so their buyer will be sure to get an acceptance, but that is not a good idea as a seller who also deserves respect. We kindly request to verify buyer's Financial ability and willingness to wait for SS approval. Short Sales take some time and a buyer who is in a hurry to purchase a property may not be a good Short Sale purchaser. A Short Sale Acceptance by Lien Holder may take from 30 days up to 150 Days and there is no way to know a specific time frame for approval.
7.-Title Company to be used as noted on the MLS. Please do not submit offers with a different Title Company since that will not be accepted. Our Listings have title work already processed and paid and Title Company partnered diligence is required with the Short Sale Process.
8. - Our listings not listed on this site are not available at this time. We do not have any information in regards to status or anything else about Listings other than the ones listed below.
9.- All Short Sale Listings ( not 'regular' non-short sale ) are sold "AS IS". Seller will not be committed to perform any special actions to the property like cleaning, painting, fixing, haul away or else. Personal property left at the premises after closing will need to be taken off by buying party. Adding this kind of clause in the additional provisions section will be futile and will not serve any purpose. Notice to Terminate within the time frame specified in the contract will be buyer's only recourse in regards to the property condition and the Earnest Money deposit ( if Applicable ). Short Sale or REO properties do not offer any kind of warranties, this means no roof certification, furnace or any kind of certification or warranties. If you as buyer agent want to offer any kind of warranty to your buyer is at your own expense. Please do not include any kind of wording in regards to this matter since that will create a problem for you with your buyer at the time of closing, since that can not and will not be met by seller even if the offer was accepted by seller, due to the Short Sale Addendum that alters the terms of the primigenial contract. If you send us a notice to correct, it will be rejected by the short sale seller. NO INSPECTION NOTICES to be accepted or processed. Short Sale properties are sold AS IS and seller will not accept any kind of request from buyer in regards to property condition.
10. Submitting an offer stating that will be paid with cash will not give any advantage to buyer. Lien Holder's will get paid with cash anyway so if the offer is with cash that will not change anything in regards to offer position or consideration of offer. The only fact that has value when submitting an offer is the offer 'AMOUNT', the higher the amount the better. Lenders have enough resources to be patient and wait for a good ( in amount of dollars ) offer. Sellers in distress are not in a hurry to sell so if an offer is a cash offer that will not make any difference to them neither.
11.Please use MEC ( Mutual Execution of Contract ) dates and deadlines on your contract. Acceptance may not be done before any deadline requested by the buyer agent's contract since a Short Sale transaction is subject to Lien Holder's approval ( third party ) and has the Short Sale Addendum attached so these dates and deadlines are futile. If you wish to present an offer for a short sale listing you need to take this into consideration.
12. If you submit an offer for the asking price or above and we present your offer to Lien Holder (s) we will let you know that we are working with your offer only, and this will show up in this board and the MLS as offer pending taking back ups.
13. FHA/VA guidelines for buyer's loan are to be met by buyer, this guidelines shall include some issues with the property like having all gutters in good condition, no broken windows, no chipping paint or else. Any repair that is needed to pass the FHA approval has to be done by buyer at buyer's expense. If the Listed property has an FHA or CONVENTIONAL loan it doesnt affect the buyer or buyer's lending process in any way. Please dont send any kind of NOTICE TO CORRECT since short sales and REO ( Bank Owned Properties ) are sold AS IS with no exception.
You can check the HUD/FHA guidelines / appraisal guidelines to check for any special FHA requirement for FHA backed home loans.
http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/handbooks/hsgh/4910.1
14. Short Sale acceptance by Lien Holder is not guaranteed. Most Lien Holders will accept a short sale offer to avoid a public auction and other issues involved but there is always a chance that the property will become an REO. ( Bank owned ), and in this case, all offers submitted for a Short Sale bid will be denied by lien holder. We close most of our short sales but there is always a chance of a foreclosure. There is no agent that can guarantee that a property in short sale will not be foreclosed on by lien holder(s), but the best way to keep a deal is to send a good ( in amount of dollars ) offer.
15. If your buyer can not repair any required issue by the FHA inspector sent by buyer's lender, you can always refer your client to another Mortgage Broker or Banker that have some programs using Conventional Lenders but with FHA rates, down payment requirements and less property condition requirements than the FHA. Please ask for more details. We have information regarding Lenders who can offer Conventional Loans with 3% down and around the same FHA interest rate.
16. In regards to the Earnest Money deposit, this shall be executed when we will send the Buyer's agent written notification via email that the Short Sale has been approved by lien holder (s) and we are ready to move to closing. At that time we will send the buyer's agent disclosures and Closing instructions so the Earnest Money deposit can be done by buyer's agent at the title company specified in the MLS.
17. Our listings that are not listed below are NOT SHORT SALES, are REGULAR SALES with no Lien Holder's approval required. Some do not have Lien Holder, are Investor or private party owned so Short Sale requirements will not apply. Closing on this properties can be done as soon as buyer's funding is at the closing table.
18. Information about a scheduled sale date at the public trustee's website is not always accurate. A property with a scheduled sale date published may not be sold at auction since when a short sale is in process the negotiator will request the postponement of the public auction 24 to 48hrs prior to auction and that information is not public, so if we are working with a short sale offer dont worry about sale dates or if the listing shows active is likely that there will be a postponement of the sale date.
