Agent Requirements & Responsibilities to Make an Offer on a Bank Owned Property (REO)
Please Note: My listings are updated twice daily in the MLS as to availability. Keep in mind that the REO offer/counter/acceptance process does take slightly longer than a usual sale. Your patience is appreciated.
The following instructions are very important to make sure your offer gets submitted as requested. These are the sellers’ instructions and must be followed exactly:
- Submit the offer to firstname.lastname@example.org with the property address as the email title.
- All contracts/offers are subject to the REO Bank’s senior management approval. Any offers or counter offers by the Owner of Record are not binding unless the entire agreement is ratified by all parties.
- REO Advisory (C.A.R. Form #REO) must be included with the Residential Purchase Agreement.
- The following items shall be excluded or become the Buyer(s) responsibility:
- RPA-CA - Item #4A(1) and/or 4A(2): Wood Destroying Pest Inspection
- RPA-CA - Item #4C(1) and/or 4C(2): Government Requirements and Retrofit
- RPA-CA—Item #2C(1) and/or 2C(2): Loan limitations
- Seller will recommend an escrow company.
- Buyer(s) shall assume all repair responsibilities for City or County Water Retrofits requirements, if any.
- Upon acceptance of an offer, an “AS-IS” addendum will be made part of the final contract.
- Include deposit check with offer.
- Provide Verification of funds.
- THE ABOVE REQUESTS ARE A MUST! There are no exceptions. These are the sellers’ requirements & offers cannot be submitted without it.