R J Foster, Realtor®
R J Foster, Realtor®
(316) 258-2670 Direct
(877) 330-9477 Fax
KS Broker Lic# BR00039462
R J Foster & Associates, LLC
Serving Sedgwick, Butler, Harvey & Sumner
"A Better Way To Buy & Sell Real Property"
Newsletter

  Important Information on Bank Foreclosed Properties (REO) and Your Offer

ATTENTION BUYERS BROKERS & AGENTS

REAL ESTATE OWNED BANK FORECLOSED PROPERTY


Brokers/Agents and Buyers

Important Information Concerning Your Offer to Purchase.
STANDARDS OF PRACTICE

*Initial offer must be in the form of an original offer/contract form.
(Offers must be delivered in original form to our office NO EXCEPTIONS.) No faxes will be accepted as the initial offer; however, faxes may be permitted if contract negotiations take place changing the terms and conditions of the purchase offer.

*Original offer/contract must have earnest money attached.
(Sellers Title co. must do the closing due to open title.) If Buyer chooses the Title company, then Buyer pays all Title Fees and Seller does not split any of these costs.

*Original offer/contract must have all required addendum attached.
(Agents please go to PARAGON, Click on DOCS, print, have buyer sign.) DO NOT call office and ask us to FAX them).

*Original offer/contract must have pre-qualification/pre-approval letter attached.
(The Letter should be from the lender the buyer will use.) For Cash Offers please submit a Bank letter of funds available or current bank statement showing fund source. Buyers must prove ability to purchase to Seller satisfaction, regardless.)

*This property is being sold as is in its present condition.
(This means what you see is what you get. Also it means what you don’t discover is also what you get.) We have not had any inspections unless otherwise noted. You may have all the inspections you wish as long as you do them no later than 7 days after contract acceptance.

*If your offer requires financing.
(You should state in your offer which party to the contract is to be responsible for lender or appraiser mandated repairs if any. If you expect the seller to be responsible for repairs, you should state the nature of the repair and the maximum dollar amount the seller is to pay. It would be helpful if a firm bid for the repairs from a contractor accompanied your request. All amount(s) of any lending assistance given to buyer, if agreed by Seller, shall be deducted from the sales price for establishing the basis of commission paid to selling broker/agent.

*Closing is final.
(This means many things, but mostly…we do not contract the repairs for buyers. We may be able to negotiate them into the purchase contract; however, You are buying AS IS and/or Present Condition and are responsible for the repairs before closing or after depending on your lender requirements. (An FHA 203k Rehab Loan up to $154,300 or a Fannie Mae Homestyle Loan up to $344,000 maybe best for you. Please ask about these Special Loan Programs. )

*No contingency offers accepted.
However, if your present home is under contract and your buyer is approved, please submit a copy of your purchase contract along with the name of the lender and phone number or a copy of the loan approval letter for your buyer. (The Seller may consider this only when these additional documents are attached to your offer.)

*Seller reservation of rights.
Seller shall have the right to reject any and/or all offers in any manner, negotiate as deemed appropriate and/or utilize a multiple offer/bid situation, at seller’s sole discretion with impunity. Buyer holds Broker harmless of Seller’s methodology and selection or manner of response to any offer(s) including timeliness or un-timeliness of acceptance or rejection.

*Closing Costs & Adjustments
Seller shall pay the real estate commission per listing agreement between the Seller and the Seller’s listing broker; however, if buyer or purchaser is a real estate licensee, no commission shall be paid to the buyer or purchaser or to any licensee representing the purchaser. This includes any broker or brokerage firm with which the buyer or purchaser is affiliated. Additionally, no commission will be paid to a licensee representing their spouse as the purchaser.

*All contracts must close within 30 days.
Remember your Offer only becomes a CONTRACT when there is Agreement by You with an Acceptance by the Seller.

The Selling Broker/Agent and the Buyer(s) understand that the offer to purchase this property will be honored and submitted to the Seller, ONLY when the above standards of practice, agreed to by the Seller, is followed by everyone. This document must accompany All Offers.

Acknowledged, agreed & accepted by:


Buyer Date Buyer Date


Broker/Agent Date Broker/Agent Company Name