Q: Will my offer be presented? A: Absolutely and always according to State guidelines, subject to any Seller instruction telling us not to. Q: When will the offer be presented to the bank? A: Offers are presented as soon as possible, subject to us having a viable submittable offer, Seller restrictions and other factors. Your offer must be complete and contain: Q: What do I need to present an offer? A: Your office's Purchase Agreement is fine. Of course the better your back up information such as an up to date Pre-appvoral of proof of cash funds, etc will great increase your chances of success. Q: Will you call me to let me know that my offer was received? A: No. If you have included an email address our system will send you a message confirming that it has been received and is being processed. Therefore supplying an e mail address is critical. If you don’t have one…get one or find one. Naturally if you fax your offer, keep a copy of the fax receipt as your submission record. Q: Do you hold offers before submitting them? A: Never. All offers are presented as they come in. Q: Will you let me know the Seller’s response? A: Always. If your offer is accepted or rejected, if the bank has a counter or if they are asking for highest and best we will contact you immediately. If we have not yet called you, then the bank has not yet responded. Q: When will I hear a response? A: Response time depends on how many files our clients are processing at any given time. In rare occasions we have seen responses within a few hours. More typical response times range from several days to a week or more. Some of our clients will not look at any offers the first two weeks on the market by their own company policy! Q: Should I call to check the status of my offer? A: No. It can take time to hear from our corporate Seller, however, a call or / an email to your agent after a few business days is appropriate. Q: What does highest and best mean? A: At the discretion of the Seller your Buyer may be asked to submit the highest and best offer. You may stand firm with your previous offer or you may submit any changes to your offer, including price, down payment, financing type, closing date. They will typically require a response within 24 hours. Please let us know either way. Again, email is the preferred method of contact. Q: An offer has already been accepted. Can I submit a backup offer? A: Yes. Kindly scan and email the offer. Remove any rescission date for obvious reasons. Your client can always withdraw their offer. Q: Can I submit an offer contingent upon the sale of another home? A: No, unless the property is pending and getting ready to close. All offers need definitive, timely closing dates. Q: Can I submit an offer with FHA financing? A: While FHA loans are not explicitly excluded, please bear in mind that FHA may require repairs to be made prior to closing. Our clients rarely allow repairs prior to closing. If the property qualifies for FHA as is, or with light repairs, then it may be possible to present an acceptable offer. Q: What does "commission based on net sale price" mean? A: The net sale price is calculated by subtracting any concessions from the purchase price. For example, if the purchase price is $200,000 less $5,000 in seller concessions the commission will be calculated against $195,000. Q: I have other questions. A: Your best source is your Broker or Manager. Always consult with them first. |