OFFER GUIDELINES AND ADDENDUM INSTRUCTIONS

PLEASE REVIEW OFFER GUIDELINES AND ADDENDUM INSTRUCTIONS CAREFULLY

Once offer guidelines and addendum instructions are reviewed and acknowledged by clicking ”Submit” button you will be directed to an offer page where you will input details of your offer and upload required documents as PDF files.

Please be advised that all fields marked with * are mandatory and you will not be able to submit your offer unless they are completed.

IF YOU ARE NOT FAMILIAR WITH OUR OFFER SUBMISSION PROCESS WE RECOMMEND THAT YOU PRINT THESE INSTRUCTIONS TO HAVE HANDY WHEN YOU ARE READY TO SUBMIT YOUR OFFER

AND WATCH THE INSTRUCTIONAL VIDEO BELOW

                        

HOW TO COMPLETE THE OFFER PAGE


*Please make sure the accuracy of the listing type as required documents vary

Buyer Information:

  1. Make sure to use buyer(s) legal full names, including middle initials if applicable. Spell names correctly and enter them in the correct fields (first name, initial and last name). If there are more than three buyers, enter all additional buyers’ information in the notes section below making sure to use their legal names and that spelling is correct as well.

  1. Even though there are fields buyer’s phone number and email, if you don’t feel comfortable providing this information you can enter your own.


  1. Make sure the loan type is the one that will be used by the buyer. If your offer is accepted and this information is incorrect, to be able to correct it, in most cases the offer needs to be cancelled and entered as a new offer. In that interim, you run the risk of another offer being considered and accepted. In addition, the required documentation fields below will be visible depending on your loan type selection.

  1. This needs to be the accurate information as well. As mentioned above, to make any corrections after an offer has been accepted, in most cases, offers need to be cancelled and entered as a new offer In that interim, you run the risk of another offer being considered and/or accepted.


The above section is self-explanatory


Buyer’s Attorney: Even though the buyer’s attorney information is not a mandatory field, entering it will be helpful and will expedite contract paperwork once an offer is accepted.


Enter Lender Information; if applicable. Please note that if you selected Cash as the loan type this section will not be visible.

  1. List Price

  1. Offer Amount: If you are asking for seller’s concession, concession amount must be included in the total offer amount.

  1. Down payment at contract: amount buyer(s) will be putting down at the time they sign contracts. Banks do not ask for a specific amount, this is up to the buyer and lender to determine.

  1. Additional Cash at Closing: Any additional amount in cash buyer(s) are putting at closing.

  1. Loan Amount: Total amount being financed. If you will be financing more than the offer DO NOT change the offer amount, just indicate the total loan amount here including the overage amount you will financing and type an explanation in the notes section below.

  1. Seller’s concession: Amount being requested to seller towards buyer’s closing costs.

  1. Home Owner Warranty: Requested amount towards Home Owner Warranty. Some banks offer a specific amount; please refer to the MLS listing and MLS listing attachments for explanation.

  1. Number of days for inspection: keep in mind that if this is a bank owned home, for the majority of the banks they DO NOT allow inspections until contracts are FULLY EXECUTED. Inspection is buyer’s responsibility. If all utilities are off, confirm with listing agent prior to submitting an offer if they will be turned on and if property will be de-winterized for buyer’s inspections. Remember, neither seller nor seller’s agent will have utilities turned on in their name unless it was negotiated in the offer and approved by the seller.

  1. Closing Date: This will be according to the financing type. For REO properties, most banks follow these guidelines: Conventional financing-45 days, FHA/VA/USDA-55 days, Cash-30 days. If requesting more time than these guidelines, most likely the seller/bank will counter your offer to change the closing date to their guidelines. Per diems and/or extension fees are typically included in our client's addendums. These are charges for delays that are not caused by the seller. Seller will NOT pay any per diem for any delays in closings nor will any commissions be paid without the transaction being closed and funded. This is not a negotiable item. So make sure you are offering realistic closing time frame otherwise you will be putting your client at risk of paying per diem charges for not closing on time.

  1. Other Requested Credits: If requested please type the details on the notes section. If none is being requested please enter 0 (zero.)

  1. Notes: Any additional information or clarification you want to let us know that the offer form did not cover.

For Financed Offers


These are mandatory documents (PDF files only, applies to both, financed and cash offers); you will not be able to submit the offer if any of the documents with the asterisk is missing. (For instructions on how to attach documents please watch the instructional video)

  1. Pre-approval Letter

  1. Proof of down payment

  1. This one will show ONLY if you selected Multiple Offer Situation.

  1. For additional files, if required. Please type the name of the file you are submitting on the space provided.

IMPORTANT: We don’t need your personal offer sheet or Agency Disclosure. Unless requested in agent to agent remarks in MLS, please don’t add any other documents.


For Cash Offers

  1. Proof of Funds.

  1. This one will only show ONLY if you selected Multiple Offer Situation.

  1. For additional files, if required. Please type the name of the file you are submitting on the space provided.

IMPORTANT: We don’t need your personal offer sheet or Agency Disclosure. Unless requested in agent to agent remarks in MLS, please don’t add any other documents.

  1. Enter your email address to receive a copy of the offer

  2. Type the letters in the box

  3. Click on Send


IMPORTANT ADDITIONAL INFORMATION

  • It is the responsibility of the buyer and buyer's agent to verify all information provided pertaining to the property.

  • The Contract of Sale is for real property. Any personal property found in the structure or on the parcel is not guaranteed by the seller and should not be included in the contract. Remember, this is an “AS-IS” sale.

  • Response times to your offers will vary depending on our client. Wait times can be as little as one day and as long as two weeks. Please be assured that when we have any communication from the client regarding your offer, we will communicate it to you. Updates on your offers are requested via e-mail only with all inquiries sent to offers@NYREOExperts.com. Please include the property address, buyer name, and your name (Agent).

  • Seller will not provide a written Letter of Rejection. Notification of acceptance or rejection will be made by the listing office. Seller also reserves the right to accept the offer of their choice, regardless of the order in which it was received.

  • Negotiations are via email. Once an offer is accepted an addendum will be sent to you for completion. The addendum and all supporting documents as required by the seller must be returned by the date indicated on the addendum. NO EXCEPTIONS!

  • Our clients require their addendums to be a clean copy (this means no additional verbiage, words crossed, blotted out, or any form of alteration to the addendums). If you have negotiated other terms such as additional closing costs that are not covered on the bank addenda, you may add an additional addendum.

  • Sale price, inspection dates, closing dates, and earnest money must match on both contract and addendum. DO NOT send in contracts and addendum with conflicting values. Complete contract and addendum must be returned by the date indicated on the addendum. Contracts with conflicting values or incomplete information will be rejected.

  • Buyer and buyer's agent understand that delays can be caused that are outside of the seller's control, such as the filing of the sheriff's deed, point of sale inspection etc. Under such circumstances, as it is throughout contract acceptance to close, no repairs or alterations are to be made to the property. A notification to the listing agent must be made for every showing. Buyer's agent must be present at all showings.

  • Seller will make no repairs to the property unless it was negotiated in the offer. It is the responsibility of the buyer and the buyer's agent to ensure that all deadlines are met with regards to financing and inspection contingencies. Failure to meet these deadlines may result in the loss of earnest money. The property is sold AS-IS. Remember, the seller will make no repairs unless they are lender required repairs.

  • Acknowledgement of this form must be present with all offers. Thank you.

 

 I have read and understand the offer submission process

 

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