Frequently Asked Questions
What are some of the requirements that banks want to see in a purchase contract?
- Minimum of a 1% good faith deposit and copy of
check to accompany the offer. (Cashier's check only.)
- Home sold "AS-IS" 30 day close.
- Since this is a bank owned property the bank usually
has NO reports or inspections so the buyer would
need to obtain these at their cost.
- The buyer has 5-7 days to do all inspections.
- A pre-approval letter from the institution named on the
confidential line in the listing, proof of funds, and credit
scores must be submitted with the offer.
- Allow 5 business days for acceptance of your offer.
CAR contract only. Email your offer to bob@atobrealty.com.
- If you are unable to email it then you can fax your offer to
408-626-9384.
- After faxing it, call my office at 408-626-4800 to ensure your
offer was received.
- Laurie, my licensed assistant at extension 104, will be your
contact during the negotiation process. Contact her if you do
not hear a response to your offer within 5 business days.
- Typically the seller will counter with no seller signatures.
- After the contract has been agreed upon we will forward all
paperwork to the seller with disclosures for the seller to sign.
It could then take up to 3 weeks to get the ratified contract back
but we usually get that back within a few days.
- Seller will not make any repairs or provide home warranty plan
for the property.
- Seller WILL NOT REPLY TO A REQUEST FOR CREDIT OR
PRICE REDUCTION after the contract is accepted or after
inspections.
- Buyer's closing costs may not follow the customary costs for
the county. Buyer to pay for the HOA package if the property
belongs to a homeowners association.
- Seller is exempt from providing certain disclosure documents
for an REO property. Buyer will be charged a penalty per day
for extension of closing date.
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