Writing Oregon Offers

This information will help you streamline the offer process!

For up to the minute information on any of my Oregon listings  go the  “Oregon Listing Status”page. If you have questions regarding a listing that isn’t answered on the listing status page you can hit the “chat” button; or, email your questions to:

 PDXPropertyQuestions@gmail.com

 Submitting an Offer, Counter Offer or any other documentation?  Email it to:

  PDXPropertyOffers@gmail.com

  or FAX it to:

 (800) 218­7636

 When submitting any documentation please include a cover sheet with your contact information and be sure to include your email address. We can’t respond to your offer without your contact information. That sounds crazy to have to say… but it happens more often than you think.

 Allow 3 to 5 Days For a Response.

 This is a very stressful time for the seller. They’re in foreclosure, many are in denial, and the offer they receive is a bucket of cold water being thrown on them waking them up to the reality that they’re going to have to move. More often than not they’ll avoid addressing the offers for a day or two… so be please be patient!

Additionally, my team routinely works 10­12 hour days during the week to keep up with the banks, many of which are located on the East coast, because of this they have the weekends off. Any offer submitted after close of business day on Friday will not be addressed until the following business day.

 

Here’s some additional information that will help you.

If you’re writing an offer on a short sale listing expect a counter offer: we counter every offer. So don’t worry about price, come in wherever your buyer wants. If you’ve got a low ball buyer wanting to knock one out of the park… write it up… we’ll do the dirty work as long as it’s not so low that the seller doesn’t take it seriously and rejects it outright; otherwise we’ll work with you.

 

We Present ALL Offers to The Seller.

 

Our protocol is to get one offer in front of the lender and then changing the RMLS status to SSP. The seller will then accept back up offers to hold, unless the lender(s) request that all offers be presented. Once we have lender

 approval, RMLS status will change from SSP to PEN status.

 Back up offers are NOT held in chronological order: they are all in the same position. If the lender approves the short sale and the buyer we submitted for approval “walked”; or, for any other reason can’t meet the price required by the lender, ALL the back up offers will be countered with the approved price. The strongest buyer to accept (or beat) the approved price is then submitted to the lender for re­approval which happens very quickly.

Anticipated lender approval times, seller’s loan information, BPO, and other property specific information is updated Monday through Friday, throughout the day, as needed. You can go to the  “Oregon Listing Status”page to get the up­to­the­minute status.

 

Please understand that that our short sale sellers are in this to save their credit from a foreclosure, most have no or very little money; consequently, every offer will be countered with the following terms and conditions if not stated in the offer.

  1. The seller will NOT pay for any property repairs.
  2. Any home warranty will be paid for by the buyer.
  3. You MUST use the Purchase Agreement from the RMLS.
  4. Escrow & Title to be: “First American Title & Escrow” Stormi Lowe escrow officer.
  5. Use the addendums: “Short Sale for Buyers” & “Short Sale Addendum”.
  6. In the “Short Sale Addendum”, please state an expiration date 1 month out from the date of your offer: NO LONGER than one month.
  7. Please provide a promissory note for the earnest money. Make sure the note states that it will be deposited in escrow within 3 business days of the short sale approval.
  8. Earnest money needs to be $3,000.00 minimum.
  9. No personal property is included in any transaction. All personal property will be negotiated outside of the transaction. A washer, dryer and refrigerator are personal property. If you include it; we will counter it out.
  10. Every offer must be accompanied by a pre­approval letter. If you’re representing a cash buyer send proof of funds to close. A letter from a financial advisor is not considered proof of funds.
  11. DO NOT use an escalation clause!
  12. Read the  “Agent Frequently Asked Questions”page.

In closing I want you to know that everyone that’s part of the Belland Realty Group has the utmost respect for every agent out there tryin’ to make a buck in this challenging and unprecedented real estate market. We’re ready and anxious to help you in any way we can. Please follow the instructions laid out on this page and it will really help to make the process as smooth as silk… especially for a short sale!

 

Very Best regards,

Lawrence Belland, CRS

Belland Realty Group – John L. Scott Real Estate