Writing Washington Offers

This information will help you streamline the offer process!

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

SeaTacQuestions@gmail.com

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

 SeaTacOffers@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. This sounds crazy… but it happens more often than you think.

 

Allow 3 to 5 Business 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 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. Come in wherever your buyer would like, 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 NWMLS status to Pending BU requested. Seller will then accept back­up offers to hold. Once we have lender approval, NWMLS status will change to PENDING.

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  Washington Listing Statuspage 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 NWMLS.
  4. Escrow & Title to be: “Chicago Title & Escrow”
  5. Use the short sale addendum: “Short Sale Addendum to Purchase & Sale Agreement”.
  6. In the Short Sale Addendum, please state an expiration date 45 days out from the date of your offer: NO LONGER THAN 45 DAYS.
  7. Earnest money needs to be $3,000.00 minimum and to be deposited with escrow within 3 days of short sale approval.
  8. No personal property is included in any transaction. All personal property will be negotiated outside of the transaction.
  9. Every offer must be accompanied by a pre­approval letter. If your representing a cash buyer send proof of funds to close.
  10. Please include “Financing Addendum to Purchase & Sale Agreement” mark buyer’s financing. The lender will NOT agree to pay more than 3% of buyer’s closing costs, and will probably not pay any.
  11. Do NOT use an escalation clause or your offer may be declined.
  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