READ THESE INSTRUCTIONS IN THEIR ENTIRETY BEFORE SUBMITTING YOUR OFFER!!!
FAX OR EMAIL YOUR INITIAL OFFER. DO NOT HAND DELIVER
IT! AFTER IT IS ACCEPTED WE WILL INSTRUCT YOU ON ANY CHANGES THAT NEED
TO BE MADE SO THAT YOU WILL BE ABLE TO DELIVER CLEAN ORIGINALS
WHICH WE WILL SEND TO THE SELLER.
Remember to include copy of EM check and lender letter
or proof of funds letter for a cash offer with your fax
or email.
AFTER YOUR OFFER IS ACCEPTED AND CORRECTED PER OUR OFFICE,
DELIVER CONTRACTS TO:
Signature Brokers
5031 S. Ulster St. Building 4, Suite 455 in the DTC.
(Three blocks
East of I-25 and one block North of Belleview. (Just South of the Panera
Bread store.)
303-577-9700 office 303-595-5280 fax.
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MAKING YOUR OFFER:
Here are instructions to present a Fannie Mae (FNMA) offer correctly.
If these items are not
submitted to us as outlined below, and/or there are other significant
errors. We will ask that you do it again correctly. Fannie Mae is very
particular (and so are we) about how the docs are completed.
The forms needed to submit an offer are: (BLUE
ITEMS ARE LINKS TO THE DOCS)
1. Standard Colorado Residential Purchase Offer.
(current version)
2. Earnest Money check.
(When you fax the original offer to our office, please include a
copy of an
earnest money check. This check copy can be a personal check , however when you
deliver the originals after an offer has been accepted, the EM check must be
a certified or cashiers check. NO EXCEPTIONS! Signature Brokers does
not hold earnest money in their account. The EM check needs to made payable to
the title company that is listed in the MLS.
3. Lender Pre-Qual Letter or
Proof of Funds Letter (cash offer)
4. FNMA Addendum
When your offer is accepted we will email you a filled-out
Addendum that has been revised with the agreed upon terms for your buyer to sign. This Addendum with
original buyer's signatures along with the contract originals and cerfified EM
check will then need to
be delivered to our office.
8.
Multiple Offer Form - If you are informed that there are
multiple offers on the property, you'll need to down load this
interactive form. Complete it and submit with your offer.
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OVERVIEW OF THE OFFER PROCESS:
After your faxed Purchase Contract, copy
of EM check, Lender Pre-Qual letter/or Proof of Funds Letter
(cash offers), Broker Acknowledgement Form,
are received by us,
we will submit your offer to FNMA. Normally we have a verbal response
within 48 hours. When and if your offer or counteroffer is verbally
accepted, we will contact you and go over any items in your offer that
need to be redone and or corrected. You will then need to deliver to our
office originals of the "clean" contract and the other
items mentioned above. The originals must be delivered to us within 48 hours after we have notified
you of FNMA's verbal acceptance. Keep in mind that the property will
not be marked Under Contract in the MLS until we have received the
Earnest Money check and the original "correct" documents. The originals
will be sent to FNMA for signatures. We normally get the signed
contract docs back within 1 week from the day we send them.
(Legally your offer is still only verbally accepted until we actually
receive the signed docs back from FNMA, but we consider the
property to be under contract after we receive your originals.)
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COLORADO CONTRACT ITEMS:
NOTE: YOU DO NOT HAVE A CHOICE IN WHO IS USED FOR
TITLE INSURANCE. IT WILL SELECTED BY FANNIE MAE.
INSPECTION DEADLINE: In the date
chart of the contract, please insert
"10 days
After Verbal Acceptance" for the Inspection Deadline and
add 2 weeks more for the Inspection Resolution Date. *(See
NOTE below.)
Fannie Mae does not allow us to use the Colorado Inspection Notice
form. They have their own form which is called an "Amendment," The
Amendment has no deadlines on it. Keep in mind that these
properties are being sold
"As Is," but your
buyer does have the right to conduct an inspection.
If the buyer wants to cancel the contract because
of inspection items, you must inform us within the 10 day Inspection
Period, or the buyer will waive their rights to withdraw the offer for
inspection related issues.
*NOTE: FNMA may consider
making repairs for safety issues or lender required repairs such as furnaces, roofs, etc. If you
have such an issue that your buyer would like to ask FNMA to pay for,
then you need to discuss it with Jeff's office first. They will prepare the FNMA
Amendment (FNMA's version of an Inspection Notice) for your buyer to
sign.) In most cases, if FNMA agrees to make repairs
they will have their contractor bid on it and the cost of the repair(s)
will be added to the price of the property, dollar for dollar.
Please keep in mind that IF Fannie Mae agrees to make
repairs, it can possibly take 2 -3 weeks to get them done. The work must
first be bidded out, then a number of approvals need to take place
before any work can begin. Consider this when you are wanting a
fast closing.
OWNER'S TITLE POLICY (Title Insurance):
IMPORTANT: Please note that
Fannie Mae considers the Owner's Title Policy a Buyer's Closing Cost.
If you want Fannie Mae to pay for this, you need to ask for it in the
contract.
Also....Any additional premium expense to
obtain this additional coverage shall be paid by
BUYER.
SURVEY:
Costs
of any Surveys shall be paid by BUYER.
CIC DOCS:
DO NOT Check any boxes. The Seller will not pay for, nor be
responsible to order any CIC docs. Your buyer will need to obtain these
if desired.
TRANSFER OF TITLE: The deed that you must specify in your contract is
Special Warranty.
Not General Warranty.
TAXES:
Check the box that says: Taxes will be
prorated base on the the most recent Mill Levy and Most Recent
Assessment.
ADDITIONAL PROVISIONS: The
following language must be inserted!!! : "Pursuant to Section 28 of Real
Estate Addendum, this document is subject to all terms and
conditions set forth in the Real Estate Addendum."
OTHER ATTACHMENTS:
The FNMA Addendum and the only disclosures that FNMA will sign are:
Lead Based Paint, Source of Water. You
will not be provided with a Seller's
Property DIsclosure.
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FNMA ADDENDUM:
As mentioned above, please
read the addendum and sign the broker's acknowledgement indicating that
your buyer has read it. You do not need to send us the Addendum until you
have an accepted offer. You will be emailed or faxed a completed version
when your offer is accepted.
The FNMA Addendum can be accessed by clicking
here:
FNMA ADDENDUM (This form is interactive
and may take a minute or so to load depending on your connection speed. We suggest
that you print it out and read it. When the offer is accepted we will
send you a completed version for your buyer to sign. You may
not alter or delete
any of the language in the Addendum.
Investor Buyers:
Page 6 Section 14: Deed: This section applies to non-owner occs only!
If your buyer does not intent to occupy the property,
this section will be apply and indicates that a deed restriction will
be placed on the property which will not allow your buyer to re-sell or
refinance the property for 3 months after the date of closing for more
than 120% more than they started with when they bought it from FNMA.
When your offer is accepted and get the completed Addendum:
Have the buyer initial each page and sign where indicated.
_____________________________________________________________________________________________________________________________
Offer Submission Instructions:
Fax or email the Contract, Lender Letter/Proof of Funds Letter,
Broker Acknowledgement and copy of the
Earnest Money Check to Jeff Fogler's
office.
TheFoglerTeam@5280living.com
FAX 303-595-5280
After the offer is accepted please deliver originals to the Ulster St.
Address.
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Scheduling an Inspection:
Signature Brokers must be in receipt of the
Buyer's signed contract, Bank Addendum, Earnest Money, Broker's
Acknowledgement and check
for Winterization Services (if needed) BEFORE the Buyer schedules an
inspection. Signature Brokers must have 72 "BUSINESS: Hours Notice prior
to the inspection to reconnect utilities.
WINTERIZED PROPERTIES:
During months when there's potential for
freezing pipes, the property will be winterized. Give us a few days
notice before the inspection so that the property can be
de-winterized.
When
the inspection is over, you or your inspector will need to close the
main valve in the property, open faucets so that most of the remaining
water will drain, and leave faucets open. This is done to minimize
damage if pipes freeze before we can re-winterize the property.
Make sure
the main water supply valve to the property is closed before you or the
inspector leaves! We will then
get the property re-winterized.
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Under Contract Period:
Please direct under
contract issues to Melissa Fogler unless otherwise instructed. (See
below for contact info ).
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Re-Keyeing of Fannie Mae Properties:
See the FNMA Addendum/ Par.23: Re-keying property. Before closing the property will be re-keyed.
Rekey Fee is
$150.00 regardless of how many locks there are at the property and will be charged to the Buyer on the HUD Settlement Statement.
______________________________________________________________________________________________________________________________________
CONTACT INFO:
The Fogler Team 303-577-9700 (ofc)
303-595-5280 (fax)
TheFoglerTeam@5280living.com
Jeff Fogler
(Managing Broker) 720-937-5333 cell or 303-577-9700 office
jeff@5280living.com
Melissa Fogler (Broker Associate) 303-577-9700
melissa@5280living.com
Brooke Fogler (Broker Associate) 303-577-9700
brooke@5280living.com
Robin Isaac (Administrative
Assistant) 303-577-9700
robin@5280living.com
Jill
Williams (Accounts Payable/Receivable/Utilities) 303-577-9700
jill@5280living.com
Office FAX# 303-595-5280
rev- 12-17-09