Please read
this page in it’s entirety in order for your offer to be submitted properly.
Things to remember…
1. VA properties are sold “AS IS!” No repairs will be made. If you
need to do a inspection, it must be done before you
make an offer to determine if you even want to make the offer. If a property is
winterized, the water will not
be turned on for your inspection.
2. VA will not counter your offer. It will
either be accepted or rejected. Advise your buyer to make their highest and
best offer!
3. Allow up to 2 weeks for a response to
your offer.
The following forms will be attached to
this email and must be submitted in order for your offer to be considered:
1.
Page 1 and
Page 2 (VA Purchase Contract)
must be signed by
buyer. THIS FORM IS AN INTERACTIVE PDF. IT CAN BE FILLED OUT ON YOUR SCREEN. (Note: Page 2 does not have
a signature line but still needs a buyer signature at the bottom.)
2.
VA Lead Based Paint disclosure (Only if property was built prior
to 1978.
If you need more forms, they can be found at:
http://www.ocwen.com/residential/VA_Broker_forms.cfm
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Explanation of Simultaneous Listing Period
A. If you see a mention of a Simultaneous Listing
Period in the MLS, here’s what it means:
When the VA puts a property on the market or
changes the price, they initiate a "10 day simultaneous listing
period." What this means is that during this period they will receive and
gather offers, but not respond until after the period is over. The concept
is similar to HUD's initial listing process. If the property is
past the simultaneous listing period all offers are responded to individually
as soon as they get to it.
__________________________________________________________________________________________________
Here are some tips about
making an offer on a VA / Ocwen listed property
Contract Tips:
A. Type or print the required info. If it
is not clearly legible it will need to be redone. So make sure we can read
it. Fax the offer to me at 303-484-3521. Your offer will be scanned and
emailed to Ocwen. In most cases the response to your offer will be sent
to you via email, so make sure that I have your correct email address and that
you check it daily.
B. At this time I do not know what the response time
on your offer will be. It will depend on the work load of the person at OCWEN
assigned to the property. So far it has not run more than 1 week.
C. The
OFFER TO PURCHASE AND CONTRACT FOR
D.
UNDER SECTION II: TERMS OF PURCHASE.
Only the left side of the
form is used. The right side pertains to VA financed loans which are not being
offered here. Regardless of that type of financing you are using (or cash), use the left side
of the form.
E. SELLER will be identified as
"OCWEN FEDERAL BANK FSB".
F. REAL PROPERTY CONDITION: The sales contract
shall expressly state The Seller makes no representations or warranties as to the
condition of the Property; improvements or appurtenances, and that the property
is sold "AS IS - WHERE IS". All standard or preprinted
warranties and representations concerning property condition shall be deleted.
G. EARNEST MONEY: Promissory notes will not
be accepted as earnest money. Except as may otherwise be required by
applicable law, each sales contract
shall provide that in the event of default by purchaser, earnest money will be
forfeited in full and paid to Seller immediately upon demand.
H. DEED: Unless otherwise specified by Seller, Seller will
convey the property only by a Special Warranty Deed.
I. POSSESSION: Broker is not
permitted to deliver possession or occupancy of the property in whole or part
or give keys to the purchaser to use or effect repairs on any part of the
property prior to closing of the sale.
J. COMMISSION AMOUNT: PUT the amount
that 6% calculates to in the Sales Commission box. You will be paid the
standard 2.8%. VA is only interested in their net.
K. Keep in mind that
these properties are sold in "as is" condition. No repairs will be made! All of your
inspections must be done before you make the offer.
L. Reference to the principal
broker in the contract is your
company.
M. TITLE INSURANCE: VA doesn’t pay for the title
insurance for the buyer
. This is a buyer cost.
If you want VA to pay for it you must build it into the contract on line D as a
seller paid closing cost.
O. I prefer to be communicated with via email, however you may feel free to contact me by phone if
email presents a problem for you.
THANKS FOR
THE OFFER, AND GOOD LUCK!
I’LL
CONTACT YOU IF WE NEED ANYTHING ELSE, OR WHEN WE HAVE A RESPONSE. FEEK FREE TO CONTACT ME IF YOU WANT AN UPDATE.