Berkshire Hathaway HomeServices Georgia Properties | Selling Agent Instructions
Thank you for your client's interest in this Fannie Mae owned property.
Buyer's Agent Offer Procedure
All offers must be submitted via homepath.com
Our bank foreclosures sell on average, in 90 days or less. They are priced competitively in the marketplace. It is not unusual to have more than one offer at the same time and you will be notified of a multiple offer situation. Fannie Mae has a "First Look Rule" which they will not entertain "Investor" offer for the first 20 days from it being listed. They do not respond to "Owner Occupied" offers for 3 days after it has been listed.
Before submitting an offer, if your buyer is financing the purchase, they must submit with the offer a valid pre-approval letter from their lender.
Deed Restrictions (Only applied to a non-owner occupant purchaser.)
A deed restriction will be added to all non-owner occupied purchases limiting the next purchase price of the property to 120% of the sales price for three months following this transaction.
Earnest Money Guidelines
Earnest money must be made payable to Berkshire Hathaway HomeServices Georgia Properties in the form of certified funds, or wired to the Sellers approved attorney.
Financed Sales Offers $500-$1,000 ? homes priced under $100,000
$1000-$3000 ? homes price over $100,000
All Cash Offers 10% of sales price
The seller or 3rd party did not occupy the subject property. Therefore no disclosure is provided. You DO have the right to an inspection.
All properties are sold "as is". If personal property such as refrigerators, wash/dryers, etc. is present in the house after the home has been trashed-out and/or repaired, they will remain. Fannie Mae will not sign a Personal Property Exhibit nor warrant the existence of any such items nor their usability.
The seller may or may not have previously inspected the property for termites. If previously inspected, the may have been treated. If not, it will be the Buyer's responsibility to inspect the property for termites during the buyer's inspection period to determine any active or prior infestations. The cost of the inspection will be the buyer's responsibility. If the buyer's lender requires buyer to have a clear termite letter date 30 days or sooner from closing, the cost of that letter will be the buyer's responsibility
The seller will not accept an offer with a "Contingency on Buyer's current home sale".
Accepted/Completed Offers MUST include
You have 48 hours upon receipt of the Seller's Addenda to present the listing agent with the following items:
1. Seller's Addenda and GAR Purchase Agreement MUST match.
2. Insert the following language in the "Exhibits and Addenda" (special stipulations) section of the GAR "Purchase and Sale Agreement".
"Pursuant to Section 28 of the Real Estate Purchase Addendum, this document is subject to all terms and conditions set forth in the Real Estate Purchase Addendum."
3. Fannie Mae Contract Addendum initialed on ALL pages and signed where indicated. (If your buyer is asking for the Seller to contribute any closing costs, Home Buyer warranty, other fees, etc. or has any contingencies/requests, please input the terms in the paragraph 38 of the Addendum as well as in the GAR form.)
4. Copy of the earnest money or wire receipt.
5. Copy of Prequalification letter or Proof of funds for a cash transaction. Proof of funds must show the buyers name and be current.
6. Commission Agreement.
Offer Presentation Policy
Per the Seller: All offers must be submitted via homepath.com
Upon verbal acceptance, the acceptance may be conditioned on Management approval, Mortgage Insurance Company Approval and/or Qualify Control Approval. It may take several days for final approval (s).
If you perform an inspection while under contract and are requesting Fannie Mae to perform repairs of defects, please only send the "Fannie Mae Amendment Form" that came with the seller's addenda. Do not send the inspection report as the listing agent will destroy it without reading it.
Fannie Mae will disconnect utilities on the scheduled day of closing regardless of what time of day the sale is closed. It is your buyer's responsibility to have any final walk-through completed requiring utilities services and to have utilities transferred into their name by the original date of closing. If the closing is delayed because the buyers or buyer's lender's action and utilities are disconnected, Fannie Mae will have no responsibility to reconnect utilities.
Notify the listing agent no later than 48 hours prior to inspection to ensure the property has been dewinterized.
THANK YOU FOR YOUR INTEREST IN THE PROPERTY AND WE LOOK FORWARD TO WORKING WITH YOU!!!