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HOW TO SUBMIT OFFERS ON A FORECLOSED PROPERTY
 
Selling Agents & Co-Brokers: IMPORTANT INFORMATION - Each of our Bank Owned properties require a pre-approval letter (sometimes though the owner/financial institution to insure the buyer is really qualified) and the banks contract. A copy of the required contract should be on the MLS, but if you have trouble finding it, call and we will fax or email you a set. If the bank does not supply one; use the FAR-BAR as is.
 
Let Us Help You Write your Offer: Take a moment and review this to help you coach your buyer in submitting an offer on one of our bank foreclosure listings. The following are guidelines and apply to nearly all REO's; ours and all others. Those listings that deviate from these guidelines will be stated in the MLS or elsewhere on this web site.

1. The Seller is an out of state corporation that keeps normal business hours. The listing agents endeavor to be available to Buyer's and their agents whenever reasonably possible. Offers submitted in the evening can not be presented till the next business day. Similarly, offers submitted on weekends or Holidays can not be presented till the next business day.

2. The Seller, has never occupied the property and knows of no defects which should or would be required to be disclosed under Florida statute. If any inspections have been completed by or on behalf of the Bank we will share copies of those inspections upon presentation of an offer.

3. All offers should be typed or neatly printed. All offers when prepared and signed by the purchaser, should be faxed to the listing agent at 727-231-0710. The Seller's designated title company will hold all earnest money deposits. With the initial offer, Buyer may place their deposit in your company's escrow account. Once an agreement is reached, within 24 hours the deposit must be transferred to the Seller's designated title company.

4. All offers must include the "FAR-BAR" Contract, the seller's addendum, a pre-qualification or approval letter and lead based paint addendum (if the house was built prior to 1978), Contact us prior to writing your offer to verify availability of the property and to fax (or email) you the proper forms.

5. Read the Seller's addendum carefully. The addendum has been written to conform to the laws of all 50 states. Do not assume that customs and practices that we accept as normal are being addressed in the addendum in the same way.

6. The addendum must be completed even if the Buyer plans on paying cash or obtaining financing elsewhere. Cash buyers must submit proof of funds to close. This can be in the form of a letter from buyer's banker stating that buyer has "sufficient funds to purchase an $ X,000,000 home. " On all cash sales the minimum deposit is $2,500.00; following all inspection periods, the deposit is non-refundable.

7. It is not unusual to have multiple offers on a property. In these situations, the Seller may counter one (the best) offer regardless of whether it was the first offer received, or the Seller may counter all offers simultaneously with a counter offer of "present your highest and best offer" by a certain deadline. The "highest and best" counter is to guarantee all offers an equal opportunity to purchase the property. When told of a multiple offer situation, it behooves the Buyer to submit their very best offer. Do not submit an offer expecting a counter offer where you counter to a better offer. Too often buyer's say "I would have made a better offer if they would have only countered me." In a multiple offer situation you may not get that opportunity.

8. On some properties the Seller will offer financing. Those properties with special Bank foreclosure financing will be designated in the MLS.

9. All sales are "AS IS", all sales are final. If Buyer wants Seller to complete repairs as part of a contract, those repairs and dollar costs for those repairs must be enumerated in the contract or Seller's addendum. Home Inspections are encouraged and are for Buyer informational purposes only.

10. Closing dates are expected to be strictly adhered to. Failure to make loan application and close timely and promptly can cause the Seller to either cancel the contract or assess a charge of $100.00 or more per day for each day the contract is extended. Please note this provision in the addendum.

11. Pricing is determined by market analysis by the listing agents and/or a current appraisal. Both valuations are the confidential and privileged property of the Seller. Pricing is not based upon the outstanding judgment (amount of the past mortgage) amount. Many times a Buyer or their agent will inquire as to the amount of the foreclosed mortgage, more often than not we do not know, Once the mortgage is foreclosed it ceases to exist. Therefore, there is no possibility of assuming the old balance.

12. There is no occupancy before closing. Nor can the Buyer store their personal property in the property before closing.