Short Sale Addendum #1 (CASH OFFERS ONLY)

IN ORDER TO PROCESS YOUR OFFER, PLEASE FOLLOW THESE DIRECTIONS AND INFORM YOUR BUYERS:

Please understand we have been doing short sales for well over 5 years, we have a closing ratio above 90%, so we know how to handle them. We have refined our short sale system and through our experience we have develop a system to help expedite the process and ensure a quick and easy close, without any further complications or negotiations.

All buyers must be Pre-Approved with Jason Gordon at Amerifirst Mortgage and submit the required documentation to Jason within 48 hours of submitting their offer to Rod Watson. Buyer’s agents and/or buyer’s current loan officer may NOT submit this information on their behalf. Please have your buyer contact Jason Gordon immediately upon writing your offer to ensure your offer package is complete when presenting it to the seller. Complete packages (including Amerifirst Prequal letter) will take precedence over those that have not followed the offer/prequal instructions: 

Jason Gordon at Amerifirst Mortgage

jgordon@amerifirst.us

Direct: 619-200-8031

Online: www.ApprovingSD.com

REQUIRED DOCUMENTS TO BE SENT TO AMERIFIRST MORTGAGE REP:

• Copy of credit report within 90 days or signed buyers authorization
• Last Two years of W-2′s. (09′ and 10′)
  
• Bank Statements covering past two months
• Pay Stubs covering the most recent 30 day period
• Any additional requested documentation by Amerifirst Mortgage. (Possibly 2 years tax returns)
  

BUYER TO PLACE DEPOSIT IN ESCROW – for an amount of minimum 1% of the purchase price, into escrow for a period of 90 days, once the offer has been accepted between buyer and seller, which will be contingent upon lien holder or lender acceptance of offer. After 90 days buyer may exercise option to cancel and deposit will be refunded to buyer. Once deposit is received the property will be moved to contingent in the MLS.

HOW TO WRITE YOUR OFFER:

NO DIGITAL SIGNATURES: Very few Short Sale lenders are accepting digital signatures on any documents submitted as a part of the short sale package at this time. Rod Watson will no Longer accept offers that are Docusigned or digitally signed otherwise. This includes the Buyer’s Agent’s signature. All offers submitted must have wet signatures on the entire contract and all supporting addenda

Buyer Closing costs: may be requested with FHA or VA financed buyers up to 3% max.

CAR Form (SSA) Short Sale Addendum needs to be incorporated into contract.

1. CAR FORM SSA – Paragraph A –Date 90 days from offer Date
2. CAR FORM SSA – Paragraph 3 – Check Box For “As Specified In the Agreement
3. CAR FORM RPA – Section 11.B – Check Box for Short Sale Addendum (C.A.R SSA)

CAR Addendum (CAR-ADM) needs to be incorporated into contract.

1. Please Download our Addendum 1 ( see above)  or request for it to be e-mailed.
2. CAR FORM RPA – Section 11.A – Check Box for Addendum # 1 (C.A.R Form ADM)

Seller To Select All Services – Escrow, Title and NHD Companies are all choices of the seller.

SECTION 4.B – Government Requirements and Retrofit: Please check “Buyer” in Sections 1 and 2.

SECTION 4.C.1 – Please write “Each party to pay their own fees”

SECTION 11.A – Please check box “11.A Addendum # 1″

SECTION 11.B – Please check box “11.B Short Sale Addendum”

PAGE 8 – Please include ALL of your information and license #’s as well as listing agent’s information (as follows):

Address – 1217 Camino Del Mar,  Del Mar, CA 92122

Phone – 619-512-9120

Email: thewatsongrouprealty@gmail.com

The seller(s) and the lender(s) will not pay for:

1. Home Warranty – Home Warranty will be paid for by the buyer or buyer’s agent.
2. Repairs – All repairs have to be taken into account in purchase price, if a buyer needs certain repairs to be made in order to qualify for financing (VA, FHA), it will be at the buyer’s expense, before COE, and buyers will NOT be reimbursed for repairs if escrow does not close.
3. Termite Work – Most lenders will NOT pay for termite work in a short sale although it will be requested from the short sale lender. If the buyers require termite clearance in order to obtain financing (VA), it will be at the buyer’s expense. A termite report will be provided as a disclosure on every property but not be part of the purchase contract.

Buyer’s agent must submit all offers via email in pdf form to: thewatsongrouprealty@gmail.com - if any documents are sent via fax, they will be rejected. The Subject Line of the email must contain the Property Address, and Price Offered. The body of the email must contain the agent’s information and the Transaction Coordinator’s information.

Buyer’s agents will receive a reply via email that the offer was received and is being reviewed. The listing agent will respond within 24 hours or sooner, and any offers submitted on holidays will be responded to the following business day.

PLEASE NOTE: If any of these guidelines are not followed, including the pre approval process, then they will be taken into account by the seller, and your offer may not be accepted, or presented to the seller’s lender. We have created these guidelines to streamline the process and make the approval of your offer much more likely by the short sale lender and in a more expeditious manner, and to increase the likelihood of the seller closing their transaction. We highly encourage you to print out this form and present it to your buyers before writing any offer!

Once your offer has been accepted by the seller:

1. Buyer will be required to place deposit in escrow
2. Offer will be submitted to lender
3. Listing Agent will stay in constant communication and report to you weekly
4. All other offers will be back up offers

Once a Short Sale approval is obtained:

1. We will obtain a 30 day approval letter from the lender(s) in order to close.
2. You will be notified immediately of so.
3. At this time the 17 day contingency period starts.
4. Any buyer delay in the closing could be subject to a per diem charge by the short selling lender, which will be at the buyer’s expense to pay. We will make every attempt to notify you when to expect lender approval in advance, but please have your financing in order.
5. Inspections should take place within 7 days of provided approval letter(s).
6. Contingency Removal will be expected at day 17, or other offers will be considered.

Any questions with these guidelines, please email with property in Subject line to: thewatsongrouprealty@gmail.com or CONTACT THE LISTING AGENT IN THE MLS!

Thank You for Submitting an Offer!