PROCEDURES FOR PRESENTING OFFERS ON BANK OWNED, THIRD PARTY, BANKRUPTCY OR CORPORATE OWNED PROPERTIES
WRITTEN OFFERS: Fax your offer to our office at 216-472-8114. It will be presented to the Seller within 1-4 business days. The seller will then counter the offer as soon as he/she is able, usually within 1-7 more business days. The counter is typically made “verbally” via email and a Buyer may counter verbally via email as well. Please understand that we are usually negotiating the main issues such as price, time, earnest money and contingencies. Once a “verbal” agreement has been reached, the Seller will make the required changes to your contract and most often will include some type of corporate addendum and “AS IS” disclosure. The Seller typically requires a fully signed original before they will sign the final contract. Subsequent changes to contracts by addendum must first be signed by the buyer and then seller will sign. All properties will be sold “AS-IS”. This does not mean a buyer must waive his/her home inspections!
WEB OFFERS: EMAIL your offer outline using our web site at www.SarverRealty.com to convey details or your offer more quickly. Click on “Submit a Bid on a Property” and then click on “I agree” (to Procedures) if you do in fact agree and then fill in the boxes on the offer submittal page. All “blue” fields must have a value and then all remaining fields should be filled in as applicable. It is very important to provide valid phone numbers and especially email addresses. This transmittal is not binding but is merely an outline of the offer. Using this format will speed up the negotiation process. Please be specific and feel free to make any additional comments in the notes section. After acceptance, all follow up through to the final closing will be handled via email and it is important to have email addresses for all involved.
VERBAL AGREEMENTS: Our Sellers handle many properties, sometimes numbering in the hundreds or even thousands and these procedures usually prove to be the best. Remember that a verbal agreement is NOT binding, but we will do all we can to honor the verbal agreement. Our Seller cannot be bound to it any more than your Buyer can be bound. Therefore, it is not a binding agreement until the final contract is SIGNED and DELIVERED!
MULTIPLE OFFERS: Very often, there are one or more outstanding offers of which you may or may not be aware. If an offer comes in after you have presented your offer or after the Seller has verbally agreed to your offer, the Seller may choose to work with the new offer. The order in which an offer comes into our office does not give that offer priority; the seller will always look for the best price and terms. It is very common for our Sellers to use the “highest and best” method when dealing with multiple offers. I.e., the Buyers are instructed to bring their best offer within a given time frame. Even then, the Seller still reserves the right to counter again. On the other hand, the Seller may simply work with the best offer on the table. Not every offer will be countered. If an offer is less than 80% of asking price, the Seller will usually reject the offer unless the property is in a low price range. Remember that highest does not always mean it is best.
Agents and buyers will NOT be able to speak to the Seller directly. For best results, present a standard real estate contract, a bona fide and binding Buyer qualification or pre-approval letter, net proceeds statement, verification of funds such as a bank statement and sufficient earnest money of at least $1,000. Of course, the greater the earnest money, the stronger the offer. You may also attach a note outlining any issues that you wish to convey to the Seller and we shall forward same. Many of our Sellers require that earnest money to be held either by the title/escrow company, the Seller’s agent or the Seller. Due to the high volume of properties and the procedures for handling of same, the Seller most often prefers using a title company of his/her choice. Title work is often started prior to listing or sale and expenses are already due. The buyers have the right to choose their own title company but seller will often still use their pre-assigned title rep to represent them in the closing, in which case there will be two title companies involved. Negotiation and follow-up procedures may vary from case to case. Please feel free to contact us daily for updates on your offer. Kindly send follow up correspondence via email to Dsarver@SarverRealty.com or Support@SarverRealty.com. Thank you for your patience and good luck!