WELLS FARGO Real Estate Owned (REO) property managed by Premiere Asset Services (PAS)

***PLEASE READ IN ITS ENTIRETY PRIOR TO WRITING A CONTRACT ***

If your contract is a financed offer, in order for an offer to be submitted the buyer must present a pre-qualification letter from ANY Wells Fargo lender, Wachovia, Wells Fargo joint venture, or for your convenience contact:

Andy will preapprove your buyer via phone, or your buyer may apply online at Andy’s site

IMPORTANT
ANY BUYER FINANCING A LOAN MUST OBTAIN A WELLS FARGO, WACHOVIA, NACA OR WELLS FARGO AFFILIATE LENDER LETTER FOR THE OFFER TO BE CONSIDERED*

CONTRACT INSTRUCTIONS

Please ensure ALL instructions are followed when preparing the contract:

1. The Seller is “Owner of Record”
2. BUYER will pay for termite inspection and any treatment is at BUYER’s expense
3. Property is being sold “AS-IS” (NVAR Contingencies/Clauses form)
4. For the title company the contract should also include either “Samuel I. White, PC 757-457-4209″ or “Rels Settlement Services  877-813-7316″ for the seller (ask us which company the seller is using). Buyers may choose another company for their side of the title work, however your buyer will receive a FREE owner’s title insurance policy and closing can take place at buyer’s choice if using the Seller’s title co.
5. On Page 9 of Regional Sales Contract, at the bottom of paragraph # 32 mark box Yes -next to- Other(specify): -write/type in- “PAS Addendum“
6. Earnest Money Deposit must be at least 1.5% (sales price 200K & below), or 1% (sales price over 200K) made out to: “Portfolio Realty Solutions”
7. THOROUGHLY REVIEW your contract to ensure ALL appropriate boxes are checked, ALL appropriate hash marks are initialed, and ALL appropriate dates and signatures are filled in and signed by ALL BUYERS. If ANY part of the contract is not appropriately dated, signed and/or initialed, then you will need to have your buyer(s) complete the contract before I will present your offer; therefore delaying the process which may put your buyer at risk of losing the property or be put in a multiple offer situation. TYPICALLY EXPECT A SELLER RESPONSE WITHIN 48 BUSINESS HOURS
8. Contracts & Addendums MUST have HAND WRITTEN signatures/initials. Electronic signatures/initials will NOT be accepted

CONTRACT SUBMISSION

The 3 items I need to present your contract offer are:

1. Pre-Approval Letter (indicated above) OR proof of cash funds (all cash deal)
2. Copy of the Earnest Money Deposit Check made out to listing broker “Portfolio Realty Solutions”
3. Complete Written Offer (using the regional Real Estate association contract forms)
4. Submit these 3 items in order by Fax (703) 891-9848 or Email (in 1 file) to Info@PortfolioRS.com

PAS ADDENDUM

Once an agreement to contract terms has been established, then I will send over a PAS Counter Offer and PAS Addendum which will in essence, supersede the applicable terms of the Regional Sales Contract & Addendums/Clauses. I will also need the FULL NAME, ADDRESS & DATE OF BIRTH of all Buyers. PAS will cross-check their names against the Office of Foreign Asset Control (OFAC) and WorldCheck. The sooner I have all the paperwork back from you, signed & initialed by your Buyers, the sooner I can submit the contract to the seller for ratification. I typically receive the ratified contract back within 7-10 business days.

TIPS TO HELP ENSURE YOUR CONTRACT IS ACCEPTED/CHOSEN

1. Follow all instructions and complete the contract correctly the FIRST time
2. Prepare your buyer for a multiple offer scenario and submit your HIGHEST and BEST offer. Ask your client if they would regret losing the home over a few thousand dollars (break it down by monthly mortgage payment)
3. NO CONTINGENCIES (other than appraisal) – buy on price; any inspections are for “informational purposes only”; have your buyer get a Home Warranty
4. Submit any documents required by seller PROMPTLY – time is of the essence!
5. DO NOT submit a “low-ball” offer on newer listings (less than 30 days) – this is just a waste of everyone’s time, the seller will NOT accept low-ball offers on new listings

WINTERIZATION

If the property is Winterized and your Buyer wants to perform any inspections, then the Buyer is responsible AT THE BUYER’S OWN EXPENSE to De-Winterize (roughly $200) & Re-Winterize (additional $200) the property. To De-Winterize & Re-Winterize the property please coordinate with Sean Brophy w/ Emerging Properties. He can be reached at (703) 598-5444 or via email at sbrophy123@hotmail.com.

NOTE: It will normally take at least 45-60 days to settle for financed offers. Cash Offers are eligible to close in 15 days from ratification. It is possible that delays may occur so please make sure your buyer is ok with this before writing a contract.

If you have any additional questions please contact me by email at David@PortfolioRS.com. Please do not call, I need to keep a written record of any correspondence regarding the property and you will receive a faster response by email. Once you’ve submitted an offer, please frequently check your email for correspondence regarding your contract… Thank you for your time and I look forward to working with you!

David Dowies

Principal Broker
Portfolio Realty Solutions
REO Specialist
FAX (703) 891-9848
David@PortfolioRS.com

VERY IMPORTANT
BUYING A FORECLOSURE IS NOT FOR THE “FAINT OF HEART”. IF YOUR BUYER NEEDS A QUICK AND SMOOTH SETTLEMENT, ANY FORECLOSURE IS NOT THE RIGHT PROPERTY FOR YOUR BUYER TO PURCHASE. THERE MAY BE DELAYS AND/OR OBSTACLES THAT COULD STRAIN THE PROCESS; HOWEVER, ONCE WE HAVE A VERBALLY RATIFIED CONTRACT WITH THE BANK, YOUR BUYER WILL BE GETTING A VERY GOOD DEAL. NONE OF THIS SHOULD SCARE YOU OR YOUR BUYER. PLEASE STAY FOCUSED AND ENCOURAGE YOUR BUYER TO KEEP IN MIND THE END RESULT: PURCHASING A HOME FOR THOUSANDS OF DOLLARS LESS THAN THE RESALE HOME DOWN THE STREET.
A Preapproval letter from a Wells Fargo Home Mortgage consultant is a agreement to lend you up to a specified amount to purchase your new home, subject to certain conditions. This makes you a PriorityBuyer®, which tells real estate agents and home sellers that you have your financing already lined up. A preapproval does not obligate you to borrow from Wells Fargo.

On-Time Closings — Guaranteed
Wells Fargo will close the loan on or before the closing date stated in your original purchase contract or they’ll write you a check equal to your first month’s principal-and-interest payment!

With their money-backed Wells Fargo Closing Guarantee^SM, you can feel confident about finalizing your home purchase. Because on-time closings are important to sellers and real-estate agents, the Wells Fargo Closing Guarantee can elevate your preapproved PriorityBuyer offer above others. It’s just one more reason to feel comfortable about choosing Wells Fargo Home Mortgage.
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*A Buyer who is not interested in comparing any other financing options may also present proof of a loan commitment or credit decisioned pre-approval from another lender.