REALTOR FAQ

REALTOR FAQ'S ...

General Questions Showings Timeframe Offers and Contracts
Repairs and Inspections Ratification to Closing

Q.	Is this property a resale, short sale or bank owned property?
A.	WE WILL CLEARLY INDICATE IF THE PROPERTY IS A SHORT SALE - IF THE LENDER WILL ALLOW US TO INDICATE THE PROPERTY IS AN REO/BANK OWNED PROPERTY IN THE MLS, WE WILL. From time to time, the seller (bank) does not want us to say "Bank Owned" or "Foreclosure" in the MLS, look under Agent's Remarks - we will use key words such as "LB to hold EMD" and under Disclosures - we will indicate "As Is condition clause required, Relo/Bank Addendum, Spec Addndm Req"

Q.	What is the status of the property? Is it still available for showing?
A.	We are diligent in updating the MLS. We are committed to ensuring your don’t waste your time by not updating the MLS to “under contract” if a property is no longer available. If a property shows “Active,” be assured that it is available. While an offer is pending with the seller (awaiting contract ratification), we are not allowed to note this in the MLS - we will make every attempt to pull the house "Temp Off Market" while we're getting signatures to ratify the contract.

Q.	Do you have any offers on the property I want to show?
A.	We may or may not have an offer. However, if you have an interested client/customer, and the property is showing “Active,” then the property is available. If you call, we will let you know if there are any offers on the property. Please go ahead and show it if you choose to.

Q.	I can’t reach you!?
A.	I (Rita Gibbons) will return calls as soon as I can ... if you don't hear from me within an hour, please call me again, I'm often on the phone and get tied up with pressing matters. If you email me, I promise to respond the same day (unless it's after 8:00 pm - then I'll respond by the next day).

SHOWINGS:

Q.	How do I show one of your listings?
A.	Please call Centralized Showing Service at 866-891-7469 - they will provide you with the access information.

Q.	Is the electricity on?
A.	It depends on the property. Wherever possible, the electricity will be on. It's always best to schedule your showings during daylight hours. If you must go to the property after daylight hours, please call and we'll let you know if the electricity is on or not.

Q.	Should I bother giving you feedback?
A.	Absolutely! Your feedback provides me information which is valuable to me to present to the Seller. It will also help when I recommend the Seller, particular banks/lenders, lower the price.

TIMEFRAME:

Q.	How long does it take to get ratified?
A.	This is usually at least a few day process. Once we have reached an oral agreement, our Seller client (lender/bank) will send addendums to the buyer for review, acceptance and signature. These addendums will usually need to be back in our hands within 24 hours (including weekends – there are some things we just can’t escape). We then uploaded a copy of the Virginia Regional Sales Contract and its addendums, the banks addendum’s, a copy of the EMD check, a copy of the lender letter and it is submitted for signature to our Seller. It will normally take approximately 2 – 4 business days to get a fully ratified contract back to move forward to closing. You will received the ratified contract back via email or fax - whichever is best for you.

Q.	Who holds the earnest money deposit?
A.	The Listing Broker or the Seller's Settlement Company will hold the earnest money deposit. Make sure to have your client make the check payable to "Heatherman Homes" unless otherwise directed by the seller. Funds must be "Certified."

OFFERS AND CONTRACTS:

Q.	How long will it take for me to get a response to an offer for my buyer client?
A.	In most cases, it will take approximately 24 – 48 hours. There are certain circumstances where it may take a little longer, such as large volume of multiple offers on one property, or an asset manager being out of their office for a day. Every effort will be made to work in a timely manner and not have long wait times on any offer. Our clients (banks) do not work weekends, no responses will be given on a weekend.

Q.	When will my client's offer be submitted to the lender?
A.	Your client's offer will be submitted as soon as it is received. Our clients are banks and normally they do not work outside of normal, Monday through Friday, 9 to 5 business hours.

Q.	How do I submit my offer?
A.	I prefer offers emailed to me at LuvnNLivn@gmail.com. However, if you cannot scan, you can fax it to me at 888-235-1567. I will acknowledge receipt via return email. Please be patient. This is not a long process, but we work with a lot of properties. Your offer will be given the time and attention it deserves and will be submitted for consideration. In the event of multiple offers on a particular property, we will submit each offer as it is received. I will notify you of the multiple offers situation and advise that I need your client's highest and best offer. Some banks will require a form, which you will be provided.

Q.	Do I need any addendums to submit my offer?
A.	No - please submit your offer on the standard Virginia Regional Sales Contract and Virginia Jurisdictional Addendum, plus any other addendums you feel you wish to submit. We will provide you with any additional Addendums once the terms have been agreed upon between the seller and the buyer.

Q.	Will the Seller (bank/lender) pay for closing costs?
A.	Each situation is different and each seller/bank has a different criteria. It is possible the Seller may be willing to pay for all or some of your client's closing costs. Put any seller concessions such as closing costs in your offer.

REPAIRS AND INSPECTIONS:

Q.	Will the lender (seller) do any repairs?
A.	Each property is unique and each seller/bank has a different criteria for selling the property. It is possible to successfully negotiate repairs; however, it is not guaranteed because of the many factors involved such as offering prices, requesting seller paid concessions, etc. It is suggested that if your client wishes for repairs to be made, that you write them in your offer and negotiate them UP FRONT.

Q.	Is the property being sold "As Is"?
A.	Yes, your client will be required to sign an "As Is" addendum. Please carefully review the property.

Q.	Will my client be allowed to do a home inspection?
A.	A home inspection contingency is negotiable. Some of our seller clients are stricter than others on timeframes of home inspection contingencies. Please just write your preferred timeframe on your offer and negotiate it from there if our seller client does not wish for any home inspection contingencies.

Q.	Will the bank (seller) do the termite inspection?
A.	Again, please write this in your contract and the seller may or may not pay for this inspection.

RATIFICATION TO CLOSING:

Q.	If we successfully negotiate a home inspection contingency, who will be responsible for putting on the utilities?
A.	We will have the utilities on for you. Please be patient with us during this process, sometimes this can be a frustrating timeframe and may entail us paying outstanding water/sewer bills in order to get the utilities turned out. Please don't schedule your home inspection until you have confirmation that the utility services are established.

Q.	Will the bank de-winterize the property?
A.	It depends on the seller. More often than not, the seller will have the property de-winterized and re-winterized. However, from time to time the seller will require the buyer to pay for de-winterization and the seller will cover re-winterization. I will inform you of the seller's position on this. I will also try to put this information in the MLS. Please be advised that we must re-winterize the property during the winter months to protect the property from potential freezing damages. If the seller handles the de-winterization of the property, please be patient - it takes several days to arrange for their vendor to do this. If need be, we can get an extension for the inspection period.

Q.	Can my client use a settlement company of their choice?
A.	Sure, just make sure you let us know in your offer, so we can let our client know to overcome any objections up front. Please note that often the seller's settlement company will offer incentives to use their services such as an owner's title policy. This can save your clients some money.

Q.	Who orders the HOA packet?
A.	We do, if it's the responsibility under the contract and agreed upon.

I hope this helps answer any questions you may have about our property listings. If you have any questions or comments, please feel free to call or email me - I will answer any questions I can or find out the answer and get back to you.

Call or email me with any additional questions. Again, email is the best mode of communication.

Thank you,

Rita Gibbons