All offers for Bank Owned properties, real estate foreclosures must include:

1) Local contract forms (unless VA property) Click here for VA instructions: http://www.bobpritchard.org/reo/vaforms.htm
2) Signed Sellers Addendum (required with the initial offer, except Wilshire) Available at http://bobpritchard.org/reo/page5.html
3) Original signatures  - . Faxes Ok during negotiations, but originals with wet signatures required once offer is accepted.
4) Legal size forms MUST remain legal size. VA only.
5) A Copy of the deposit check. <<  No offer will be submitted without an earnest money deposit having been collected by the Buyers Agent.
      Minimum deposit amounts:
     1% of sales price or $500 min. on properties under $50,000
     $1,000 on properties over $50,000          check held by Listing Broker
6) Proof of funds for all cash offers.
7) Verified pre-approval letter (no pre qual. letters accepted) (for financed offers) with  ...Lenders phone number for verification.**
8) Contract must state it is an "as is" purchase. And must state that the Sellers addendum is part of the contract.
9) Lead based paint (when required) form signed by Buyer. Use a blank form (on VA properties, use the VA LBP form only)

Seller does not sign anything until Buyer has.
Seller always chooses Closing Agent. If Buyer insists on their Title Co. Closing then ALL expenses and charges of Buyer's Title Co are those of the Buyer. Seller will not pay for Buyers Title Co. charges. Period.
 
Allow at least 4 to 5 working days for a reply. Worst case.

Bank addendum forms cannot be changed or altered in any way. Period.
Cannot cross anything out, write anything in etc

Offers will NOT be submitted until ALL required forms are received. And completed

Sellers require that the Ernest money deposits be held by Listing Broker.

Attention REALTORS !!  Please, print and review the MLS Agent to Agent report on each property.
Sign it and send with the offer.

NOTE: THE PURPOSE OF THE BUYER'S INSPECTION(S) OR INVESTIGATION(S) IS TO DETERMINE IF HE OR SHE WISHES TO PROCEED WITH THE PURCHASE OF THIS PROPERTY. IT IS NOT FOR THE PURPOSE OF CREATING A LIST OF REPAIRS FOR THE SELLER. IT IS THE SELLER'S POSITION THAT THE NEGOTIATED PRICE REFLECTS THE PRESENT "AS IS" CONDITION OF THE PROPERTY. SELLER WILL NOT PAY FOR REPAIRS OF ANY KIND UNLESS OTHERWISE AGREED TO IN WRITING.

   Additional Instructions for COUNTRYWIDE HOME LOANS
  -- All Buyers must be pre qualified by a Local Countrywide Branch office --
All Buyers must get a pre approval letter from Kathi Holtz of Countrywide Home Loans at 614-781-3434 ext.# 230, unless its a cash offer.
--and submit the Countrywide pre qualification letter with their offer.--
After receiving a CHL Pre Qual, Buyers may apply and Finance with other lenders as desired.

AGENT INSTRUCTIONS - required forms: As Is addendum & Mold Form
& REQUEST TO TURN ON UTILITIES FORM - to have utilities turned on in the Buyer's names.
 

Real Estate Purchase Addendum

Countrywide’s Real Estate Purchase Addendum must be completed by agent and executed by Buyer(s). This Addendum along with the original purchase offer constitutes the binding contract to purchase the specified property.  The Addendum is the culmination of all negotiations and may not be altered or changed.  Any subsequent changes may cause Seller to nullify the prior negotiated terms. 

It is the agent’s responsibility to make sure all sections of the addendum are properly signed and initialed. Failure to do so will add unnecessary time to the negotiation process. The Asset Manager will not execute an incomplete addendum. This includes Buyer's name, property address, date of contract.

Offer Worksheet

The listing agent representing Countrywide uses this form, as a non-binding communication vehicle for all offers  presented to Countrywide.  This form is not a contract nor a binding agreement.  Consequently, all offers will require Countrywide’s Real Estate Purchase Addendum (Part I and II) and mold release form to establish a mutually binding contract between Countrywide and the Buyer.
 Actual amounts should be used  whenever possible.  If an actual amount is not available an estimate is acceptable as long as it is identified as such.
After the contract has been reviewed, the Countrywide Asset Manager will accept the offer or submit a counter  offer using the Offer Worksheet Form, with terms acceptable to Countrywide.  This process will continue until all parties have agreed to the terms of the transaction.

The Offer Worksheet and Real Estate Purchase Addendum have been developed in order to expedite the offer and counter offer process. 
The offer process requires 4 steps: 

(1)     submission of original offer, and Acknowledgement from Buyer(s) that they have reviewed the Real Estate Purchase Addendum (Part II, General Terms) and mold release form prior to submitting an offer to Countrywide;  PLEASE CONTACT AGENT FOR SELLER ADDENDUM PRIOR TO WRITING OFFER.

(2)     negotiation of terms via the Offer Worksheet;

(3)     agreed  terms inserted into Countrywide’s Real Estate Purchase Addendum BY THE AGENT for signature by Buyer; and

(4)     Original Contract, Real Estate Purchase Addendum, mold release form, agency, LBP with agreed upon terms transmitted to Countrywide Asset Manager for signature and processing.  It is the agent’s responsibility to make sure all sections of the addendum are properly signed and initialed prior to sending  for signature. Failure to do so will add unnecessary time to the negotiation process. The Asset Manager will not execute an incomplete addendum.

Please note that utility activation forms may be submitted with the contract package, however inspections are not to be completed until after the contract has been signed by the seller. Please note that when the form is approved, the utilities are to be activated in the buyer’s name and the buyer will be responsible for any expenses associated with activating or turning off the utilities. Utilities are also to be turned back off after the inspection is complete. Click here for the Turn on Utility request form.

Buyer Home Inspections:

CHL’s properties are sold “as is”. For a comprehensive definition of “as is”, the CHL Addendum spells out the terms of the sale with regards to property conditions.
Property inspections are encouraged to determine property conditions. However, there is no guarantee utilities can be turned on for the inspection. That is dependent upon the nature and expense of the repairs needed to activate utilities. This is at the sole discretion of the seller. It is not at the discretion of the buyer or the lender. There are alternative methods for testing mechanical and plumbing systems which should be explored by the buyer if utilities cannot be activated. The buyer should contact a licensed contractor to explore alternative testing possibilities, if necessary.

USRES - US Real Estate Services - (AddendumA,  AddenB)  (Original signatures only, no fax offers accepted)

IndyMac Bank -   ( Addendum)   (only 2.5% Co-op)

Wilshire - Required addendum Form (For reference only, once offer accepted they will send the actual addendum form)

DEFAULT SERVICING, INC. (DSI)  - Required Addendum  (only 2.5% Co-op)

Additional instructions for VA Offers  (See VA Instructions Page !!!  - http://www.bobpritchard.org/reo/vaforms.htm  for line by line instructions on completing the VA required forms.)

1.) Please Fax original signature offers to 614-474-1660 . Once offer is accepted - mail the originals to Listing Agent, USPS.
2.) Please Include VA addendum (on website)
3.) Please Include the Seller’s Disclosure (Call Bob for a Copy).
4.) Please include VA Radon and Mold Disclosure (on website).
5.) Please make sure the commission is correct at 6%  (3% each side)
6.) Please make sure the buyer signs Page 2 (Conditions of Sale) and initials at Line 9C.
7.) We need a copy of the earnest money check which is held by the listing Broker.
8.) Mortgage approval/Pre-approval letters or proof of funds
9.) No addendums/contingencies are going to be accepted so please don’t send them.
10.) VENDEE financed Offers on Term side only (#8). All other offers on CASH side (#7) 

Also, please include the VA LBP disclosure form (on website) if it applies to your property.

Never send a CBR contract for a VA property. The offer will be returned to the Buyer's Agent, not submitted to Seller.

Do NOT send until the offer has met these parameters!

Online forms to download:   VA Financing Forms

Not all Lenders will finance “As Is” properties, see link below for some who do.
Most REO properties will not pass an FHA or a VA and most conventional appraisals. I strongly recommend using a Lender that does rehab or construction loans.

As Is Rehab and construction loan Lenders: