|
GUIDELINES FOR VA OFFERS
Please follow guidelines EXACTLY and consult your Broker-in-Charge with any questions. This information is provided directly from OCWEN. Please be sure you read and follow the guidelines. Offers have been rejected due to forms not filled out properly. I can’t fill out an NC Offer to Purchase for you, neither can I fill out the VA form for you. Please make sure it is complete. www.ocwen.com is the website for forms, Property Identifier #, etc. DO NOT USE OLD VA OFFERS!!! YOU MUST USE THE NEW OFFER FROM THE WEBSITE!! VA does NOT counter offers. They will only accept or reject. During 10 day period, offers are looked at in the order they are received, so don’t wait until day 10 to submit offer – your buyer may loose out.
All Offers must be on VA forms and must be printed LEGAL size to be acceptable
. To print legal size, in the print dialogue box, uncheck the shrink to fit button, and select properties, then paper, and chose legal (8.5x14) size paper and then ok, then print.
This should print the offer legal size
. ALL OFFERS MUST BE ON CURRENT VA FORMS AND MUST BE PRINTED LEGAL SIZE. Do not just print letter size offer on a legal size sheet of paper. If this does not work for you, please consult your computer person. I am unable to troubleshoot computer/printer problems.
All offers must be submitted only on the VA contract form 26-6705 and the contract MUST BE IN LEGAL SIZE
. Contracts must be filled out correctly in order to be considered and must contain both pages, with initials on the second page and
MUST BE OF LEGAL SIZE . Unless the buyer is applying for VA Vendee financing, all cash offers and conventional or other finance offers are entered on the cash (left) side
of the contract.
Offers must be accompanied by Second Page of the contract signed or initialed by all buyers.
Addendum #1 (directly under OTP on website), LBP, Sellers Disclosure Statement, Mold and Radon Disclosure Statement, proof of funds (if paying cash) or a pre-qualification letter (if financing) and a copy of the earnest money check.
Offers must be accompanied by the VA Lead Based Paint disclosure and any other disclosures specific to this asset. Please use only VA forms. No State Forms will be acceptable and the offer will
automatically be rejected.
Buyer(s) needs to acknowledge that they have read the 2nd page by initialing near 9c.
Offer must be readable/legible.
Please fill in
the "property identifier" number (8000…) on top right All of the blanks must be filled in Complete the left side of the offer terms for all offers that are not Vendee financing. This section is labeled as "cash offer."
The right side of the form is for vendee financing use only.
Discount Points and Loan Origination (lines 7 b-c) will be applied only to those items at closing and should be included in closing costs on line 7d. All other costs should be totaled in line 7d.
NO closing costs will be paid by seller…none…not at all…unless you fill it in on lines 7d. VA now allows closing funds to be applied to title insurance.
Calculate and fill in commission dollar amount (full 6%) Calculate and fill in the sales bonus amount if applicable (refer to listing agreement)…check your math Days to close must be provided in the offer-will be rejected if left blank. We cannot currently close anything in less than 15 days or more than 60 days. You must fill a number of days…please do not put a specific date.
Earnest money must be filled in. No promissory notes for earnest money deposit. Remember, when requesting closing cost contribution from seller, it will impact your net and offers are evaluated on net to VA. VA is only looking at NET TO VA.
No contingencies are allowed by VA except for financing as outlined in item 6 on page 2 of the Contract. To further clarify: No inspection contingency can be accepted. Earnest money will NOT be returned as a result of buyer’s inspection or any other contingency per VA.
VA does not pay any closing costs on the HUD for this transaction, except those that were negotiated on the contract.
According to page 2, 9c, of the purchase contract and the Addendum’s section VII the buyer agrees to pay all fees associated with this closing.
This includes but is not limited to:
Sellers Document Preparation/Closing Fee
Recording/Transfer Fees
Courier Fees
Wire Fees
This means when you get the HUD, ALL expenses, except for commission, will be on the BUYER side.
This should have been discussed with the buyer at the time of submitting the contract. However, this should be relayed again to the buyers broker and buyer accordingly. This will prevent surprises when we go to the closing table. A buyer cannot get cash back on the HUD if they are receiving a closing cost allowance. We cannot reimburse on the HUD for items paid outside of closing. Seller also does NOT allow a general closing credit (i.e. credit for carpet) or cash credit to buyer.
DO NOT USE OLD VA FORMS!!!! YOU MUST USE THE NEW VA OFFER FROM THE WEBSITE!!! I CAN’T EMPHASIZE ENOUGH THAT OFFERS MUST BE ON LEGAL SIZE PAPER. YOU RISK HAVING YOUR OFFER REJECTED BECAUSE VA CAN’T READ IT. ALSO, YOU MUST HAVE OFFER, PAGE 2 OF OFFER, RADON ADDENDUM, LEAD BASED PAINT ADDENDUM, SELLERS ADDENDUM, ADDENDUM TO OFFER (1ST FORM AFTER OFFER ON WEBSITE), PROOF OF FUNDS OR PREQUAL AND BUYER SIGNED TERMITE REPORT. CHECK MLS FOR DOCUMENTS FIRST! SELLERS ADDENDUMM, LEAD BASED PAINT ADDENDUM AND TERMITE REPORT CAN BE OBTAINED FROM THE OFFICE. CALL 738-3219 AND HAVE IT FAXED TO YOU, OR YOU MAY REQUEST A COPY TO BE MAILED TO YOU.
|