Offer Procedures

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TIMELINES AND BEST PRACTICES TO SUBMIT A PACKAGE
Packages are ONLY accepted via this web page. (Do not email, fax or drop off at our office as the appropriate person might not receive your package)  In the event that the MLS remarks prompt you to enter the bid on a website you will need to submit it that way.

  1. TIMELINES- Offers are typically submitted in 72 hours or less. In the event there are many offers then it might take longer to process all of them (example over 10 offers which is not uncommon).  Please allow up to 7 business days to get a answer back from the Seller. Most corporate Seller’s require upper management approval so sometimes there will be a delay. Depending on workload we generally get an answer much sooner. The Sellers and our firm are very anxious to sell but please tell your Buyers to be patient. You will be notified if the offer is accepted, rejected or countered so please make sure to have good contact information on our web pages.
  2. COMMUNICATIONS- Do not call or leave a voice message to confirm, inquire or get a update to a offer.  Due to very high call volume you will only get a response to questions by sending an email to: OFFERDESK@BENITOREPO.COM  Our staff monitors this email address throughout the day.
  3. SUGGESTED CONTRACT- FAR BAR AS-IS Contract provided on the attachment section of the MLS. . Add addendums that pertain to Property/Buyer like– FHA, Condo, HOA, etc. If the property does not need a specific rider then you don't need to include it.. (Example: don't include the FHA rider if your Buyer is obtaining conventional financing, or don't include the condo rider if it’s a single family home, etc.)  Special addendums will be provided upon verbal acceptance unless already attached under the attachments. Changes to the contract or addendum will not be accepted including attachments that conflict with Sellers addendums. ALLOW A MINIMUM OF 30 DAYS FOR CLOSING ON CASH TRANSACTIONS AND 45 DAYS FOR FHA/VA.  PLEASE PUT A SPECIFIC CLOSING DATE (that’s not on a weekend or legal holiday) ON THE CONTRACT (NOT 30, 45 days, etc)
  4. SUGGESTED DEPOSIT- Minimum $3,000 escrow deposit or 1% of the sales price (whichever is greater). [ NOT NECESSARY TO GET CHECK FROM BUYER TO PRESENT OFFER UNLESS YOU WANT TO PUT IT IN YOUR ESCROW ACCOUNT IN THE MEANTIME WHILE YOU WAIT FOR A ANSWER ]  Be on standby to deliver certified funds for the deposit upon verbal acceptance.   Once the offer is accepted if you’re Buyers fails to close on time due to no fault of the Seller the deposit may become non-refundable and per diem charge will be charged for each day that the Buyer does not close.
  5. ATTACHMENTS- All attachments in the MLS filled out completely, signed and sent in with package.  I HAVE DOWNLOADED AND PROVIDED THE BUYER ALL ATTACHMENTS IN THE MLS INCLUDING AVAILABLE MIAMI DADE CERTIFICATE OF USE AND DISCLOSURES.
  6. FINANCED OFFERS- Pre-Approval letter dated within the last 30 days. Pre-approval should state the LTV, that the credit has been pulled and reviewed, the type of loan that the Buyer will be obtaining and all contact information for the loan officer. Make sure the lender knows the condition of the property and if repairs are apparent that it’s stated on the pre-q letter as well. Submit proof of funds from a financial institution with account numbers redacted (crossed out) for the DOWN PAYMENT amount.
  7. FINANCED OFFERS WHERE SELLER REQUIRES TO PRE-QUALIFY THE BUYER– If you see attachments in the MLS from a lender and / or remarks in the MLS that specify that your Buyer needs to pre-qualify with the Seller it is something that the owner of the property is requiring.  If you or your Buyer choose to send in a package without those items completely filled out then based on the Sellers directives we might not be able to submit your package.
  8. CASH OFFERS– Proof of funds from a financial institution with the Buyers name dated within the last 30 days with enough funds to close.
  9. INSPECTIONS– Some Sellers require that inspections be done prior to submitting an offer. If that’s the case then it will be specified in the remarks. The properties are sold in as-Is condition.  Ensure your Buyer and you does the due diligence on the property prior to the end of the inspection period including any open permits, violations, property inspections, termite, and verifying Homeowner and Condo Association dues/ assessments/ regulations.
  10. TITLE– Most Corporate Sellers require escrow held with the Sellers title agent. The Seller will pay for the Owners portion of the title policy (not the lenders policy). The Seller’s attorney usually will not conduct a closing or review of the lender documents for the Buyer. We suggest the Buyer seek representation at closing.
  11. MULTIPLE OFFERS- ALL OFFERS ARE SUBJECT TO MULTIPLE OFFER SCENARIOS. THAT MEANS THAT THE SELLER IS CONSIDERING MULTIPLE OFFERS AT ANY ONE TIME. PLEASE MAKE SURE YOUR BUYERS MAKE THEIR HIGHEST AND BEST OFFER AT ALL TIMES. SELLER IS UNDER NO OBLIGATION TO NEGOTIATE OFFERS IN THE ORDER THEY ARE RECEIVED OR COUNTER YOUR BUYERS OFFER. IT IS THE SELLER’S SOLE DISCRETION AS TO WHICH OFFER, IF ANY, THEY CHOOSE TO ACCEPT.
  12. RE-OCCUPANCY- If the Municipality or County requires a re-occupancy certificate this will be the responsibility of the purchaser and / or selling agent to obtain prior to closing.
  13. PERSONAL PROPERTY- All personal property, if any, will remain in the property “as-is, where is” but is not included in the contract, and will not be conveyed by Bill of Sale at closing.
  14. MLS TERMS– The Listing Broker sets the compensation terms in the MLS and the Buyer will be responsible for paying Benito Realty Group at closing a $350.00 state compliance document storage fee for maintaining records in storage per Florida Statutes when authorized by the Seller at closing. Amount will be specified in additional remarks on the FAR-BAR contract.
  15. MLS TERMS- Real Estate Agents purchasing for themselves or any entity that they have a interest in may not be able to collect a real estate commission based on Seller guidelines. (Contact us before you submit your offer)  Real estate commissions will be calculated based on Net sales price to the Seller (no commission paid on Seller provided concessions / closing costs).  Variable commissions usually exist on lower sales prices and the Seller will usually pay a minimum commission if the sales price falls below a certain amount which might be different than the percentage in the MLS.
  16. KEYS- Seller will provide Buyer with a key to the front door only at closing. It’s the Buyers responsibility to obtain at Buyers expense, any additional keys, remote controls, mailbox keys, access cards, key fobs, etc.  Buyer should re-key locks after closing.

MLS INFORMATION IS DEEMED ACCURATE BUT IT IS THE SOLE RESPONSIBILITY OF THE BUYER AND SELLING AGENT TO VERIFY ALL INFORMATION PRIOR TO SUBMITTING AN OFFER.

 

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