NEVER fax a form to your Client. ALWAYS complete and have forms signed in person ONLY. Original "wet" signatures required.
REQUIREMENTS FOR PROCESSING VA OFFERS
1. All offers must be submitted only on the VA contract form 26-6705—LEGAL SIZED. Contracts must be filled out correctly in order to be considered and must contain both pages, with initials on the second page by Section 9C. All cash, conventional, or other finance offers are entered on the cash (left) side of the contract. VA does not pay “usual and customary” seller closing costs—see Section 9C of the offer to purchase. Make sure that each field is completed on the offer and that the calculations are correct. Line by line instructions are below.
2. Addendum to Offer to Purchase must accompany all offers. This must be completed by both the buyer and the listing brokerage.
3. Disclosures. Offers must be accompanied by the following Disclosures:
· Seller’s Disclosure Call Listing Agent for a copy.
· Mold and Radon Gas Disclosure
· Lead Based Paint Disclosure (for properties built prior to 1978)
***Please use only the VA Disclosures. They are specific to this property and include the required information that we must be disclosing to all interested parties before accepting any offers to purchase. Read each form carefully to ensure that all parties have signed and/or initialed where requested. Call Bob for a copy.
4. Offers must be accompanied by proof of funds or a pre-qualification letter and copy of the non refundable earnest money check.
All Offers must be on VA Forms and must be printed legal size to be acceptable. Response time is typically 4 business days after receipt.
Specific Agent/Broker Instructions:
- Check that the
offers have no mistakes
before submitting;
incomplete and/or unclear offers will not be considered. Check the math.
- Buyer(s) needs to
acknowledge that they have read the 2nd page by signing it—specifically
at 9C;
- Each field on
the Contract and the accompanying Disclosures must be filled in, do not leave
incomplete fields. This includes the property information, dates, signatures,
initials, and any other requested information on each form;
- Complete ONLY the
left side (CASH) of the offer terms. The section you need to complete is
labeled as “cash offer”. The other side of the form is for vendee (VA) financing use
only.
-
NO closing costs will be paid by seller.
Please read
Section 9C of the offer to purchase and make sure that your buyers initial that
they have read this section and fully understand its content; any closing costs
requested on the contract only offset the offer amount/Net to VA.
- Calculate and
fill in commission dollar amount (3% each side) - (full 6% to the penny)
-
Days to close
must be provided in the offer.
-
Earnest money
must be filled in on the offer to purchase (at least $500).
Deposit to be held by the Sellers
Title Company. Non Refundable.
- 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.
FAX offers on our listings to our direct fax line 614-474-1660 or via email to bob@bobpritchard.org
VA will not pay for the closer's costs. The Closing Co the VA picks charges $635- $650 for the closing (not Title Ins) and the Buyer has to pay that charge on the HUD as well as all overnight fees and county transfer stamps/charges and the Buyer's own Title Ins. Co. charges. Buyer pays recording fees, recording taxes, and any other expenses incidental to closing. Seller provides no survey or title policy.
Item 9c from page two of the VA contract reads: 'Buyer agrees:
Buyer "To pay for any examination of title or continuation of policies as he/she
may require, documentary stamps on the deed of conveyance by the Seller and on
all other closing instruments, recording taxes, recording fees, and any other
expenses incidental to the closing."
Buyer can ask for additional money on section 7 D of the contract under closing costs to cover these and any other charges.
Unacceptable for ANY offer on a VA REO home
These offers will be responded to with a demand to provide VA Form 26-6705
Step by step instructions
When presenting offers, if any of the below items are missing, we will VERY LIKELY end up in a “paperwork merry-go-round.” Please review this with so that they present offers to you correctly (per VA standards) the first time!!
The following items should be faxed to me when presenting offers…
VA Offer to Purchase and
Contract of Sale Form – Sections 1-3 (LEGAL SIZE FORMS, MUST REMAIN LEGAL SIZE)
VA Offer to Purchase and
Contract of Sale Form – Section 4 (LEGAL SIZE FORMS, MUST REMAIN LEGAL SIZE)
Write-in
somewhere on bottom of Section 4 (2nd page of contract): 8000#
and Address of Property.
Have
buyer sign and date
Completed VA addendum form (LEGAL SIZE
FORMS, MUST REMAIN LEGAL SIZE)
Completed seller’s disclosure
signed by listing agent, selling agent, and buyer. (LEGAL SIZE FORMS, MUST
REMAIN LEGAL SIZE)
Notice of Possible Lead-Based
Paint (for properties prior to 1978 only)
VA Radon and Mold disclosure form
Pre-approval Letter (if
available) and/or Proof of Funds
Copy of
the non refundable Earnest Money Deposit Check.
Deposit to be held by the Sellers
Title Company.
Earnest money deposit, non refundable…
Deposit to be held by the
Sellers Title Company.
$1000 for properties over
$50,000
$500 for properties under
$50,000
**Also,
please note…
For each item below, be sure to complete the following…
Item 1) VA
Offer to Purchase and Contract of Sale Form – Sections 1-3
1A. Address of property to be purchased
1B. Property Identifier (8000#)
2A. Name of Purchaser
2B. Address of Purchaser
2C. Home Phone
2D. Business Phone
3A-3D. If necessary
4. State exact name(s) in which title is to be conveyed
5. Do you plan to occupy the property?
5A. Is any purchaser a vet? (5B-5C if nec)
6A-6D. Check yes or no
7. Cash Offer **If term offer, cross out cash and list
terms
7A. Offered Price
7B. Discount Points **Lump with 7D/Closing Costs if
applicable
7C. Loan Origination Fee **Lump with 7D/Closing Costs if
applicable
7D. Closing Costs **Total of 7B and 7C and 7D if
applicable
7E. Sales Commission **Calculate 6% of offered price
(3%List & 3% Sale)
7F. Sales Bonus $0 - Unless previously discussed
7G. Total Deductions
7H. Net to VA
7J. Days to Close
8. Term Offer CROSS OUT THIS SECTION!!
9. Amount of Earnest Money Deposit
10A. Signature of Purchaser
10B. Date Signed
11A. Co-Purchaser (if necessary)
12A.-12E. The Buyer’s Agent’s Info (in its entirety)
13A. Buyer’s Agent’s Signature of principal broker or authorized representative
13B. Date Signed
14A.-14B. Do NOT fill in (that’s my section)
Item 3) Notice of Possible Lead-Based Paint and/or Lead-Based Paint Hazards
1. Date Prepared
3. Property Identifier (8000#)
4. Property Address
5. Disclosures and Certifications
5C. Purchaser’s Acknowledgement
5D. Agent’s Acknowledgement
6A. Signature of Purchaser
6B. Date Signed
(7A-7B if nec.)
8A. Signature of Real Estate Agent
8B. Date Signed
(9A-9B if nec.)
10A. – 10B. Do NOT fill in (that’s my section)
OR
Send me an email and I will send you the forms and instructions for filling it out. bob@bobpritchard.org
OR
Download the forms at: http://www.columbusohioreo.com/VA_ContractForms.pdf
How apply for a VA home loan
Aside from the veteran's certificate of eligibility and the VA-assigned
appraisal, the application process is not much different than any other type of
mortgage loan.
Difficulty Level: Average Time Required: 1 Hour
--------------------------------------------------------------------------------
Here's How:
1.Apply for a Certificate of Eligibility. If you don't have one, complete VA
Form 26-1880, Request for a Certificate of Eligibility for VA Home Loan Benefits
and submit it to any VA Eligibility Centers along with copies of your most
recent discharge or separation papers covering active military duty since
September 16, 1940, which show active duty dates and type of discharge.
2.Pick out the house you want and sign a purchase agreement.
3.Request an appraisal from the VA. (Usually done by the lender.) Call your
nearest VA office for information on their "speed-up" telephone appraisal
system.
4.Apply to a mortgage lender for the loan.
5.Close the loan and move in. Welcome home!
Tips:
1.While the appraisal is being done, the lender (mortgage company, savings and
loan, bank, etc.) can be gathering credit and income information. If the lender
is authorized by VA to do automatic processing, upon receipt of the VA or LAPP
appraised value determination, the loan can be approved and closed without
waiting for VA's review of the credit application. For loans that must first be
approved by VA, the lender will send the application to the local VA office,
which will notify the lender of its decision.
2.Even though many veterans have already used their loan benefits, it may be
possible for them to buy homes again with VA financing using remaining or
restored loan entitlement. Contact your local VA office for more information.
Useful Links:
http://vareficenter.com/va.html
http://www.docstoc.com/docs/8852406/Verification-of-VA-Benefits---VA-Form-26-8937
Click here for My online Listings
Search All MLS Listings:
The Pritchard Team,
ABR, SRES
The Pritchard Team
Coldwell Banker King Thompson/Worthington
614-880-0808
email:
bob@bobpritchard.org
Equal
Housing Opportunity ..
It is illegal to discriminate
against any person because of race, color, religion, sex, handicap, familial
status, or national origin.”
REALTOR® -- A registered collective trademark
that identifies a real estate professional who is a member of the
National Association of
REALTORS® and subscribes to its strict Code of Ethics. Each local board of
REALTORS® is responsible for enforcing the Code of Ethics. Inquiries regarding
the Code of Ethics should be directed to the board in which a REALTOR® holds
membership.
All information presented is subject to errors, omissions
and revisions and is not warranted.
"This is not intended to solicit property currently listed with another
REALTOR."
Independently Owned and Operated By NRT Incorporated
www.columbusohioreo.com www.bobpritchard.org Feed Back
 |
|
|
 |