Saturday, September 22, 2018
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REQUIREMENTS FOR PROCESSING OFFERS

1.      No offers can be accepted until after the simultaneous listing period has expired.  

2.      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. 

3.      Addendum to Offer to Purchase must accompany all offers.  This must be completed by both the buyer and the listing brokerage. 

 4.      Disclosures.  Offers must be accompanied by the following Disclosures:

·         Seller’s Disclosure (that includes the Pest Inspection DATE)

·          Mold and Radon Gas Disclosure

·         Lead Based Paint Disclosure (for properties built prior to 1978)

 

5. Offers must be accompanied by proof of funds or a pre-qualification letter and copy of the earnest money check.

      ·        Check that the offers have no mistakes before submitting; incomplete and/or unclear  offers will not be considered. 

·        Buyer(s) needs to acknowledge that they have read the 2nd page by initialing—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 financing use only and this method of financing is not currently available for this property;

·        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 (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). 

·        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.