Answers to Frequently Asked Questions

Some of the requirements that banks want to see in your purchase contracts are as follows:

  1. Home sold "AS-IS".
  2. Minimum of a 1% good faith deposit and copy of check to accompany the offer. (Cashier's check only.)
  3. 30 day close.
  4. Since this is a bank owned property the bank usually has No reports or inspections so the buyer would need to obtain these at their cost. The buyer has 5-7 days to do all inspections.
  5. A Pre-approval letter from the institution named on the confidential line in the listing, proof of funds, and credit scores must be submitted with the offer.
  6. Allow 5 business days for acceptance of your offer.
  7. CAR contract only.
  8. Email your offer to bob@atobrealty.com. If you are unable to email it then you can fax your offer to 408-626-9384. After faxing it, call my office at 408-626-4800 to ensure your offer was received.
  9. Laurie, my licensed assistant at extension 104, will be your contact during the negotiation process. Contact her if you do not hear a response to your offer within 5 business days.
  10. Typically the seller will counter with no seller signatures. After the contract has been agreed upon we will forward all paperwork to the seller with disclosures for the seller to sign. It could then take up to 3 weeks to get the ratified contract back but we usually get that back within a few days.
  11. Seller will not make any repairs or provide home warranty plan for the property.
  12. Seller WILL NOT REPLY TO A REQUEST FOR CREDIT OR PRICE REDUCTION after the contract is accepted or after inspections.
  13. Buyer's closing costs may not follow the customary costs for the county.
  14. Buyer to pay for the HOA package if the property belongs to a homeowners association.
  15. Seller is exempt from providing certain disclosure documents for an REO property.
  16. Buyer will be charged a penalty per day for extension of closing date.