A.R.I. FINANCIAL, INC. Real Estate & Loans
CA DRE License # 01868720 & NMLS ID # 333552
Writing An Offer On A Short Sale!
In order to expedite the process of getting your offer accepted, please follow the guidelines below to help you get your offer through.
1. Please do not submit really low-ball offers. We do not submit them to the bank.
2. Be sure to tell your client that it may take 60 days before we get an answer from the lender! (Yes there are exceptions)
3. We will NOT pay buyers closings cost, repairs, home warranties, etc, etc.
4. If we deem your price too low, we will counter you.
5. You MUST use the CAR form RPA-CA
Page 1 of the RPA-CA
1D Escrow MUST be 30 days or less (After our approval)
2C Agency- A.R.I. Financial, Inc. represents the Seller Only. Your Company represents the Buyer only.
3A Deposit must be a minimum on 2% of the purchase price.
Page 2 of the RPA-CA
3H(3) Loan Contingency Removal – 10 Days
3I Appraisal Contingency Removal – 10 Days
4A(1) Seller will pay for the report, Buyer to pay for any repairs. Do Not Include a WPA
4A(4) Seller will pay for The Natural Hazard Report
4B(1) Shall be checked Seller
4B(2) Shall be checked Buyer if any retrofit.
4C(1) Buyer and Seller escrow fees shall read “Each to Pay Their Own” Escrow Company shall be Freedom Escrow.
4C(2) Seller shall pay owners title insurance policy through First American Title
4D(2)(3)(4)(5)(6) Shall be checked Buyer (if Applicable)
Page 3 of the RPA-CA
5B Possession to be Close of Escrow plus 3 days unless property is vacant.
8B(3) Shall read “Nothing Included” No personal property will be included in the purchase.
Page 4 of the RPA-CA
11A Shall be checked (CAR Form SPQ)
11B Shall be checked (CAR Form SSA)
11C Shall be checked (CAR Form BIA) and (CAR Form SBSA)
11D Other Terms: If the close of escrow does not occur on or before 30 days after bank acceptance, through no fault of seller, buyer shall be charged through escrow the sum of $75.00 per day until escrow closes or cancels.
Page 5 of the RPA-CA
14B(1) All contingencies to be removed within 10 business days.(After Bank Acceptance)
Page 6 of the RPA-CA
n/a
Page 7 of the RPA-CA
25 Liquidated Damages – Buyer to Initial
26 A,B Mediation and Arbitration – Buyer to Initial
Page 8 of the RPA-CA
29 Expiration of Offer – Give us 3 days for sellers acceptance. (It may be sooner)
Page 1 of the SSA-CA
1A - The date on item “A” should be 60 days from the offer date.
6. We will only submit ONE offer at a time. All subsequent offers will be back up offers only.
7. With your offer we will need the following: Proof of down payment, FICO scores, Letter of Approval/Pre-Approval and a copy of deposit check.
8. Your buyer Can Not be related to the seller in anyway. If your buyer should have the same last name as the seller I will need a sworn affidavit that there is no relationship.
9. If the close of escrow does not occur on or before 30 days after bank acceptance, through no fault of seller, buyer shall be charged through escrow the sum of $75.00 per day until escrow closes or cancels. This Clause will be added to the purchase agreement.
10. E-mail of Mongo Fax your offer info@arifinancial.net or Fax it to (949) 861-9393.
What We will Do!
1. We will submit your offer to the bank(s) within 24 hours of the first business day after accepting the offer.
2. We will make sure that your client gets all of the required disclosures.
3. We will give you a weekly update.
4. Your commission Will Not be negotiated. It will be what ever is posted in the MLS.
It will be much easier for us to get the offer approved in a reasonable manner if you follow the guidelines mentioned above. Please keep in mind and inform your client that some lenders are over whelmed with short sale files and may take even longer then 60 days. If your buyer decides prior to approval that they no longer want to purchase the property, please notify us in writing signed by the buyer.
A.R.I. Financial, Inc.
(949)-887-9449
FAX (949) 861-9393
