REO Offer Instructions

REO Offer Instructions

For a quick response please email all inquiries to James.c21alpha@gmail.com

“Buyers should obtain a free prequalification letter from Wells Fargo Home Mortgage or an entity which is a joint venture with Wells Fargo Home Mortgage by working directly with a mortgage consultant Robert Trieu, 408-223-3069 or 408-679-5696, http://www.roberttrieugroup.com, NMLSR ID 459600 or going online at www.wellsfargo.com Buyers also have the option to provide proof of other credit decisioned financing or a NACA (Neighborhood Assistance Corporation of America) Qualification Letter.”

All cash offers are elighble for an expedited closing, pending clear title and/or hazard claim resolution, of approximately 15 business days.

Contract of Sale Requirements: Property is sold "AS-IS" including any existing appliances, plumbing, heating and air conditioning and electrical systems.

• Calendar Days 1-7: All offers will be rejected.  We want REOs to have exposure to the market and potential buyers. The date the property is listed is counted as Day 1.
• Calendar Days 8-15: We will entertain offers from all buyers except buyers purchasing as a secondary residence and investors.  Note: Non-profits purchasing vacant lots will also be considered during calendar days 8-15.
• Calendar Days 16+: We will entertain offers from all buyers once any offers received during days 8-15 have been fully vetted.

Buyer is to inspect the property five (5) days prior to closing to determine that the property is in the same condition as
when the offer to purchase was executed.

1. Please download the Cover Sheet and place it as the first page in the Purchase Agreement Offer. Please confirm all necessary documents are included before sending the contract package; and they are in the order as follow: Cover Sheet, Earnest Money Deposit, Proof of Fund, Prequalification letter from Wells Fargo, Purchase Agreement, addendum and Disclosure etc. NO faxes please. There can be no electronic initials or signatures on any document.  Send in one pdf file to: James.c21alpha@gmail.com

2. C.A.R. Form CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT AND JOINT ESCROW INSTRUCTIONS for Use with Single Family Residential Property (C.A.R. Form RPA-CA, 8 pages)

3. C.A.R. Form DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIP (Selling Firm to Seller) (C.A.R. Form AD, 2 pages)

4. C.A.R. Form BUYER'S INSPECTION ADVISORY (C.A.R. Form BIA-A, 2 pages)

5. C.A.R. Form REO ADVISORY (C.A.R. Form REO, 11/09)

6. Wells Fargo Bank “pre-qual” letter is preferred and Proof of funds are REQUIRED for all offers. Offers WILL NOT be presented without a pre-qual letter (cash offers only need proof of funds)

All the above information is required, if package is incomplete, offers cannot be submitted. It is up to the buyer's agent to send a completed one.

Contingency periods and removals thereof will be closely monitored. The Notice to Buyer to Perform (C.A.R. Form NBP) will be executed to enforce said contingency removals in the event same is not removed as agreed.

Note: The contract cannot be assigned. The following parties cannot directly or indirectly purchase any Wells Fargo REO property: (i) Employees of Wells Fargo, its affiliates or subsidiaries (including Wachovia, its affiliates and subsidiaries) and their immediate family members; and (ii) the agents, employees and family members of the listing real estate agent or agency.

Counter Offer
In the event you receive a counter offer, it will not executed by the bank – once the all terms and conditions are agreed upon, all documents (contract, counters, addendum’s etc. will be sent to the bank for their signatures). Any and all documents must be included at this time. The bank will not consider any other documents after said time. Bank response could take 2-10 days; plan accordingly for Buyer's performance.