Cape Coral Real Estate

This is a list of addendum language that I use when needed.

1. ACCESS TO PUBLIC ROAD:
The Seller warrants that the subject property has the right of ingress and egress to and from_________________________ road without limitation by way of the existing driveway located at:____________________________________________
2. AGENT AS PRINCIPAL OR RELATIVE OF PRINCIPAL:
A. All parties acknowledge that___________________is a duly licensed Real Estate Agent under the law of
__________________ and is acting as the____________________________________.
B. All parties acknowledge that_____________________________is a duly licensed Real Estate Agent under the law of ____________________, and is the____________________of the____________________________and is acting as the agent of the ________________________________________.
(Buyer or Seller)

C. All parties acknowledge that the Buyer/Agent intends to sell the Property at a future date for a profit.

3.AMENITY PACKAGE RELEASE:
In the event that the Property is served by a recreational amenity package either now existing or to be constructed, Buyer acknowledges and represents that he has investigated the ownership and availability of such amenity package, and hereby releases Broker and Affiliated licensees from any responsibility or liability in regard thereto.
4. ASSESSMENTS OR LIENS:
The parties hereto are aware that there is a_______________assessment or lien against the within described Property in the amount of $________________________. Said assessment or lien shall be paid by/at the closing of this sale.
5. PROPERTY EXCHANGE:
This Agreement, and the Separate Agreement which is attached hereto, are intended to be Exchange Properties pursuant to Internal Revenue Code § 1031. The parties agree that they will perform all necessary acts and that they will execute all necessary documents to effectuate an Exchange of Properties under said Section. The parties anticipate that the closings upon the properties which are the subject of this Agreement and the attached Agreement will be simultaneous.

6.CONTINGENCIES:
A. Appraisal.
This Agreement is contingent upon_____________having Property appraised no later than_________________
and to pay for the appraisal. In the event the appraisal is not timely made, this contingency shall be deemed waived. The property must appraise for at least the amount set forth in the “Purchase Price” paragraph of the Agreement or the Buyer may, at his option, on or before_______________________, declare this Agreement null and void and all earnest money shall be refunded in full, in which event all parties agree to execute all necessary documentation. In the event Buyer fails to exercise this option, it shall be deemed waived.

B.Approval of Others.
This Agreement is contingent upon___________________viewing and approving the above described Property, and, if acceptable, notifying the Seller or Broker on or before________________________. Should the Property be unacceptable to_____________, this Agreement shall become null and void and all earnest money refunded in full, in which event all parties agree to execute all necessary documentation. In the event this contingency is not removed by the date set above, this contingency shall be deemed Waived and the Agreement shall remain in full force and effect.

C.Bankruptcy Pending.
The parties herein acknowledge that they have been informed of bankruptcy proceedings in the Federal District Court, and that this Agreement is contingent upon a final judgment and decree authorizing the sale of the Property. In the event that a final judgment sale authorization is not granted by_______________________, this Agreement shall become null and void with earnest money returned in full to Buyer, in which event all parties agree to execute all necessary documentation.

D.Court Permission to Sell.
Seller’s obligations under this Agreement are contingent upon approval or order of the appropriate court having jurisdiction over the sale of the Property on or before___________________________. Seller shall proceed diligently and in good faith, using all reasonable best efforts, at Seller’s expense, to obtain said approval. In the event said approval or order is not received by said date, the Agreement shall be null and void with earnest money returned in full to Buyer, in which event all parties agree to execute all necessary documentation.

E. Divorce.
The parties herein acknowledge that they have been informed that the Sellers are involved in a divorce proceeding and that this sale is contingent upon Sellers obtaining a final judgment and decree authorizing the sale of the Property. In the event that a final judgment sale authorization is not granted by___________________, this Agreement shall become null and void with earnest money returned in full to Buyer, in which event all parties agree to execute all necessary documentation.
F. Not Contingent on Sale of Property.
Buyer warrants that this Agreement is not contingent upon the sale of current residence or any other property and further states that failure to sell any of said properties will not be grounds for refund of earnest money in the event of loan denial.

G. Trade-in of Buyer’s Property.
This Agreement is contingent upon the Buyer and Seller reaching a mutually satisfactory trade-in agreement on the Buyer’s current Property located at_____________________________________________________________
on or before_____________________________. In the event a mutually satisfactory agreement is not reached within the time stated above, this Agreement shall become null and void with earnest money returned in full to Buyer, in which event all parties agree to execute all necessary documentation.

H. Release of Liability (Contingencies).
1) Conventional Loan.
This sale is contingent upon Buyer assuming Seller’s existing loan and Seller’s existing indebtedness for repayment of the loan and lender’s agreement to release Seller from liability thereon on Seller’s Property as described herein. Buyer agrees to immediately apply and submit necessary information to lender. If Buyer has not received such approval and agreement from the lender within________days after the date of acceptance of this Agreement, or should Buyer fail to qualify, the seller shall have the option of waiving this stipulation or declaring the Agreement null and void and all earnest money shall be refunded in full, in which event all parties agree to execute all necessary documentation.

2) FHA Loan.

This Agreement is contingent upon the Buyer’s ability to assume (a) the Seller’s existing FHA loan and (b) the Seller’sliability to the Federal Housing Administration (FHA) for the repayment of the FHA loan. Buyer agrees to apply immediately to FHA and submit necessary information. If Buyer has not received such approval and agreement from FHA within______days from date this instrument becomes a binding agreement, or should Buyer fail to qualify to assume the seller’s liability, seller has the option to waive this contingency or to declare the Agreement null and void and earnest money shall be refunded in full, in which event all parties agree to execute all necessary documentation.

3) VA Loan.
This Agreement is contingent upon the Buyer’s ability to assume the Seller’s existing VA loan and to assume the Seller’s potential indemnity liability to the U.S. Government for the repayment of the loan and the VA’s agreement to release Seller from liability thereon. Buyer agrees to apply immediately to the VA and submit any necessary documents and information required by VA. If the Buyer has not received such approval and agreement from the VA within_______ business days from the date this Instrument becomes a binding Agreement, or should the Buyer fail to qualify to assume the Seller’s liability, Seller has the option to waive this contingency or to declare this Agreement null and void and earnest money shall be refunded in full, in which event all parties agree to execute all necessary documentation.

7 . EARNEST MONEY:
A. Additional Earnest Money Held by Broker/Holder.
Buyer agrees to pay Holder additional earnest money in the principal amount of $_____________________on or before _____________________, making a total earnest money deposit of $_____________________. In the event Buyer fails to pay additional earnest money by said date, then, at the option of Seller (this option to be exercised within seven days of said date), this Agreement may be declared null and void by written notification to Buyer and Broker.
B. Held until Specific Time.
All parties to this Agreement acknowledge that the earnest money will not be deposited until_________________.
8. RECEIPT ACKNOWLEDGMENT:
Receipt of this notice is hereby acknowledged this_________day of____________,______ at_____o’clock____.
By:_____________________________________________.
9. RENT PRORATION:
All prepaid rents on said Property shall be prorated at the closing of the sale. The Seller represents that the monthly rentals on said Property of $___________________will be current at the time of the closing, and that there will be no expenses chargeable to the Seller except the taxes on said Property. The Seller shall pay to the Buyer all security and damage deposits, if any, which have been paid to the seller by any of the tenants. Buyer shall enter into an agreement to hold the Seller harmless against such transfer of security or damage deposits. At the closing of the sale, the Seller shall execute an affidavit which will verify the number of leases and tenancies then outstanding on the Property, the prepaid rent as to each, and the amount of security deposits as to each.

10. SUPERSEDE PREVIOUS CONTRACT:
Upon signatures by all parties, this agreement supersedes and makes null and void previous agreement accepted
____________________________, by and between the parties hereto.
11. THIRD PARTY AGREEMENT:
Seller hereby reserves the right to assign this Agreement to________________________________ (3rd Party) for closing and payment of mission in accordance with the terms hereof.

12. ZONING:
A. Rezoning Contingency.
Buyer understands and agrees that Property is zoned_________________________________and that the improvements thereon may not meet zoning requirements. The Buyer’s obligation hereunder is conditioned upon the Property being rezoned to_____________________________by the appropriate______________________ (County/City) authorities by _____________________________. The_______________________(Buyer/Seller)
shall be responsible for pursuing such rezoning and paying all affiliated cost. In the event that said rezoning is not obtained by said date, then this Agreement shall become null and void and all earnest money shall be refunded to the Buyer. All rezoning applications shall be submitted to Seller for Seller’s approval prior to filing, which approval shall not be unreasonably withheld. All parties agree to cooperate, to sign the necessary documentation and to support the rezoning application.
B. Homes converted to multifamily use where zoning for multifamily use may be questioned.
This Agreement is contingent upon Seller providing a letter from the city or county zoning authority stating that the
Property is presently zoned for multifamily use. Seller shall have two (2) weeks from date of acceptance to present said letter to Buyer or Broker(s). Should the Seller not present the letter within the above-stated time period, Buyer must, within forty-eight (48) hours past the time period, declare this Agreement null and void or this contingency shall be removed as a condition of this Agreement. If Buyer elects to declare this Agreement null and void, said declaration shall be on a Termination and Release Agreement with all earnest money being promptly refunded to Buyer. All parties agree to sign promptly all documentation.

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Comments (0) Sep 18 2010

Here are 10 frequently asked short sales made questions which are incredibly useful especially if you are just getting started or contemplating quick sales as a means to acquiring pre-foreclosures.

1. What occurs on the seller’s credit rating when they permit an investor to short sell their property?

What typically takes place is the loan will show up as “paid” on their credit report; even so there will probably be a notation that says “settled for less than originally owed” or something along these lines. It’s additional favorable for a homeowner to small promote than to have a foreclosures on their credit report.

2. Where do you find investors for short sales?

Depending on where you live, you may see buyers who advertise with bandit signs or in your local newspaper. Call the investors directly and ask them if they’re experienced in performing short product sales and if they would be interested in working with you. Another good place is your nearby real estate investors club meeting.

3. Define a short sales?

A short selling is really a form of pre-foreclosure sale made and occurs when the mortgagee agrees to accept much less than the loan volume to avoid foreclosure. A negotiated short sale results inside a discounted buy price for the buyer. The buyer would finance the acquisition significantly the same as in any conventional realty acquisition.!. but devoid of the luxury of time.

4. Can an proprietor profit from a short sale?

The seller can’t profit (monetarily) from a pre-foreclosure short sale.!!! But you will find usually exceptions towards the rule.

5. How do bankruptcies affect the possibility of carrying out a short sale?

Most mortgagees won’t take into account a short sale if the house owner is in bankruptcy.!.why? Due to the fact negotiating a short sale made payoff is considered a collection activity. Collection activities are prohibited in bankruptcy.

6. Can somebody tell me what paperwork do I have to include inside a short sale package?

Documents depend on the lender. Each loan company has diverse requirements. It is typical to require hardship letter, buy and sales contract, ECOR, settlement statement (HUD 1), net sheet, pay stubs, bank statements, personal financial sheet (monthly budget), amongst other things.

7. What percentage of mortgage firms send somebody out for an appraisal on a achievable short sale?

All lenders order a BPO or full appraisal of the asset prior to making their decision to accept or reject the short purchase offer. This is there only way of assessing the worth of your home.

8. How late in the pre-foreclosure procedure can you begin a short sale?

Attempt to allow a window of at least 90 days to effectuate a mortgagee approved, pre-foreclosure Short Sale made.

9. What is a Due on Sale clause?

“Due on Sale” Clause (DOS) Provision inside a mortgage or deed of trust calling for the total payoff of your loan balance inside event of a selling or transfer of title towards the secured genuine asset. A contract provision which authorizes the loan provider, at its choice, to declare immediately due and payable sums secured by the lender’s security instrument upon a purchase of all or any part of the genuine home securing the loan devoid of the lender’s prior written consent.

For purposes of this definition, a sale or transfer indicates the conveyance of authentic house of any proper, title or interest therein, regardless of whether legal or equitable, regardless of whether voluntary or involuntary, by for deed, leasehold interest with a term greater than three years, lease-option contract or any other technique of conveyance of true home interests. Standard language which states that the mortgage must be paid when a house is sold.

10. Will banks enable a short sale when the owner has some or a beneficial sum of equity?

If a asset has what the financial institution would consider a substantial quantity of equity, chances are they would take into account allowing the asset to foreclose and then reselling it closer towards the retail value. Focus on homes that don’t have much equity. Your job will be to create the fairness in the home by negotiating a successful short sale made.

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Comments (1) Sep 12 2010

Once you have sent your offer of 55% of the lowest average comparable and deducting for any repairs to the bank, the bank is going to hire a third party company to have a look at the property that is being discounted or what it is called a short sale transaction.

The following steps are what you have to consider to have a successful outcome from that third party that is doing the BPO/Appraisal.

Make yourself the contact person for the process.
When the third party company that is calling you to schedule an appointment, you want to make sure that the person on the phone knows the fact that this property is been foreclosed and do they know that it has a contract to be sold. Most of the people just want to come out and take pictures and run to the next one. They are in it to get as many done in a day as possible because they are getting paid minimal money to do this task, most of them being Real Estate agent that are not producing enough for a living. Build a rapport with them right out of the door and ask them a few questions while you have them on the phone. For examples:

Do you know that the bank is looking for a quick sale value on this home?

How long have you been doing BPO/Appraisals?
As you are listening, you are on a mission to gain information. You will be able to use this information to give you more details on how to proceed with this particular person before meeting them at the property.

How many of these inspections are you doing a day?
How many have you done in the last month/last week? And so on…

What is the name of your company/Phone #/Fax #/cell phone#?
So you can contact them ahead of time to confirm your meeting when set.
I also call some of them time to time for tips about new foreclosures.

If it is a Realtor, ask if they do a lot of REO’s.
This is a bank foreclosed home that Realtor’s like to list after they have been foreclosed on. You want to be sure on this because it will help you know how to proceed in handling the person in the field.

If it is an appraisal you are going to
You want to know this as well because an appraisal will be a little longer than a BPO. They are going to measure the property just like they did when it was purchased. They will do the size of bedrooms, how many rooms, all interior pictures, front and back pictures of the house and more…

Compiling all the right paperwork to take to the meeting at the house consist of the following:

A folder that has all information about the property
Write in big “Foreclosure” and “Working with banks and sellers to liquidate properties” on the front of the folder.

A copy of the purchase and sale agreement
You sent it to the loss mitigation department. It should be completed and executed in a time frame of 30 days or less.

A hardship letter
The hardship letter we were talking about here from the seller explaining why they are losing their home.

A repair estimate of the house
All documents supporting the value that is being offered. Made you homework here. You’ll get better at it with experience though.

Low comparable from the property
Get you comps from Real Estate agents, MLS and so on. Get the lowest 3 similar LISTED and 3 SOLD properties. The keyword is lowest here!

Articles from newspaper or online articles
Try to get newspaper articles explaining the down turn of the market or any problem of the area where the property is located. Check online local newspaper as well.

Copy of the building sketch of the property
If it is an appraisal, supply the appraiser with a copy of the building sketch of the property. This will put a smile on the appraiser face because it helps them get their job done sooner. This move will instantly put yourself as knowledgeable and therefore, your numbers as much more accurate, even if you may be a bit low

The day when you are meeting them at the property
Make sure you call and confirm they are going to be on time. Be professional.

Arrive early so you have a chance to get a feel of the house
Drive by the neighborhood and look for any signs in yards. Take them down if any and remove any flyer/advertising you may have at the house. You do not want them to know what you are marketing it for. Look around the house for any new damages or negatives to point out.

When the agent gets there
DO NOT HAND them the package you have. Lay it down somewhere visible in the house (kitchen counter or on bar). Start building a rapport with them. Have a conversation about anything, something in common (have a quick look at his/her car bumper sticker. You most probably see something he/she like to talk about: pets, football team, etc…). Ask how they are doing and get a little personal.

Do not start bashing the house
As if you want a low value, it is important though that you don’t bash the property. Let them in and walk the house showing them around from behind them. That will let you read their body language. Do not get up in their face. Be nice and have a sense of humor about the meeting and that you two are in this together.

The Big Question!!
When the agent/appraiser asks who you are in this process, whenever this comes up, either on the phone in the beginning or on the way there when you are confirming the appointment, DO NOT LET THEM KNOW YOU ARE AN INVESTOR. You are just the person meeting them there to show them the house. Minimize yourself. If they ask you if you are the listing agent or the Realtor® and you are not, let them know that our company works with the seller and the bank to liquidate the property. If you are a Realtor® then answer yes I am a Realtor® but working to help the seller.

What should I wear to this meeting?
Try not to over dress or look like you are better, smarter or know more than they do. Play at their level or below. Allow them to be in control or at least think they are in control (better results). Ask them if there is anything else that they need. Include a couple of newbie’s questions about their field. Leave an impression that you know he/she is the professional here.

Getting the package in their hand.
Talk a little about the market and show them things that need repair along the way. However, be helpful not forceful. When you pass by the package pick it up and let them know you have a copy anyway. Inform them that it contains info like comps, the current purchase agreement, etc… You don’t have to tell them everything in it because they can see it for themselves. You want them to ask you for it. Let it be their idea of getting it instead of it seeming like you are forcing it in their face, you must take this type of approach.

What do you think of the value?
After the meeting, hint around about the value. “What do you think the value will come in at?” “Ballpark figure”. Come across with the seller needs to sell attitude rather than they want to sell. If the agent/appraiser will tell, that is okay.

Can I follow up with you?
Have either yourself or someone else follow up with them 24 hours after the value was done. Thank them for coming out, be polite and ask them if they have completed the value and sent it in to the bank.

Calling 24 hours later.
Start out asking them how it is going. Then ask them if they have completed any more inspections since the one they did with you. By this time you should have an idea of how well they are going to respond. Just ask what they thought the value came in at and did the value come in around the contract price.

After that, call the bank and ask if they have received the value and can they accept the offer that you have submitted. If not, ask them to call you back with the approval as soon as they get it.

Comments (1) Dec 27 2009

Investor and Real Estate developer, Claude Thomas has been involved in the Real estate market since 1991.

Full-time REALTOR® since 2001.

Owning overnight rental cabins, Claude knows where and how to put the money in investment properties for the best return.

As codytech.com C.E.O., Claude is always at the edge of today’s technology and is able to use the best internet tools for his sellers and buyers.

Being fluent in French and Spanish has brought to Claude the ability to negociate contract in his clients’own language.

Member of the National Association of REALTOR® .

Member of the Tennessee Association of REALTOR®.

Member of the Great Smoky Mountain Association of REALTOR®.

Other interests include Mathematics, Astrophysics, Sports, Computing, Travel, and real Estate.

Web Site – www.1capecoral.com

TN Lic No. 00308470.

FL Lic. No. 0703456.

Comments (0) Oct 24 2009