BEFORE CALLING OUR OFFICE ON 225 VENTURA RD #81 WE HAVE CREATED THIS PAGE TO ASSIST IN†ANSWERING ALL OF YOUR QUESTIONS PERTAINING TO THIS LISTING.

Please do not contact our office until reading through the information below.

Most of your questions will be answered.

This is a Short Sale

SHORT SALE APPROVED AT $193,000

NO DOCUSIGN – THIS LENDER ONLY ALLOWS REAL SIGNATURES

*THERE IS A $5,000 SPECIAL ASSESSMENT WITH THE HOA DUE THAT WILL BE THE BUYER’S RESPONSIBILITY. 

SHOWINGS: Please send request to info@tonipatillo.com

PROPERTY FREQUENTLY ASKED QUESTIONS

Q. Is this property a short sale?

A. Yes.

1st Lien Holder: Seterus

2nd Lien Holder: None

Previously Approved? Yes

Q. Is the property available? Do you have offers?

A. If the property is Active we do not have an accepted offer from the Seller. If it is in ìBack upî we have an accepted offer, but we always welcome back up offers. It is not uncommon for a Back Up offer to be the one that ends up closing. If the property is in “Pending”, the contingencies have been removed, and we should be closing soon.

Q. Will you be sending counter offers?

A. This will be handled on a case by case basis when we review the offers with our seller. We recommend that buyers submit their highest and best offer up front, and also follow the offer checklist. If multiple offers are received and reviewed with the seller, the best offer be selected without a counter. Please inform your clients.

Q. Does my buyer need to qualify with your lender?

A. Yes. Unless it is an ALL CASH buyer we do require that your buyer goes through the qualification process with Mark Latini of Divita Home Finance.

You can reach Mark at 949-279-5595 or mark@divitahome.com

Q. How do you handle your short sales?

A. Once the seller has selected an offer, we will submit only that offer to the†bank. The other offers may have the option to go into a back up position, and the back up rankings will be selected by the seller.

Q. Is the property eligible for FHA or VA financing?

A. Check w/ your lender

Q. Are there any delinquent property taxes?

A. There may or may not be delinquent property taxes. We will negotiate to have†the short sale lender cover the delinquent property taxes. Your buyer will be responsible for the prorated property taxes just as they would in a traditional†sale.

Q. Are there any other fees that my buyer will need to pay?

A. Buyer is responsible for Termite, and upfront documentation fees†(I.E. City Reports, HOA Docs (if applicable). – Buyer is not responsible for†delinquent taxes.

Q. Do the sellers qualify for a short sale?

A. Although here is no way to guarantee that the sellers will qualify for a short†sale, we do our best to only work with clients that we feel have a high chance of success with the short sale. The lender has already approved the list price, so it is highly likely that this short sale will be approved if an offer is submitted at or above that price.

If you have any further questions, you can email them to info@ToniPatillo.com.

PLEASE DO NOT CALL.

We will either email or call you to answer any additional questions or concerns.

The instructions below include all of the information for writing the offer and where to submit it. Once an offer has been submitted, you will receive an email confirmation within 24 hours.

 

INSTRUCTIONS FOR WRITING AN OFFER

PLEASE CLICK THIS BOX FOR THE OFFER CHECKLIST AND ADDENDUM

All Offers Must Be Accompanied By:

• Approval Letter from Lender (if financing)

• Proof of Funds sufficient for down payment and closing costs (if financing),†

  or full†purchase price and closing costs (if CASH)

This Information Must Be Completed on the Residential Purchase Agreement:

1. In section 5A, please check the Addendum Box and Write #1

2. In Section 5B, Please check the box Short Sale Addendum (SSA)

3. Page 10 – Please be sure to include your license #, office license #, and†SIGN THE OFFER

4. Page 10 – Please fill in the listing agent information as follows:

• Listing Firm – Keller Williams Realty Santa Monica

• Firm License – 01499010

• Agent- Toni Patillo

• Agent License – 01313287

• Address: 2701 Ocean Park Blvd. #140 Santa Monica, CA 90405

• Phone: 310-482-2035

• Fax: 424-744-4148

• Email:†info@ToniPatillo.com

** PLEASE READ THE FOLLOWING†BEFORE†SUBMITTING AN OFFER **

1. The seller does require that your buyer deposits 3% of the purchase price into escrow within 3 Days of Seller’s Acceptance. Please inform your buyer that this is not when the bank accepts the short sale. If the seller accepts your buyer’s offer, we are going to tie up the property and only accept back up offers. In doing so, we want to ensure that you buyer is committed to the short sale by placing their 3% deposit in escrow.

2. The C.A.R. form “Short Sale Addendum” (SSA) needs to be incorporated into the agreement. In section 1A, check the box and write in 60 days.

3. Once the short sale approval is granted, you will be required to close in 30 days or less depending on the terms issued by the lien holders.

4. If asking for closing costs, the max will be 3% on FHA and VA loans. These will be†subject to lien holder approval. If your buyer is doing any other form of financing, no closing costs credits can be requested.

5. The lenders will not pay for home warranty, so please do not include it in the contract.

6. Unless otherwise noted, the lender will not pay for a termite report or repairs, so†please do not include it in the contract. Your client is welcome to have their own inspection completed.

7. The transaction is an “AS-IS” purchase

8. Be advised that there is a Broker Advantage on Commission. This means that the maximum commission paid out to the Selling Agent will be 2.5%. In the event the lender reduces commission below 5%, the commission will be split equally with the Selling Agent. See the MLS private remarks.

9. Offers CANNOT be written with “or assignee”

10. Many times short sale banks will not pay a commission if you are representing yourself in the transaction. We recommend that you have another agent that you trust work with you in the transaction.

Once you have read this information and prepared an offer, please click the link below to submit your offer via email.

Should your email client not support this link. Email offers to: Offers@ToniPatillo.com