Colorado Investors Real Estate
Services LLC
Phone: (720) 445-5403       Colorado Broker License #EL40046287
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REO Offer Instructions

“What you should know before writing an offer”

 

Thank you for your interest in our listing. Please review the following information if you are preparing to write an offer:

 

1. Lender Owned properties are sold "As-Is" and Bank Addendums are required and will be sent to you when made available by seller. The Bank’s definition of “As-Is” means the buyer is aware that the property is being sold in its present condition. The buyer has the right to an inspection and to rescind the offer. Please do not assume the Bank will negotiate any repairs.

 

2. Since the property is being sold in “As-Is condition”, do not ask for additional items to be purchased by the Bank to be placed in the property. Example: personal property items, attached fixtures, appliances etc…

3. Contracts CANNOT be Assignable. 

4. Lead Base Paint Addendum required if property built prior to 1978.

5. "Proof of Funds" to be provided with contract, as follows:

  • If Financed - Lender Approval Letter *
  • If Cash - Bank Proof of Funds/Capability Letter

*Note: Unless stated otherwise in MLS, all offers must be prequalified through one of our preferred mortgage servicing companies. Some Sellers/Banks may require internal prequalification. Please email us with the property address for specific details.

6. Square Footage Addendum signed by both buyer and seller.

7. The Bank will NOT provide a Property Disclosure. The Bank has never lived in, nor have they visited, the property.

8. The property will be conveyed by “Special Warranty Deed”.

9. “Commissions Based on Net Sale.” Please know that the Bank will only pay a co-op based on the purchase price, less any concessions negotiated.**

** If you, as an agent, are preparing to purchase the property yourself, please contact listing broker for more details on commission payable.

10. Please email us for information regarding Bank Addendums and Disclosures. These are required documents and will be sent to you upon request and/or when made available by seller.

11. In regard to acceptance of an offer, please be sure to give at least 7 business days for the Bank to review and respond. We will do everything possible to obtain a response sooner for you. If multiple offers are received on the property, the Bank may instruct us to notify all parties to submit “Best and Final Offer”.

12. Please DO NOT deliver Earnest Money or any documents until a contract is accepted by the Seller.

ENTER AN OFFER BY CLICKING HERE


Then fax or email requested forms indicating Property Address in the Subject line! 

Fax: (866) 765-3118

Email: Sales@MileHighREO.com 

INQUIRIES/CONFIRMATION REQUESTS: Submit via email indicating Property Address in the Subject line!

If you observe any signs of vandalism, damage by natural causes or security issues with the property, PLEASE contact the person on the posted emergency sign as soon as possible for the safety of all!

For more information email us at:
Sales@MileHighREO.com 
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CORE - Colorado Real Estate and Investments
Mailing Address: 1630A 30th St. #601 • Boulder, CO 80301
Phone: (720) 445-5403 • Colorado Broker License #EL40046287



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