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How to Submit An Offer on a Freddie Mac/Homesteps Home!
First, all Offers are submitted to the Listing Agent!
The Seller on the OTP is Freddie Mac/Homesteps
Please Provide: Lender Qualification Letter Or Proof of Funds if a cash offer
How Do I Present an Offer? 1. Use the NC Standard Offer to Purchase and email this to the Listing Agent.
2. Please provide proof of funds or a Per-qualification Letter with the Offer.
A response can take up to three days.
Please Do Not send a Certified Check at this time. The Seller may counter the Earnest Money Amount.
No there is no set or required amount for the Earnest Money. This can be negotiated.
We do not accept Due Diligence Fees and we do not recognize a DD Date on the OTP.
The Buyer has 12 days from Execution of the contract to inspect the home. This is on the Freddie Mac Addendum.
The Following People are NOT Eligible to Purchase a Freddie Mac owned Home.
HomeSteps or Freddie Mac Employees, Suppliers, Listing Agents, and/or Immediate Family Members of
Employees Suppliers, and Listing Agents.
Does the Seller do any inspections? Sometimes. If inspections were preformed, these would be attached to MLS, as would the Lead
Based Paint Addendum, if applicable.
|All Freddie Mac/Homesteps Homes are listed on MLS. 48 Hours must past before an Offers can
be submitted. As of 2010, in the first 20 days of the Listing, Only Owner Occupied Buyers may present an
Offer. On the 21st Day of the Listing, Investors may present offers. These comments are in the General
Remarks Section on each MLS Listing.
Should your client be an Owner Occupied Buyer, and wishes to present an offer in the first 20 days of the
Listing Period, please complete the Owner Occupied First Look Agreement, Click Here!
Please forward to the Listing Agent with the Offer to Purchase.
|The Seller will NOT Agree to the Following:
The Offer is Contingent on the Sale of Another Property, Buyer wants to Occupy or Store Personal Items Before Closing, Buyer wants to
perform Repairs or Improvements to the home before Closing, Buyers wants to receive Credits at Closing for Repairs not completed by the
Seller, Seller's Funds to be Escrowed Post Closing, Closing the last day of any month.
Should the Sales Specialist Accept Your Client's Offer
We will need Upper Management Approval and Computer Generated Addenda that will accommodate the contract.
There is nothing this office can do to expedite this process. And this can take up to 5 days!
Should your client's offer receive Upper Management Approval, the addenda will be emailed to you.
|The Property Source, Inc
Residential Real Estate
The Earnest Money Check must be a Certified Check from the Buyer's Bank Account.
Please make sure the certified check has the Buyer's name and property address of the home being purchased.
Money Orders, Personal Checks, and Cash are not accepted. This is required before the contract will be executed!
The Escrow Agent will be the Listing Agent or the Seller's Attorney. No Exceptions.
The Selling Agent's Commission is 2.5% percent of the purchase price or $1500, whichever is greater.
NC Disclosure and Mineral Rights Disclosures? All Foreclosures are Exempt from these two documents.
Please select the appropriate box on the OTP and document the reason: Foreclosure
Due Diligence Money? We do not collect this money. We allow 12 days for inspections from the execution date of the
contract. This is on the Large As Is Addendum that will accommodate the OTP.
When will we get the EXECUTED Contract Back from the Seller? If there are no omissions, or errors, we usually will get
the contract back within 48 hours. The Listing Agent will put the contract together and send it off to the attorney for
execution. Here is a list of requirements that the Listing Agent uses in order to make sure there are no omissions or errors.
Please review this form here: Contract Package Checklist, Click Here!
Are Electronic Signatures Accepted? Yes