Agent Frequently Asked Questions

 

Should I call to check the status of my offer?

No. It can take time to hear from our corporate sellers; however, follow up calls will delay responses. An email to offers@wowway.com is appropriate after a few business days.

 

Can I find out if other offers are in prior to writing my offer?

Yes, send an email to  offers@wowway.com, Mon – Sun, with hours varying. Emails are handled daily in the order that they are received so if you do not reach us, please follow instructions and submit immediately, as other offers may already be in. You will be notified if other offers have been submitted. Do not call the Listing Agent, as they do not handle the offers.

 

What do I need to present an offer?

Follow the Seller Requirements in Offer Packet. Your office’s Purchase Agreement is fine.

 

Will you call me to let me know that my offer was received?

No; however, you will recieve an Offer Acknowledgement confirming that it has been received and is being processed. Therefore, supplying an email address is critical. Follow up will also be via email so please provide a current email address. Additionally, if you fax your offer, keep a copy of the fax receipt as your submission record. If anything is missing, you will be contacted. If your offer is incomplete, you will recieve a response with the items still needed in order to submit.

 

Do you hold offers before submitting them?

Never. All offers are presented as they come in, as long as they are viable.

 

Will my offer be presented?

Every offer will be submitted as long as the Seller Required Guidelines have been met.

 

When will the offer be presented to the bank?

Offers are presented within 24 hours of receipt, subject to us having a viable submittable offer, Seller Restrictions, and other factors. Your offer must be complete and follow the Offer Instruction Packet attached to the MLS.

 

When will hear a response?

Typically, within 5 business days but many sellers are backlogged and can take longer. Have your buyer be prepared to wait. Continual calls will delay service to all our clients. Response time depends on how many files our clients are processing at any given time. On rare occasions, we have seen responses within a few hours. More typical responses range from several days to a week or more. Some of our clients will not look at any offers the first two weeks that the home is on the market, by company policy.

 

Will you let me know the seller’s response?

If your offer is accepted or rejected, if the bank has a counter or if they are asking for your highest and best, we will contact you immediately. If we have not yet contacted you, then the bank has not yet responded. We guarantee a response!

 

What does highest and best mean?

If multiple bids are received, you will be required to submit your buyer’s highest and best offer. You may stand firm with your previous offer or you may submit any changes to your offer, including price, down payment, financing type, contingency removals, and closing date. The seller will typically require a response within 24 hours. Please let us know either way, or the seller will proceed with other offers. Again, email is the required method of contact, and may be sent to offers@wowway.com.

 

An offer has already been accepted. Can I submit a backup offer?

Yes. Scan and email the offer. Remove any recission date from the offer. Your client can always withdraw this offer later. It must be contingent upon release of previous offer.

 

Can I submit an offer contingent upon the sale of another home?

No. All offers are definite, timely closing dates. Date needed in mm/dd/yy format.

 

Can I submit an offer with FHA financing?

While FHA loans are not explicitly excluded, please keep in mind that FHA may require repairs to be made prior to closing. If the property qualifies for FHA as is, or with light repairs, then it may be possible to present an acceptable offer. Please confirm condition with lender prior to submitting offer. Buyers would be responsible for these and any lender repairs. We may have photos and condition notes on the property to help you.

 

What does “commission based on net sales price” mean?

The net sales price is calculated by subtracting any concessions from the purchase price. For example, if the purchase price is $200,000 less $5,000 in seller concessions, the commission will be calculated against $195,000.

 

What is seller financing?

The owner of a bank owned property may offer very affordable financing to rejuvenate their in-house properties. These terms including lower rates, low costs, no appraisal fees, lower downpayments, and extra concessions and will send a quote to the buyer after acceptance of offer. Buyer’s SSC and Authorization is required for these properties for qualification purposes even if buyer declines their loan offer.

 

Does the seller allow private inspections?

Most sellers allow private inspections; however, some sellers do counter removing these contingencies. Prepare your buyer.

 

How can I get a better price?

Remove all contingencies and pay cash.

 

Can I negotiate repairs?

Most of our homes are as-is. Some small considerations are made from time to time, and are determined case by case.

 

Can the buyer use their own Title Co.?

Yes. The buyer can have any Title Co. and closing services they desire at their own expense but closing fees will still be paid to the seller’s designated closer.

 

How are commissions paid?

Be sure you have printed an MLS sheet the day your offer is accepted as sellers change their compensations and bonuses regularly. Commission offered day of acceptance is what will be paid based on net sales price.

 

What should we expect with lockboxes and keys?

Lockboxes, signs, and keys are property of the seller and must be left until the day of closing. The listing agent will pull these prior to or the day of closing. If these items are missing, the buyer will be charged at closing.

 

When do I get contracts?

When you have been notified that your offer is accepted, your contracts will be arriving via email by the end of that business day.

 

How do I handle the deposit?

The initial deposit is to be held by the Buyer Broker at the time of offer. Deposits must be certified funds, sent to the Seller’s designated Title Co. The processor will notify who to send to and it must be at the Title Co. within 48 hours of notification.

 

Who orders city inspections?

It depends on the Seller’s Guidelines. It will be stated in the Offer Packet.

 

Who orders Final Water Reads?

Listing Agent

 

What about contract and closing deadlines?

These deadlines are firm and are subject to penalties if missed. They are at the discretion of the seller only. If we have good communication with the buyer, agent, and lender, the seller is more apt to granting your requests. Written requests of extensions are needed BEFORE THE SALE EXPIRES.

 

How long do I have to return the Buyer signed contracts?

Our sellers have a very strict deadline that must be met or an extension request is needed. If this has not been done, the sale will fail and bids are re-opened.

 

How long until the Seller returns signatures?

It takes the Seller much longer than the Buyer due to the high volume of their sales and final management approval. Please be patient.

 

What is closing in Escrow?

Most bank owned properties close in escrow for 1 – 2 Business days until the Seller’s Closing Package can be returned. You will not be able to touch the property or get keys until closing dispenses under any circumstances.

 

What if I have other questions?

Your best source is your broker or manager. Always consult with them first. To contact us, the best method is to email at offers@wowway.com