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Frequently Asked Questions For REOs & Foreclosures

** Note there is additional valuable information in the Buyer Agent Instructions.
 
Q: Is the property fully available?
A: If it's shown as "active" in MRIS it is fully available. There could be offers in counter but not ratified. If it's shown as "temp off" then usually the property's been verbally ratified & we're just waiting on final paperwork.
 
Q: What if there are other offers but not ratified? Can I still submit an offer?
A: Yes. We'll submit offers until one is ratified. If we already have offer(s) then after I receive your offer I'll send you a "multiple offer disclosure" asking for your Buyer's BEST & FINAL offer.
 
Q: What's the combination code?
A: It's in the Agent's remarks section of the listing.
 
Q: How long does it take for the Bank to get us an answer?
A: Usually the next day or within a few days (not counting weekends & holidays). However, Wells Fargo will not consider offers for 5 business days after the list date.
 
Q: What's the condition?
A: It's a foreclosure & it's sold as-is. The price has been adjusted to compensate for the current condition. We received the listing in it's current condition & have no knowledge of prior problems or prior repairs. It's important for your Buyer to see the property & form his own opinion of condition.
 
Q: Will the Bank take VA or FHA Buyers?
A: Yes.
 
Q: Do I really need a Countrywide (for Countrywide REOs) or Wells Fargo (for Wells Fargo REOs) Lender Letter?
A: Yes, the Bank won't consider the offer without the appropriate Lender Letter.
 
Q: What if I have a Cash Offer?
A: I'll need proof of funds for your offer to be considered by the Bank.
 
Q: Can the Buyer's Real Estate Brokerage hold the earnest money deposit?
A: No. The Bank requires that the EMD is held by the Listing Company (RE/MAX Allegiance). Please send a copy of the check with your offer.
 
Q: When will you submit offers?
A: Immediately, as soon as I have a complete offer. Wells Fargo will not consider offers for 5 business days after the list date.
 
Q: Do the Banks accept "letters of intent"?
A: No, we need a complete offer.

Q: Where do I send offers?
A: Only send offers to frkprindle@aol.com or fax to 1-866-897-2089.

Q: What's the fastest way to communicate with your Team, by Email or phone?
A: Always by Email.

Q: If I'm a Consumer, who do I contact on your Team to purchase or get more information about a property?
A: Jorge Bohabot -Jorge@FrankPrindle.com or 703.407.9058 .

Q: If I'm an Appraiser, who do I contact on your Team for more information?
A: Sonja James, Sonja@FrankPrindle.com or 703-859-6876.

Q: Who do I contact regarding transaction questions and transaction coordination once an offer has been ratified?
A: Grace Prindle, glprindle@aol.com or 703-216-5554 .
Frequently Asked Questions For REOs & Foreclosures

** Note there is additional valuable information in the Buyer Agent Instructions.
 
Q: Is the property fully available?
A: If it's shown as "active" in MRIS it is fully available. There could be offers in counter but not ratified. If it's shown as "temp off" then usually the property's been verbally ratified & we're just waiting on final paperwork.
 
Q: What if there are other offers but not ratified? Can I still submit an offer?
A: Yes. We'll submit offers until one is ratified. If we already have offer(s) then after I receive your offer I'll send you a "multiple offer disclosure" asking for your Buyer's BEST & FINAL offer.
 
Q: What's the combination code?
A: It's in the Agent's remarks section of the listing.
 
Q: How long does it take for the Bank to get us an answer?
A: Usually the next day or within a few days (not counting weekends & holidays). However, Wells Fargo will not consider offers for 5 business days after the list date.
 
Q: What's the condition?
A: It's a foreclosure & it's sold as-is. The price has been adjusted to compensate for the current condition. We received the listing in it's current condition & have no knowledge of prior problems or prior repairs. It's important for your Buyer to see the property & form his own opinion of condition.
 
Q: Will the Bank take VA or FHA Buyers?
A: Yes.
 
Q: Do I really need a Countrywide (for Countrywide REOs) or Wells Fargo (for Wells Fargo REOs) Lender Letter?
A: Yes, the Bank won't consider the offer without the appropriate Lender Letter.
 
Q: What if I have a Cash Offer?
A: I'll need proof of funds for your offer to be considered by the Bank.
 
Q: Can the Buyer's Real Estate Brokerage hold the earnest money deposit?
A: No. The Bank requires that the EMD is held by the Listing Company (RE/MAX Allegiance). Please send a copy of the check with your offer.
 
Q: When will you submit offers?
A: Immediately, as soon as I have a complete offer. Wells Fargo will not consider offers for 5 business days after the list date.
 
Q: Do the Banks accept "letters of intent"?
A: No, we need a complete offer.

Q: Where do I send offers?
A: Only send offers to frkprindle@aol.com or fax to 1-866-897-2089.

Q: What's the fastest way to communicate with your Team, by Email or phone?
A: Always by Email.

Q: If I'm a Consumer, who do I contact on your Team to purchase or get more information about a property?
A: Jorge Bohabot -Jorge@FrankPrindle.com or 703.407.9058 .

Q: If I'm an Appraiser, who do I contact on your Team for more information?
A: Sonja James, Sonja@FrankPrindle.com or 703-859-6876.

Q: Who do I contact regarding transaction questions and transaction coordination once an offer has been ratified?
A: Grace Prindle, glprindle@aol.com or 703-216-5554 .
Frequently Asked Questions For REOs & Foreclosures

** Note there is additional valuable information in the Buyer Agent Instructions.
 
Q: Is the property fully available?
A: If it's shown as "active" in MRIS it is fully available. There could be offers in counter but not ratified. If it's shown as "temp off" then usually the property's been verbally ratified & we're just waiting on final paperwork.
 
Q: What if there are other offers but not ratified? Can I still submit an offer?
A: Yes. We'll submit offers until one is ratified. If we already have offer(s) then after I receive your offer I'll send you a "multiple offer disclosure" asking for your Buyer's BEST & FINAL offer.
 
Q: What's the combination code?
A: It's in the Agent's remarks section of the listing.
 
Q: How long does it take for the Bank to get us an answer?
A: Usually the next day or within a few days (not counting weekends & holidays). However, Wells Fargo will not consider offers for 5 business days after the list date.
 
Q: What's the condition?
A: It's a foreclosure & it's sold as-is. The price has been adjusted to compensate for the current condition. We received the listing in it's current condition & have no knowledge of prior problems or prior repairs. It's important for your Buyer to see the property & form his own opinion of condition.
 
Q: Will the Bank take VA or FHA Buyers?
A: Yes.
 
Q: Do I really need a Countrywide (for Countrywide REOs) or Wells Fargo (for Wells Fargo REOs) Lender Letter?
A: Yes, the Bank won't consider the offer without the appropriate Lender Letter.
 
Q: What if I have a Cash Offer?
A: I'll need proof of funds for your offer to be considered by the Bank.
 
Q: Can the Buyer's Real Estate Brokerage hold the earnest money deposit?
A: No. The Bank requires that the EMD is held by the Listing Company (RE/MAX Allegiance). Please send a copy of the check with your offer.
 
Q: When will you submit offers?
A: Immediately, as soon as I have a complete offer. Wells Fargo will not consider offers for 5 business days after the list date.
 
Q: Do the Banks accept "letters of intent"?
A: No, we need a complete offer.

Q: Where do I send offers?
A: Only send offers to frkprindle@aol.com or fax to 1-866-897-2089.

Q: What's the fastest way to communicate with your Team, by Email or phone?
A: Always by Email.

Q: If I'm a Consumer, who do I contact on your Team to purchase or get more information about a property?
A: Jorge Bohabot -Jorge@FrankPrindle.com or 703.407.9058 .

Q: If I'm an Appraiser, who do I contact on your Team for more information?
A: Sonja James, Sonja@FrankPrindle.com or 703-859-6876.

Q: Who do I contact regarding transaction questions and transaction coordination once an offer has been ratified?
A: Grace Prindle, glprindle@aol.com or 703-216-5554 .
Frequently Asked Questions For REOs & Foreclosures

** Note there is additional valuable information in the Buyer Agent Instructions.
 
Q: Is the property fully available?
A: If it's shown as "active" in MRIS it is fully available. There could be offers in counter but not ratified. If it's shown as "temp off" then usually the property's been verbally ratified & we're just waiting on final paperwork.
 
Q: What if there are other offers but not ratified? Can I still submit an offer?
A: Yes. We'll submit offers until one is ratified. If we already have offer(s) then after I receive your offer I'll send you a "multiple offer disclosure" asking for your Buyer's BEST & FINAL offer.
 
Q: What's the combination code?
A: It's in the Agent's remarks section of the listing.
 
Q: How long does it take for the Bank to get us an answer?
A: Usually the next day or within a few days (not counting weekends & holidays). However, Wells Fargo will not consider offers for 5 business days after the list date.
 
Q: What's the condition?
A: It's a foreclosure & it's sold as-is. The price has been adjusted to compensate for the current condition. We received the listing in it's current condition & have no knowledge of prior problems or prior repairs. It's important for your Buyer to see the property & form his own opinion of condition.
 
Q: Will the Bank take VA or FHA Buyers?
A: Yes.
 
Q: Do I really need a Countrywide (for Countrywide REOs) or Wells Fargo (for Wells Fargo REOs) Lender Letter?
A: Yes, the Bank won't consider the offer without the appropriate Lender Letter.
 
Q: What if I have a Cash Offer?
A: I'll need proof of funds for your offer to be considered by the Bank.
 
Q: Can the Buyer's Real Estate Brokerage hold the earnest money deposit?
A: No. The Bank requires that the EMD is held by the Listing Company (RE/MAX Allegiance). Please send a copy of the check with your offer.
 
Q: When will you submit offers?
A: Immediately, as soon as I have a complete offer. Wells Fargo will not consider offers for 5 business days after the list date.
 
Q: Do the Banks accept "letters of intent"?
A: No, we need a complete offer.

Q: Where do I send offers?
A: Only send offers to frkprindle@aol.com or fax to 1-866-897-2089.

Q: What's the fastest way to communicate with your Team, by Email or phone?
A: Always by Email.

Q: If I'm a Consumer, who do I contact on your Team to purchase or get more information about a property?
A: Jorge Bohabot -Jorge@FrankPrindle.com or 703.407.9058 .

Q: If I'm an Appraiser, who do I contact on your Team for more information?
A: Sonja James, Sonja@FrankPrindle.com or 703-859-6876.

Q: Who do I contact regarding transaction questions and transaction coordination once an offer has been ratified?
A: Grace Prindle, glprindle@aol.com or 703-216-5554 .

Frank Prindle & Associates & RE/MAX Allegiance 120 South Royal Street Alexandria, VA 22314
Phone: 703-965-0196 Fax: 703-299-3010
frank@frankprindle.com
We take your privacy seriously.