Tips for Real Estate Agents when writing Purchase Contracts (Offer to Purchase)

Quick update / good information for all Real Estate Agents when writing contracts…

Offer to Purchase Requirements
Updated the Offer to Purchase guidelines and is providing the following reminders for the Offer to Purchase. Increased requirements are due to Fannie Mae adding the Offer to Purchase to their list of Quality Control documents.

All Loan Transactions (All States):
• The Offer to Purchase is required for all Purchase transactions.
• If the Spouse of the Borrower is not party to the loan transaction, they must not be listed on the Offer to Purchase.
• The Property Address listed on the Offer to Purchase must match the closing documents in the file.
• The Closing Date listed on the Offer to Purchase must be dated on or after the Loan Closing Date.
o If the actual closing date is after the date listed on the Offer to Purchase, a fully executed Amendment to the Offer to Purchase must be obtained and included in the loan file.
o If the Closing Date on the Offer to Purchase is on or after the Loan Closing Date, no action is required.
• The Offer to Purchase must be fully executed by all parties to the transaction and the Seller’s signature line must match the Title Commitment and the HUD1 for the current Owner (prior to sale).
• Personal Property cannot be included in the Offer to Purchase and is defined as any item that is not affixed to the Real Estate. See below for examples of what is allowable as Fannie does not consider the following as personal property. There are other allowable items so keep that in mind as the below simply includes examples.
• Items that can be included in the Offer to Purchase include, but are not limited to:
o Kitchen appliances
o Stoves
o Dishwashers
o Lawn mowers
o Pool tables

This entry was posted in Uncategorized. Bookmark the permalink. Post a comment or leave a trackback: Trackback URL.

Post a Comment

Your email is never published nor shared. Required fields are marked *

*
*

*

You may use these HTML tags and attributes <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

  • St. Louis Mortgage News

  • Testimonials

    Matt Scott was extremely helpful and really listened to my needs when I purchased my first home. I spoke with several banks and none of them provided me the in depth explanation, attention to detail and follow up that I received from Matt. I would recommend Matt and his team to anyone looking for a lender with their best interests at heart.

    Christine Horobec

  • Current Rates

    Rates change daily and fees will vary. Please call F&B Financial Group at (314) 567-9795, ext. 107 for your personalized quote.

  • Do I Qualify?

  • Newsletter

    1. Sign up for the Missouri Mortgage newsletter
    2. (required)
    3. (valid email required)
    4. If you're experiencing trouble with the verification please refresh your browser
    5. Captcha