Heidi M Tourangeau
Phone:
480-862-2597
Toll Free:
(800) 994-2488

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Terms the Buyer Must Agree To
 
The Buyer on a Short Sale Listing must agree to the following terms (see our customized Short Sale Addendum below for actual terms and contract language)…
 
1) Buyer must deposit $500 earnest money with the title company of our choosing and this earnest money is non-refundable for 90 days (the average amount of time it takes us to get a Short Sale approved).
a. Our Seller only commits to one Buyer and we expect the same commitment level from the Buyer.
2) Buyer must pay for a home warranty should they want one – the Seller and the Seller’s bank will not pay for this cost.
 
3) Buyer shall close escrow 21 days from issue of the Agreement Notice (notice from Seller and Seller’s representative that the Short Sale has been approved by Seller’s bank)
a. We understand that many mortgage brokers cannot close a loan in the current mortgage market in 21 days. Please notify us up front if this is an issue for your Buyer as we have several recommendations we can make to meet this deadline.
4) Seller’s bank shall pay for all Home Owners Association fees (transfer fees, liens, etc)
 
 
How To Submit A (Good, Clean) Offer
 
 
1) Include our customized version of the AAR Short Sale Addendum (click here to download or print your copy)
 
2) Include an As-Is Addendum with your offer
 
3) Page 1 of the contract…
a. Line 16: Hand write “See Short Sale Addendum” where it asks for a COE date
 
b. Lines 25-27: Make sure you check the appropriate boxes for Addendum’s (specifically HOA if applicable)and write-in other addendums (specifically As-Is Addendum and Short Sale Addendum)
4) Page 2 of the contract…
a. Line 40: Do not ask for a refrigerator, washer, or dryer to be included in the sale if it is not disclosed in MLS that it is being sold with the property
 
b. Lines 72-81: Please mark all closing costs as being paid for by Buyer (we’ll address how to ask for those appropriately on page 7 if the Buyer is asking for closing cost assistance)
5) Page 3 of the contract…
a. Line 91: Name “Magnus Title” as the Title/Escrow Company and Liza Romero as the Escrow Officer. Phone (480) 385-4305. Fax (480) 682-3306.
6) Page 5 of the contract…
a. Line 180: Please write “none”
7) Page 6 of the contract…
a. Line 262: Do not mark as Seller paid
8) Page 7 of the contract…
a. Lines 304-315: If requesting closing cost assistance please do so on these lines in this format…
i. “Seller’s lender shall credit Buyer “x” dollar amount or “x” percentage of sales price towards Buyer’s closing costs including, but not limited to, those costs in lines 72-81 of the contract.”
ii. Please do not request more than 3% of sales price closing cost assistance
9) Page 8 of the contract…
a. Please allow at least 72 hours for a response time