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How does it work?

Article ID: 3240 Email Print
Question
How does the OfferSubmission.com process work?

Answer

1) Buyers agent submits terms of an offer via our site for immediate delivery to the seller and the listing agent. (Paperwork not required to submit offer)

2) Seller accepts, rejects or counters buyer's offer.  If there are multiple offers, agents are notified accordingly.

3) Each agent is notified by email of seller's decision, and the decision is also available to each agent within their OfferSubmission.com account. Buyer's agent must login to OfferSubmission.com to accept or confirm the bank's terms. Once buyer's agent accepts the seller's terms, addendums automatically become available on the screen for printing or download.

4) Buyer's agent must attach fully executed addendums to their standard office or Board purchase agreement or buy/sell agreement, and deliver to the listing agent within 72 hours of offer acceptance.

5) Listing agent must login to "confirm receipt of documents" in the OfferSubmission.com system to complete the offer process, and then submit the terms of the accepted offer into the asset management system (i.e. RES.NET, EQUATOR) to obtain the link required to upload the executed document package for seller's signatures.  Some banks and lenders require that documents be delivered via fax or email; please refer to your listing instructions for more information.

6) From this point, all interaction is between agents, and any questions or concerns should be directed by the listing agent to the asset manager.


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Article Details
Views: 11974 Created on: Oct 20, 2010
Date updated: Dec 15, 2011

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