Fw: TURNING IN CONTRACTS TO WUSA

          "FLASH"

 

BEGIN--THE REST IS EASY

Bob Stephens  CRB  e-PRO

Managing Broker

West USA Realty

----- Original Message -----

From: Bob Stephens

To: AAAABob Stephens

Sent: Tuesday, September 21, 2010 6:20 AM

Subject: TURNING IN CONTRACTS TO WUSA

I have had several agents reveal to me that they do not turn in short sale contracts--UNTIL THE BANK GIVES THEIR APPROVAL!

In that case, you are then several months overdue on submitting them to WUSA for broker approval--which must be done within 5 days of becoming a contract--ie: buyer and seller have executed the contract. This is per ADRE 32-2151.01 G. So you see, it is a law!

 

So, how do you handle a deal that is NOT a short sale? Do you wait until the bank gives approval for the loan?

Of course not and nothing is different in a short sale--So turn in the paperwork ASAP so the broker can review and initial it within 5 days of the executed contract.

This goes for Buyer Broker Agreements also

AND rejected offers (which must be held in a file for at least 1 year)

 

BEGIN--THE REST IS EASY

Bob Stephens  CRB  e-PRO

Managing Broker

West USA Realty