Things to Know When Doing Business with JACK
1. Purchase Price – JACK’s sellers love full price (or more) offers. What seller doesn’t? However, check the DOM for the listing. The only time our sellers like the word “less” is in the matter of time, such as COE in 30 days or less. If you’re on the A list, call JACK and we’ll have a personal discussion. On the B list? Well, you’re UTCWAP.
2. Agency – JACK knows you’re a professional and have complied with the statutory requirements for the AD prior to writing the offer. We have one and you have one. Send me yours upon acceptance.
3. Initial Deposit – One percent of the offered price works really well AND must be EFT within 24 hours from acceptance. Agents on the A list may be allowed to hand deliver a check to escrow within that time frame. The copy of the EMD is necessary to show good faith regardless if the Initial Deposit (aka EMD) will be EFT to escrow.
4. Increase Deposit – An increase up to 3% of the purchase price within buyer’s contingency removals is highly recommended.
5. Loan(s) – What a can of worms! JACK requires open communication with the buyer’s lender. So make sure buyer and lender are willing to go there. We need to know that the lender understands English and most importantly, can do simple arithmetic like counting the number of days from acceptance to financing contingency removal. JACK has preferred lenders that have passed JACK’s test for intelligence & competence. Please inquire before writing the offer. This applies to A list agents only.
6. Verification of Down Payment – JACK’s sellers require POF upon submission. You can always black-out the account number but don’t forget to do that on the EMD check too. Otherwise, what security are you providing?
7. Appraisal Contingency – What a joke! JACK’s sellers hate this. We prefer the buyers have enough cash in their POF to make up any difference in price that may occur with an appraiser’s low opinion of value. We’ll have to give this some more thought. In the meantime, if you have time, read this.
8. Allocation of Costs – Generally, our sellers are good with the allocations going to them with the exception of escrow fees – 50/50 works. JACL loves are new contract. No more mention of Pest Inspection Reports! This should tie in with the buyer’s overall physical inspection contingency at their expense. Our seller in some cases may have already a pest inspection report on hand. If so, it will be posted on the property’s website. The prelim is also posted on the property’s website. Hint: JACK’s title company. Also, 7.D.(9) normally does not make our sellers happy. They feel that it should be the buyer’s agent’s house warming gift. Keep that in mind please.
9. Statutory Disclosures – Everything is posted on the property’s website. You and your buyers will need to acknowledge receipt of such prior to writing the offer. This really applies to 10.A.(1). Upon acceptance, you should really have buyers sign the AOR with at least the date of the RPA’s date. Capisci? However, you can do whatever you want. Just be on notice that you were made aware of the disclosures’ availability prior to writing the offer. Upon acceptance, please comply with 10.A.(5) within the time specified in 14.B.(1).
10. Time Periods & Etc. – We prefer time periods for all contingency removals to be the same number of days. Communication via email is important with JACK sellers. If buyer or their lender needs more time then let us know at least 24 hours beforehand. Don’t let JACK send you an NBP. JACK and our seller’s hate extra paperwork. Many of our A list agents slip down to the B list on future deals because of their lack of communication. Don’t let this happen to you. Believe me, it’s a drag to be on the B list.
11. Notice to Perform – 2 days. It’s that simple.
12. Dispute Resolution – Mediation is cool, of course. But most of our sellers do not like arbitration. Besides, all of our transactions close without a hitch. Are we correct on this?
13. Expiration of Offer – In most cases, JACK’s sellers need 7 days. Sellers are always on vacation when offers start rolling in.
14. Confirmation of Acceptance - Receipt in your email inbox. No ifs, ands or buts about it! JACK doesn’t fax or do personal delivery. As a matter of fact, the RDN para. C. applies - always. Not our problem if you can’t submit your correct email address or you exceeded your server’s mail capacity or even worse, you don’t check your emails daily. Oh gosh, there is one more; you don’t even have email. Heaven forbid, if you are still practicing real estate in the 70s.
PLEASE NOTE: The above rules set forth by JACK Real Estate may seem somewhat harsh. But this is a seller’s market last time we checked. However, all these rules are out the window in a buyer’s market. Until then, please pay attention if you wish acceptance without a counter offer or addendum, which happens to be more paperwork. As you know by now, JACK hates extra paperwork! One more thing – pray that you are the one and only offer!
ON A FINAL NOTE: JACK sellers really like digital signatures. Hoping you do too!
