Colorado Express Offers Procedures

Colorado Express Offers Procedures

Jes and I created a video to explain why we have to do the procedure this way. Watch it here.
Situation 1: You found an off market property that would be a candidate for the Express Offers program:
  1. Check to ensure the property completely fits a Buy Box in the Express Offers platform.
  2. Make an appointment with the owner(s) to discuss the Express Offers process.
  3. Provide Owner(s) with:
    1. Comparative Market Analysis
    2. Disclosure to Seller Questions and Answers brochure (can be downloaded in the Express Offers platform under Downloads).
    3. (BDS16-10-19) BROKERAGE DISCLOSURE TO SELLER (FOR SALE BY OWNER) DEFINITIONS OF WORKING RELATIONSHIPS (MUST be executed before looking at the property). See example of the filled out form below.
  4. If seller(s) wish to move forward with Express Offers, these documents MUST be executed and entered as an Express Offers Listing in SkySlope prior to submitting the property to the Express Offers platform and you will need the SkySlope unique record email address during your property submission:
    1. Express Offers Disclosure to Seller acknowledgement (can be downloaded in the Express Offers platform under Downloads)
    2. Complete the required Express Offers Property Condition Report and required photos needed to be submitted to the Express Offers Platform (can be downloaded in the Express Offers platform under Downloads)
    3. Affiliated Business Arrangement Disclosure
    4. Wire Fraud Disclosure
    5. Source of Water
    6. Square Footage Disclosure
    7. Seller’s Property Disclosure
    8. Lead Based Paint Obligations to Seller (Pre 1978)
    9. Lead Based Paint Disclosure (Sales) (Pre 1978)
    10. Submit the property into the Express Offers platform

Situation 2: Do you have this property already under a Listing Agreement?
  1. YES: The property doesn’t qualify for an Express Offer.*
  2. NO: follow the procedures for Situation 1.
*Most iBuyers do not accept MLS or existing listed properties.

Outcome 1: OFFER ACCEPTED!

Connect with the iBuyer and complete the following documents that should have already been signed by the Seller, with the exception of number 1 and 2. #2 is to be executed at this time. 
  1. Buyers Contract (BC60) with Agency box checked and 7.3.1 to ensure the Seller is paying for the benefit of the Buyer.
  2. Closing Instructions (All Parties Must sign)
  3. Signed Affiliated Business Disclosure
  4. Wire Fraud Disclosure
  5. Source of Water
  6. Square Footage Disclosure
  7. Seller’s Property Disclosure
  8. Lead Based Paint Disclosure if applicable
  9. Contract to Buy and Sell (CBS) *You will need to make sure that you are adding in your commission that the Seller is paying in additional provisions. For example: Seller agrees to pay the Buyers Agent x% upon a successful closing for the sole benefit of the Buyer. **Remember this is like a FSBO.
Send them to the iBuyer for signature. Once complete, upload all executed docs into SkySlope. Continue as you would for a regular Transaction. Congratulations!

Outcome 2: NO OFFER/OFFER NOT ACCEPTED

Make sure all Express Offers Listing Documentation has been uploaded into SkySlope and then cancel the Listing.
**No Listing Termination is required because you never had a listing agreement and remember this is like a FSBO.

Option: Ask the Seller if they would like to sign a Traditional Listing Agreement (LC50). You might as well, all of the documents are already signed! If they say yes, follow all the regular procedures for a traditional MLS Listing. Lucky for you all you need now is the MLS information, pictures, and a sign in the ground.





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