Louisiana ExpressOffers Procedures
- When you do a listing presentation with a seller and believe the house might be a prospect for an iBuyer, you will complete a normal listing agreement with the seller along with all documents required. You will then write an addendum to the listing agreement stating:
- lf the seller accepts an ExpressOffer from our ExpressOffers program, the commission owed to eXp Realty, LLC will only be 3% (you may negotiate any commission you feel is appropriate) for the listing side and no commission will be owed for the buyer side.
- lf you do not receive and/or accept an offer from an iBuyer, all terms of the listing agreement will take effect including the agreed to commission rate of ____% (negotiable) for a regular transaction.
- lf after you have your presentation, it is determined that the seller is only interested in an offer from an iBuyer and not a regular buyer, then write that in the listing agreement stating this agreement is for an ExpressOffers iBuyer Only.
- You will follow the ExpressOffer Listing Checklist in SkySlope to get all necessary documents signed along with the 14 required photos in the Property Condition Report, and then submit to the ExpressOffers platform.
lf you receive an offer(s) from an iBuyer
(Letter of lntent, Proof of Funds and Agent Guideline documents) in your email, you will prepare a purchase agreement using the Louisiana Residential Agreement to Buy or Sell
taking the necessary information from the Letter of lntent that you received.
**NOTE: Open the attachment below for an example of a completed LA Purchase Agreement.
- Send the Purchase Agreement you prepared to the iBuyer electronically for signature. Once it is signed by the iBuyer, present the offer to the seller for signature(s).
- You will then follow regular procedures.
Texas State ExpressOffers Procedures
Situation 1: Do you have this property already under a Listing Agreement? YES: STOP. Reach out to your Managing Broker. All ExpressOffers MUST represent the iBuyer, Intermediary may not be used. Listing Agreement will need to be terminated. NO: ...
Colorado ExpressOffers 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 ExpressOffers program: Check to ensure the property completely fits a Buy ...
What is ExpressOffers?
ExpressOffers What is it? ExpressOffers is our proprietary iBuying software platform that connects eXp Agents to our marketplace of Institutional Investors (iBuyers). You identify properties for the investors using their Buy Box criteria and receive ...
How does ExpressOffers vet our iBuyers?
This is the vetting process to bring an iBuyer into our ExpressOffers platform: An iBuyer is expected to give us Proof of Funds (POF) in the highest amount of their Buy Box every two months. For example, if their Buy Box shows $100,000 to $500,000, ...
Can I submit a HUD foreclosure to ExpressOffers?
Yes, however, when looking at HUD deals, pay attention to the offer restrictions of the other listing or on the HUD foreclosure website. Typically, the first 7 to 21 days are reserved for owner occupied offers ONLY. Investor offers will only be ...