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HOW TO BE A

COMPETITIVE BUYER

EXCLUSIVE MEMBERS OF

HOW TO BE A COMPETITIVE BUYER

TABLE OF CONTENTS

Strategic Positioning for Winning a Deal

Everything You Need to Apply for a Loan

Sample Offer Documents Real Estate Brokerage Disclosure Buyer’s Good Faith Estimate Exclusive Right to Buy Offer Timeline Contract to Buy Additional Provisions

Graham Faupel Mendenhall & Associates | gfm@compass.com | 307.690.0204 | grahamfaupelmendenhall.com

STRATEGIC POSITIONING

FOR WINNING A DEAL

Earnest Money

Increase Purchase Offer

Make an All Cash Offer

If Financed:

Include a Handwritten Letter with the Offer

Increase earnest money, make it non-refundable, include a second non-refundable deposit after all contingencies have been removed

Remove financing/appraisal contingency, provide proof of funds with the offer

Opt for language such as “reserves the right to finance” instead of a financing contingency, attach a prequalification letter with the offer, work with a local lender, have the lender write a note to include with offer, and take the extra step to get pre-approved

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Review Prior to Offer

Accommodate the Seller on Closing

CCRs & all documents provided by the seller with listing, (survey, zoning, HOA etc.), confirm with Seller’s agent on understanding

What is the Seller’s ideal closing date? Usually, the sooner the better

Offer Property Leaseback

Inspection / Due Diligence

Limit Responsibilities of the Seller

Offer to let seller leaseback property for $1 for amount of time needed by Seller to move out

Remove contingencies, shorten inspection / DD periods, use inspection instead of DD so there is no sole termination right, put a limit on inspection item repair amounts

Reduce items on the Seller’s to do list, such as cleanings, flagging, etc.

Include Escalation Clause Beat a competing offer by designated amount up to a highest and best price. Make the highest and best price at uncommon intervals (ie. $537,000 instead of $535,000)

EVERYTHING YOU NEED

TO APPLY FOR A LOAN Verification of Income Most recent paystubs for full 30 days earnings

Current P&L for all businesses

— all jobs/borrowers, showing YTD earnings

Current balance sheet for all businesses

Two months bank statements for all accounts

Pension / Social Security / Retirement income—award

Two months investment account statements

letters and evidence of regular receipt of funds

Two months retirement account statements

Written explanation if employed less than two years

Gift fund—proof of donor’s ability to gift, proof of

or gap in the last two years

receipt, signed gift letter

Written explanation and cleared check for all deposits

Two years W-2’s for all jobs held

over $1,000 in the last two months

Two years tax returns—all pages, schedules &

Personal financial statement

1099s, all business returns & K-1’s (LLC, S-Corp,

2 most recent years 1065, 1120, or 1120S Business Tax

partnership, etc) with > 25% ownership

returns, including your K-1 attachments (if self employed)

Verification of Residence Residence history for the last two years

Copy of property tax statement and insurance policy

Landlord contact information

for all properties owned (along with contact info for

Copy of current mortgage loan statement for all

insurance agent)

properties owned

Copy of current leases for rented units owned

Additional Verification Proof of identification

Divorce/child support documentation

Written explanation of credit inquiries

Written explanation of negative information

Official transcripts if attended school in last 2 years

on credit report

VA loan information

All information on purchase contract

This checklist is only a suggestion and additional documentation might be required from the lender. Be sure to consult with experts to confirm your personal plans—estate planners, attorneys, accountants, financial planners.

Graham Faupel Mendenhall & Associates | gfm@compass.com | 307.690.0204 | grahamfaupelmendenhall.com

SAMPLE DOCUMENTS

OVERVIEW & DEFINITIONS Section Overview The following samples are documents you will see throughout the process of submitting your offer. Familiarizing yourself with and understanding these documents now will ensure a smoother and faster offer process, saving crucial time during the offer window and increasing your chances of submitting an offer that will be accepted.

Documents & Definitions Real Estate Brokerage Disclosure: This disclosure outlines the types of relationships Wyoming Real Estate Agents may have with their clients and/or customers.

Exclusive Right to Buy: This serves as an outline for the terms, conditions, and timeline for the relationship between Agent and Buyer.

Buyer’s Good Faith Estimate: This document outlines the estimated costs for closing (rough estimate that does not include mortgages). The title company will provide an exact estimate for your review prior to Closing.

Contract to Buy: This is your purchase agreement; it will outline purchase price and terms for your offer. Please see below for a detailed breakdown of the Contract to Buy.

Additional Provisions: Additional terms that are not outlined in the Contract to Buy.

Timeline: Serves as a guide for all important dates and deadlines pertaining the deal once it goes under contract.

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SAMPLE DOCUMENTS

BROKERAGE DISCLOSURE

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SAMPLE DOCUMENTS

BROKERAGE DISCLOSURE

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SAMPLE DOCUMENTS

BROKERAGE DISCLOSURE

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SAMPLE DOCUMENTS

EXCLUSIVE RIGHT TO BUY

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SAMPLE DOCUMENTS

EXCLUSIVE RIGHT TO BUY

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SAMPLE DOCUMENTS

EXCLUSIVE RIGHT TO BUY

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SAMPLE DOCUMENTS

BUYER’S GOOD FAITH ESTIMATE

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SAMPLE DOCUMENTS

CONTRACT TO BUY This portion of the offer names the Buyer and Seller, as well as the property that is being negotiated.

The Earnest Money amount is cash that you present to the Seller as an act of Good Faith. This amount will be deducted from the final purchase price should the property move to close.

Here is where your purchase price and financing is outlined. You have the option to present as an all cash offer, or an offer that is contingent on receiving a loan. You will also have the option to provide a proof of funds letter with your offer, or shortly after acceptance, should you choose.

Graham Faupel Mendenhall & Associates | gfm@compass.com | 307.690.0204 | grahamfaupelmendenhall.com

SAMPLE DOCUMENTS

CONTRACT TO BUY This outlines the closing costs associated with working with the title company on the purchase, typically $250/side.

If any fixtures are excluded from the sale, it will be written here. A fixture is defined as any physical piece of property which is permanently attached to real property (for example, a chandelier).

This presents a timeline for the delivery and review of the Title Commitment. The Seller will provide, the Buyer will review and has the option to object. It also outlines that the Seller is responsible for delivering a general warranty deed and how mineral estates are handled if the transferred property consists of one.

Graham Faupel Mendenhall & Associates | gfm@compass.com | 307.690.0204 | grahamfaupelmendenhall.com

SAMPLE DOCUMENTS

CONTRACT TO BUY

This timeline for Closing should give ample time to complete any and all inspections and financing. Possession can be delayed or at Closing. This section also allows for the Buyer to conduct a final walkthrough of the property prior to Closing.

You have the option here to check which box applies. Either you have had the opportunity to review the property condition statement, or you have not. You are agreeing to complete your own inspections and acknowledging that the square footage is an approximation.

Graham Faupel Mendenhall & Associates | gfm@compass.com | 307.690.0204 | grahamfaupelmendenhall.com

SAMPLE DOCUMENTS

CONTRACT TO BUY Our team can recommend experts to complete an array of inspections.

This section will outline your Inspection Period— the time frame the Buyer has to conduct inspections and provide objections, as well as the time the Seller has to respond to the Buyer’s objections.

Sections XI-XV serve as additional terms and provisions for the Contract. These are acknowledgments of risks, time frames, and specific definitions of terms.

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SAMPLE DOCUMENTS

CONTRACT TO BUY

This statement moves a handful of extra terms we like to include into a 2nd document of terms that are attached to and made a part of this Contract to Buy.

Additional standard terms

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SAMPLE DOCUMENTS

CONTRACT TO BUY

You have the option to check the documents (if any) that are presented with the offer.

This section serves as the acknowledgment of certain terms as well as a place for the agent to disclose their relationship with the client.

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SAMPLE DOCUMENTS

CONTRACT TO BUY This is the expiration date and time for the offer. If the offer is not responded to by this time, the offer as it stands is no longer active. The a seller may accept or counter AFTER this deadline, but the buyer must acknowledge anything that happens after this deadline.

This section is filled out by the Seller and Seller’s agent.

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SAMPLE DOCUMENTS

CONTRACT TO BUY

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SAMPLE DOCUMENTS

ADDITIONAL PROVISIONS

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SAMPLE DOCUMENTS

ADDITIONAL PROVISIONS Attachment “A” Additional Provisions Seller’s Name (Seller) Buyer’s Name (Buyer) Legal or Address Date of Contract

The parties agree to accommodate any consummation requirements (including, but not limited to, any extensions required for notice compliance) of any applicable Federal Lending Regulations, including but not limited to, the TRID regulations in effect as of the date of signing this Contract and as of the Closing Date.

APPRAISAL CONTINGENCY. This Contract is contingent upon an appraisal of the subject Property. If the appraisal does not come in at or above the agreed upon sales price within twenty (20) business days after acceptance of this offer (the “Appraisal Objection Deadline”), the Buyer may notify Seller in writing no later than the Appraisal Objection Deadline whether Buyer desires to: (a) terminate the Contract, or (b) renegotiate the purchase price for the subject Property. If the Buyer elects to attempt to renegotiate the purchase price as provided in subsection (b) above, the parties shall have three (3) business days after delivery of such notice to Seller to attempt to reach agreement on a revised purchase price. If the parties are unable to reach written agreement on a revised purchase price within such time period, this Contract shall be terminable within the following two (2) business days at the option of the Buyer upon written notice to Seller. If Buyer does not deliver a notice to Seller regarding the appraisal prior to the Appraisal Objection Deadline or if Buyer fails to terminate this Contact if the parties fail to reach agreement on a revised purchase price as provided above, this contingency shall be deemed satisfied. USE WHEN BUYER IS GETTING LOAN BUT CONTRACT IS NOT CONTINGENT UPON. Buyer reserves the right to finance all or any portion of the purchase price for the subject Property, but financing shall NOT be a contingency of the offer. The parties agree to accommodate any consummation requirements (including, but not limited to, any extensions required for notice compliance) of any applicable Federal Lending Regulations, including but not limited to, the TRID regulations in effect as of the date of signing this Contract and as of the Closing Date.

NATURAL RESOURCES

Unless this is a condo Contract or the sale “does not” include the mineral rights, the following must be used if the rights haven’t already been severed; Most of the following scenarios have already had the rights severed (condo/townhomes, most platted subdivisions and within municipalities).

MINERAL RIGHTS. Seller must convey all mineral rights owned by Seller, which are appurtenant to the Property, if any, without warranty regarding such mineral rights or any aspect thereof. Buyers shall have the right to obtain an ownership report or other information pertaining to the mineral ownership of the Property and to approve the same, as satisfactory to Buyer at Buyer’s expense.

10. WATER RIGHTS. Seller must convey all water rights owned by Seller, which are appurtenant to the Property, if any, without warranty regarding such water rights or any aspect thereof. Buyer shall have the right to make inquiry with the Wyoming State Engineer’s Office as to the existence and validity of any water rights.

CLOSING RELATED ITEMS

11. CLEANING. The Property shall be cleaned by a professional cleaning firm, at Seller’s expense, within 3 days prior to closing. The cleaning shall be: A basic cleaning, including wiping of all surfaces including walls, cleaning windows (interior and exterior), cleaning of bathrooms appliances, and fixtures and professional steam cleaning of carpets, removal of trash and all personal Property (not included in the sale) from the interior and exterior of the Property. If the Property is not cleaned, according to the above prior to closing, at Closing the Seller agrees to credit Buyer 150% of the customary cost to do so. Said cost to be determined by the professional local cleaning company of Buyer’s choice.

12. CLEANING FIREPLACES. Use if home has wood fireplaces. The fireplace chimney(s) shall be cleaned by a professional chimney sweep firm at least 3 days prior to the expiration of Buyer’s inspection period/due diligence period (choose which is applicable), at Seller’s expense, and evidence of the satisfactory completion of same shall be provided to Buyer within such time. ___________ ___________ __________ __________ Buyer Initial Buyer Initial Seller Initial Seller Initial

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SAMPLE DOCUMENTS

ADDITIONAL PROVISIONS Attachment “A” Additional Provisions Seller’s Name (Seller) Buyer’s Name (Buyer) Legal or Address Date of Contract 13. USE IF THERE IS DELAYED POSSESSION AFTER CLOSING. The parties recognize, acknowledge and agree that the Buyer will not receive possession of the Property until 30 days after the transaction has been closed [alternatively, insert a date on which possession is given to Buyer]. An escrow account shall be established at (FILL IN TITLE COMPANY HERE) in connection with the closing, and Five Thousand Dollars ($5000.00) shall be deposited therein. The parties shall execute an escrow agreement at closing, acceptable to the title company, pertaining to the use of the funds deposited into such account. OR The parties shall execute a lease at Closing reasonably acceptable to both parties that provides for the lease of the Property to the Seller for [insert number of days for lease] days after Closing on terms and conditions agreed to by Buyer and Seller.

14. FINAL WALK-THROUGH. For Vacant land & Commercial purchase offers ONLY: Buyer, or a designated representative, may conduct a walkthrough of the Property within three (3) days of closing. This walk-through shall not be a contingency of sale, but is solely for the purposes of satisfying Buyer that any repairs agreed to in writing by the parties have been completed to Buyer’s satisfaction, the Property is in substantially the same condition as on the acceptance date of this Contract and all electrical, plumbing, appliances and/or mechanical units (if applicable) included in this sale are in the same condition they were in as of the acceptance date of this Contract (or repaired based on written agreement amongst the parties, if applicable). This paragraph does not supersede, exclude or replace paragraph XII of the Contract “Risk of Loss”.

PERSONAL PROPERTY

15. SALES TAX ON PERSONAL PROPERTY. USE THIS IF PERSONAL PROPERTY IS BEING TRANSFERRED. Pursuant to Wyoming law, it is understood that the transfer of any personal property pursuant to this closing is not an exception to the obligation to pay sales tax. Accordingly, in accordance with Wyoming law, it shall be Buyer’s obligation post-closing to file all necessary documentation with the Department of Revenue regarding the transfer of the personal property and to pay all sales tax, if any, due to the State of Wyoming as a result of the transfer of the personal property. This Item shall survive closing and delivery of the deed.

INSPECTIONS / DUE DILIGENCE

16. INSPECTION NOTICE. The parties agree that Buyer or Buyer’s contractors, inspectors or agents may inspect the Property at reasonable times upon at least 24 hours advance notice to Seller. Furthermore, Buyer shall not be liable to Seller for any damages due to the discovery of any pre-existing conditions.

17. BUYER DUE DILIGENCE PERIOD. BUYER SOLE DISCRETION DUE DILIGENCE TERMINATION RIGHT- if using this instead of Inspection Objection Period, strike out lines 175 (beginning at ‘Unless’)-195 of the Contract to Buy and Sell: The Buyer shall have until 5:00 pm MST on April 1, 2021 (Or a number of days after acceptance) to complete its due diligence activities (the “Due Diligence Period”). During the Due Diligence Period, the Buyer shall have the right, in addition to any other inspection set forth herein, to fully inspect the Property, utility services, review the Title Insurance commitment, the ability to obtain insurance, the Property survey, well/septic information, any Environmental Report, subdivision plat, all zoning land use and other regulations, easements, financing, appraisal, rights-of-way, and any and all other matters of any kind whatsoever relating to any matter that Buyer deems material to Buyer’s decision to purchase the Property. As a result of such due diligence, should Buyer determine the Property is unacceptable to Buyer, for any specific reason or no reason, Buyer may choose to terminate this Contract by providing written notice of termination to Seller on or before the end of the Due Diligence Period. Buyer’s failure to provide written notice to terminate the Contract per the terms outlined above shall constitute a waiver and release of this due diligence contingency. Should Buyer opt to provide notice of any defects, the parties shall endeavor to reach agreement within three (3) business days of notice regarding the repairs to be made and the party or parties responsible for the payment of the cost of such repairs. If both parties do not come to a consensus as to the disapproved items to be corrected by Seller within the strict time period specified, or, Seller does not respond in writing within the strict time period specified, then the Buyer has the option of either continuing the transaction without the Seller being responsible for correcting these deficiencies or giving ___________ ___________ __________ __________ Buyer Initial Buyer Initial Seller Initial Seller Initial

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SAMPLE DOCUMENTS

ADDITIONAL PROVISIONS Attachment “A” Additional Provisions Seller’s Name (Seller) Buyer’s Name (Buyer) Legal or Address Date of Contract the Seller written notice within three (3) business days that they are terminating the contract. In the event of termination as provided herein, the earnest money deposit made by Buyer shall be refunded to Buyer immediately and neither party shall have any further rights or obligations hereunder.

18. SURVEY. Within ten (10) business days after acceptance of this Contract, the Property corners shall be flagged by a licensed surveyor at the expense of the Seller and a PDF exhibit provided. The Buyer, or a designated representative, shall have until the expiration of the Buyer’s Inspection Objection Period/Due Diligence Period (choose one) to personally walk (or appoint a representative to walk) the Property, to approve or disapprove at Buyer’s sole discretion. 19. SEPTIC SYSTEM- Use if house is on a septic system. Seller hereby agrees to pump the system prior to Closing and after the Buyer has had the system inspected and evidence of the satisfactory completion of pumping the system shall be provided to Buyer within such time. Seller hereby grants its consent to the Buyer to have the septic system inspected by a qualified contractor or sanitation engineer. In the event the septic system is defective or otherwise needs repair or maintenance to function properly, prior to the expiration of Buyer’s inspection contingency period, Buyer may provide objections to Seller in writing regarding the condition of the system or Buyer may terminate this Contract.

20. WELL- Use if house is on well water. Seller hereby and shall provide the recorded well system permit(s). At the option of the Buyer, Seller hereby grants its consent to the Buyer to have the water tested or the well system inspected by a qualified contractor or sanitation engineer. In the event that Buyer finds the well system defective or otherwise needs repair or maintenance to function properly, prior to the expiration of Buyer’s due inspection contingency period, Buyer may provide objections to Seller in writing regarding the condition of the well/spring system or Buyer may terminate this Contract. 21. LEAD BASED PAINT. APPLICABLE/MANDATORY IF SUBJECT PROPERTY WAS BUILT BEFORE 1/1/1978. Buyer shall have ten (10) days after acceptance of the offer to complete a risk assessment or inspection of the Property for lead based paint and/or lead-based paint hazards. Buyer acknowledges having received: (a) the pamphlet on controlling lead-based paint hazards entitled “Protect Your Family from Lead in Your Home” and (b) Seller’s lead-based paint disclosure document. This contingency will automatically terminate at 5:00 PM on the 10th day after the Contract has been accepted, unless Buyer delivers to Seller a written notice citing any lead-based paint hazards and suggested remedies, together with a copy of any inspection or risk assessment report(s).

If the Buyer delivers to the Seller a notice of hazards within the time set forth above, the Seller shall notify Buyer in writing within ten (10) days thereafter whether the Seller has elected to remedy the hazards prior to closing. If the Seller elects to remedy the hazards, the Seller shall provide the Buyer certification of repairs from an inspector at or prior to closing. If the Seller does not elect to remedy the hazards, the Buyer shall have the option of waiving this contingency and purchasing the Property in “as is” condition or terminating the Contract.

22. REVIEW OF ALL LEASES AFFECTING THE PROPERTY. (Only use when there are possible leases attached to or that will affect the subject Property) This Contract is contingent upon Seller providing Buyer copies of all leases and/or tenants’ written documentation of rental terms and other security/damage deposits affecting this Property within five (5) days after acceptance of this offer. Furthermore, Seller agrees to notify Buyer of any change in tenant status or other written encumbrance immediately. Leases that could affect this Property include, but are not limited to: NFS grazing, crop/hay productions, water, gravel excavation. Buyer shall have until the expiration of Buyer’s Inspection Objection/Due Diligence Period (Choose one) to review and approve or disapprove at Buyer’s sole discretion.

23. NOTIFICATION OF PROPERTY MANAGEMENT AGENTS- Use if property is being leased. Upon acceptance of this offer, Seller shall notify leasing agent/property management company that the Property is under Contract and no further short term leases will be entered into without Buyers approval.

___________ Buyer Initial

__________ Seller Initial

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SAMPLE DOCUMENTS

ADDITIONAL PROVISIONS Attachment “A” Additional Provisions Seller’s Name (Seller) Buyer’s Name (Buyer) Legal or Address Date of Contract MISCELLANEOUS 24. ESCALATION CLAUSE- Use in a possible multiple offer situation: Referencing III: Purchase price shall be $1,000,000.00 (One Million Dollars and Zero Cents). In the event that competing offer exceeds $1,000,000.00 (One Million Dollars and Zero Cents) Buyer will pay $3,000.00 (Three Thousand Dollars and Zero Cents) more than the competing offer up to $1,011,000.00 (One Million Eleven Thousand Dollars and Zero Cents). Competing offer shall be presented to Selling Agent within 24 hours.

25. BACKUP OFFER TERMS. Use if this is a backup offer. This Offer is subject to the following backup offer terms: A. Buyer acknowledges Seller has accepted this offer on the condition that this Contract is in a secondary position to another senior contract (the “Primary Contract”); and further that the Seller reserves the right to make modifications to the terms and conditions of the Primary Contract without the modifications having the effect of placing this secondary Contract in primary position.

B. The Buyer’s earnest money deposit shall be deposited by Buyer with the title company within three (3) business days after the Buyer receives written notice from the Seller that the Primary Contract is terminated and this Contract is in a primary position. C.

All time periods for due diligence, title review (and similar matters) and performance contained in this Contract shall begin on the date that Seller notifies Buyer in writing that this Contract is in a primary position.

D. Prior to Buyer’s receipt of notice from Seller advising that this Contract is in primary position, Buyer reserves the right to terminate this Contract at any time for any reason or no reason by giving written notice to that effect to the Seller.

This Contract shall be null and void and all deposits shall be refunded to Buyer immediately if this Contract is not placed in primary position on or before May 1, 2021.

___________ Buyer Initial

__________ Seller Initial

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SAMPLE DOCUMENTS

OFFER TIMELINE With every offer, the Graham Faupel Mendenhall team provides a comprehensive and custom timeline of all offer terms. This not only helps you understand the highlights, but it makes the offer presentation to the Listing Team AND Seller as simple as possible to further increase the likelihood of a successful transaction. This timeline is updated throughout the negotiation and hard dates will be added upon acceptance of the offer, ensuring full transparency for all parties. Offer Date of Contract Date of Mutual Acceptance Due Diligence Begins

First business day or calendar day following acceptance

Seller Buyer Property Address

Seller's Name

Listing Agent Buyer's Agent

Seller's Agent, Brokerage

Purchase Price Earnest Money

Buyer's Name Address of Subject Property

Buyers Agent, Brokerage

$1,000,000.00 $25,000 due 3 business days from acceptance

Requested Materials

5 business days from acceptance

Title Delivery from Seller Buyer Objection

7 business days from acceptance

Flagging of Property Corners Septic System Pump Cleaning of Fireplaces Lead Based Paint Assessment Buyer's "Inspection" Period Resolution

5 business days from receipt 10 business days from acceptance after inspection, prior to Closing 3 days prior to expiration of inspection or due diligence period 10 business days from acceptance 10 business days from acceptance 5 business days of notice to respond

Appraisal Contingency Resolution Buyer's Response

2 business days to review and respond

Financing Contingency

20 business days from acceptance

Professional Cleaning

within 3 business days of Closing

20 business days from acceptance 3 business days from delivery

Final Walk Through

3 days prior to Closing

Closing

as outlined in Contract

Response Deadline

Date Contract is drafted Date when all parties have signed

as outlined in Contract

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BE PREPARED TO BUY—

PLAN WITH US TODAY GRAHAM FAUPEL MENDENHALL & ASSOCIATES 307.690.0204 | gfm@compass.com grahamfaupelmendenhall.com 80 W Broadway Ave | Jackson, WY 83001

Compass Real Estate is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.