GMAC Managed Properties

Thank you for your interest in a GMAC Mortgage managed property. We’d like to inform you of a program that GMAC Mortgage is offering that provide incentives for your buyer. First, here are the highlights:

  • No Application Fee
  • No Underwriting Fee
  • No Appraisal Fee
  • No Document Signing Fee
  • No Document Prep Fee
  • No Flood Certification Fee
  • No Credit Report Fee
  • No Fee for Lender Title Policy
  • No Recording Fee
  • No Loan Origination Fee
  • No Settlement or Closing Fee

ADDITIONAL PROGRAM INCENTIVES

  • GMAC M will pay for a One Year basic home warranty through First American Home Buyers Protection. Prices vary by state/region, additional optional coverage may be purchased at buyer’s expense. Please call 1-800-698-0422 or go to www.firstam.com/warranty to get product and pricing information.
  • Enter $370 for the basic warranty cost, as that covers most of the properties. It will be adjusted later if necessary.

What you need to do for Offer Submission:

  • Discuss with the buyer the GMAC Mortgage program details as outlined above. Have them speak with your GMAC Mortgage rep. Contact me for their name and number.
  • Indicate on the required Contract Cover Form whether your buyer is interested in using GMAC Mortgage when you submit your offer even if they haven’t had a chance to speak to the GMAC M rep yet.
  • Include the GMAC-M Pre-approval if you have it. If not, and you want to submit your offer with another pre-qual in the meantime, do so, but indicate on the Cover Form their intentions.
  • Include the cost of the First American HOW on your offer and the Cover Form. Note that this will most likely not be approved until you submit the GMAC M pre-approval and the buyer moves forward with them.
  • Include the attachment below with your offer. The asset number is not necessary for initial offer submission.

    • SPECIAL NOTE: EVEN IF YOUR BUYER DOES NOT WANT TO USE GMAC MORTGAGE, YOU WILL STILL NEED TO INCLUDE THE AMENDMENT.

    GMAC Mortgage Contract Amendment

    As you will see in the amendment, it is necessary for the buyer to select GMAC M prior to execution of the Seller’s contract addendum, which comes after the offer is verbally accepted. The buyer can still get the terms of this offer by switching to GMAC M, but the other contract terms will need to be reviewed and possibly renegotiated.

    FINAL NOTE: Not every GMAC managed Property qualifies for this special program. Only those that are identified in the Agent Remarks on the MLS listing qualify.