A. Any Indiana licensed real estate office may be placed on our mailing list for sales listing of VA-acquired properties by contacting us by mail, fax, or in person at

VA Regional Office

Property Management Section (264)

575 North Pennsylvania Street

Indianapolis IN 46204-1581

FAX 317-226-5041

B. Please include the complete company name, address, and zip code and principal broker's license number and the counties for which you want to receive listings. We will furnish a key to the office. Participating brokers must keep in mind that they are dealing with the assets of the United States Government, and, as agents of VA, must conduct their business in such a manner as to not violate the public trust.

A. Once VA acquires a property, certain processing is necessary while it is prepared for the market. Brokers should be aware that, prior to the issuance of a sales listing VA-acquired properties are not available for sale and should not be entered or shown. Please do not contact the department about these properties. WE CANNOT FURNISH YOU WITH ANY ADVANCE INFORMATION. We will list each property as soon as possible.

B. Individual listings are mailed simultaneously to all participating brokers on a non-exclusive listing basis to ensure that all participating brokers have an equal opportunity to show the properties and submit offers to purchase.

C. "Simultaneous Period" (Equal Consideration Period) - Offers received during the ten (10) consecutive workdays after the date of the original or revised listing are considered to be received simultaneously. This method provides the public with a reasonable period of time to submit offers through any licensed real estate broker. If no acceptable offers are received during the "Simultaneous Period", incoming offers are considered on a first-come, first-served basis until a revised listing is released.

D. We will consider a reasonable offer below our cash price, as applicable

E. Listings are subject to prior sale, change, or withdrawal at any time without prior notice.

VA Forms

Forms may also be obtained by calling 226-5209 ext. 3125

A. VA-owned houses in Allen, Lake, Marion, Porter and St. Joseph counties are normally secured with Best Locks. We use lock boxes in all other counties. We will normally give one key per office.

B. You may order additional Best Lock keys from:

C. You may order additional Lock Box keys (series 2535) from:

D. Approved sales brokers are provided with a master key to allow access for showing the property to a prospective purchaser without contacting the VA Management Broker. Defective locks should be reported to the Management Broker immediately.

A. Although we sometimes authorize repairs prior to listing to make the property habitable, or more attractive to prospective purchasers, properties are sold "As Is" without warranties as to physical conditions. We disclose all known, significant defects with the sales listing. Brokers and agents must advise prospective purchasers of the list of defects, and purchasers must acknowledge this disclosure (See paragraph 27).

B. This information regarding our "As Is" policy is not meant to indicate that all properties are defective. Rather, it is designed to advise prospective purchasers of our policy with regard to repairs. Purchasers are encouraged to take whatever measures are necessary to determine the condition of the properties for their own purposes.

C. Listings are subject to existing legal limitations applicable to the property, e.g., easement and restrictions. We do not warrant square footage figures. We do not require a survey on the original VA loan, or as the loan is foreclosed. Buyers wishing a survey must be prepared to pay for it.

A. We encourage the advertising of VA-acquired properties in the local media. Many brokers find it profitable to do so by direct ads relating to specific properties and by so called "blind" ads relating to certain areas or subdivisions. Brokers are authorized to advertise that the properties are Department of Veterans Affairs or VA-owned and that seller financing is available, if applicable. VA will not be liable or obligated to pay for any advertising ordered by brokers. Please take care to avoid the impression that the advertising broker has an exclusive listing or right to sell.

B. Brokers who advertise VA-owned properties are required to use the Equal Housing Opportunity logo, slogan, or statement. When advertising material is consolidated, the Equal Housing Opportunity logo or slogan need appear only one time in the advertisement. When advertising appears in several places, the logo, slogan, or statement must be contained in each advertisement.

D. VA will post its own FOR SALE signs on properties listed for sale. Brokers MAY NOT place their own FOR SALE or sold signs on properties until a sale has closed.

A. There are two types of offers that we will consider:

VA Regional Office

Property Management Section (264)

575 North Pennsylvania Street

Indianapolis, IN 46204-1581

B. Offers may be hand-delivered to our Mail Room, Room 331, at the above address during normal business hours, 8 a.m. - 3:30 p.m., Monday through Friday.

C. No exceptions will be made for late receipt of offers which were delayed in the mail, or by inclement weather conditions, etc.

A. Sales brokers are not considered VA-affiliates.

B. However, the sale of VA-owned property to certain VA employees or persons furnishing services to the VA on a fee or commission basis must be made under special rules in order to maintain public confidence in the integrity of the VA Loan Guaranty program.

C. The following individuals are considered to be VA affiliates:

D. Purchase offers received from VA affiliates will not be considered until the end of the "Simultaneous Period", and then only if no acceptable offers from non-affiliates were received during the simultaneous period. However, unrestricted sales of VA owned properties are permitted to VA affiliates who purchase properties outside the commuting distance (60 miles) from the designated area where the fee or commission person performs services for VA.

E. Sales commissions will be paid for sales to affiliates except for sales to the following individuals:

F. These restrictions on payment of sales commission will apply regardless of the sales agent through whom the offer is submitted. No sales commission will be paid to any sales agent when the purchaser falls within one of the restricted categories.

A. Although we may accept reasonable offers which are below our list price, brokers and buyers should be aware that the best offer received may be for more than the list price, lesser closing costs, or lesser commission.

B. To simplify the selection among competing offers and to assure that the offer selected is the most financially beneficial to VA, priority will be given to the offer which provides the "highest net return" to VA, and which otherwise meets the terms of the listing of the property. The highest net return is based on your gross offer with the correct calculations. See the bold print under Item Nine on the offer to purchase form.

C. Offers received during the simultaneous period are ranked by the following criteria:

D. VARIABLES AFFECTING NET RETURN may include any combination of the following:

E. The selling broker and the buyer must complete the appropriate calculation of the net return on VA Form 26-6705 (see Exhibit B).

F. If no acceptable offers are received before the expiration of the simultaneous period, the first offer received which meets or exceeds minimum acceptable net return will be processed for approval.

A. Offers must be submitted on the most recent versions of the:

B. The offer must be prepared in quadruplicate, and all four copies signed by the purchasers and selling broker. On the reverse side paragraph 9 d. must be lined out and initialed as VA will pay next tax installment due after the sale closing and will not prorate the taxes. All entries must be legible.

C. Brokers must pre-qualify offerors to ensure that they have cash-in-hand, or the ability to obtain a firm commitment from a lending institution. Extensions to gain financing will be granted only for compelling reasons. Closings must proceed as scheduled. A commitment letter or a verification of funds on hand will enable VA to give an almost immediate approval. Buyers with cash-in-hand are expected to close the sale within 10 days. Buyers arranging for outside financing are expected to close the sale within 20 days.

Block 1A: Complete address of the property to be purchased

Block 1B, PM NUMBER: Enter the PM Number exactly as shown on the Sales Listing.

BLOCKS 2A - 3D: Enter the name(s), address(es), and telephone numbers of purchaser(s). The address of the purchaser(s) must be on the complete mailing address including the zip code.

BLOCK 4: The name or names must be stated exactly as the deed of conveyance will read (Husband and Wife - Tenants in Commons - Joint Tenants). All persons named in this block must sign the Offer to Purchase.

BLOCK 5. Check either yes or no.

BLOCK 5A & 5B: Check either yes or no If yes, enter the veteran’s service / serial number.

BLOCK 5C: Enter the last date on active duty.

BLOCK 6: IS THIS PROPERTY BEING PURCHASED DIRECTLY OR INDIRECTLY BY OR FOR ANY OF THE FOLLOWING PERSONS OR THEIR CLOSE RELATIVE? Block A, B, C, and D must be completed in order for an Offer to Purchase to be considered. If the answer to any question in Item 6 is YES, a detailed statement of the circumstances must be given on a separate sheet. Close relative means a spouse, parents, children, brothers and sisters of the agent. The definition also includes any other relative who is a member of the purchaser's household.

BLOCK 6A: If the purchaser or a close relative has at any time obtained or assumed payment on a loan made, guaranteed, or insured by the VA, the block for YES should be checked. If there is no connection with any VA loan, check NO.

BLOCK 6B: See paragraph 15 of this guide. This category includes persons directly employed by the VA, management brokers doing business with the VA, any agent of such brokers, including not only salaried employees but salespersons working solely on a commission or other fee basis, and any close relative of persons in the above categories. Note that affiliated status created by the existence of any of the above conditions is not eliminated by submitting an offer through a different broker. Any person having such an affiliation should check YES, all others check NO.

BLOCK 6C: Any purchaser who at any time in the past was the owner of the property for which the offer is being made should check YES, all others should check NO.

BLOCK 6D: Any purchaser who at any time was the buyer of any VA-owned property should check YES; all others should check NO.

BLOCK 7: Cash Offer Please specify the type of cash. Cash in Hand, VA, FHA, or Conventional.

If the buyer will pay cash at the closing (cash-in-hand or new mortgage), enter in the appropriate blocks the full amount of the purchase price. Paragraph 40 discusses what items VA will normally pay on a cash closing. Blocks B through F. should reflect any additional costs the purchaser expects VA to pay. Block H is the net result of blocks A through G. Block I is the number of days that the purchaser agrees to close the loan. (VA expects that cash-in-hand sales will normally close within 10 days and that lender financed cash sales will normally close within 20 days).

BLOCK 9: Amount of Earnest Money (do not submit earnest money with offer)

Block 10 - 11B: Signature(s) and Dates

BLOCKS 12A - E: Complete with all broker information.

The name and mailing address of the sales broker, as registered with the Indiana Real Estate Commission, including street, city, state and zip code must be entered here. It is essential to the processing of the purchase offers that the name and address of the broker be entered legibly. Enter the area code and telephone number of the sales broker. This information is necessary if problems occur with the offer to purchase.

Enter the Tax ID number, or the broker's social security number if the broker does not have a Tax ID number.

BLOCKS 13A - B: Signature of Principal Broker and Date

Paragraph 9d. of Conditions of Sale MUST BE CROSSED OUT. VA does not prorate taxes to the day of closing (see listing). Commonly, VA will be responsible for the next installment of taxes payable after the closing date.

A. Prospective purchasers no longer need to submit VA Form 26-6705e, Notice of Possible Lead-Based Paint and/or Lead-Based Paint Hazards, with their Offer to Purchase. We will send EPA Pamphlet 747-K-94-001, "Protect Your Family From Lead in Your Home" only to the successful offeror(s) on properties built prior to 1978. At that time the offeror(s) will be asked to execute and return the Notice, indicating whether or not they will use the 10-day opportunity to conduct a risk assessment or inspection for the presence of lead-based paint and/or lead-based paint hazards.

B. Please, make sure the purchaser(s) initial in item C1 or C2, and sign in items 6 and 7 of the form. The Real Estate Agent must sign in item 8. The Real Estate Broker (or authorized representative), if different than the sales agent, must sign in item 9.

C. We will not process, or accept an Offer to Purchase until we receive the Lead Paint Notice, executed after review of the EPA Pamphlet. The use of this pamphlet ensures that prospective purchasers make an informed decision about the potential of lead paint hazards.

The Disclosure of Significant Defects has been included on the listing issued by the VA. The purchaser must sign the listing and identify the property they are purchasing.

This will be required to approve an offer but is not required to be submitted with the offer. The use of this disclosure ensures that prospective purchasers make an informed decision about the condition of the home.

As soon as possible after the acceptance of the offer, the buyer and the selling broker will be notified by letter.

It is the selling broker's responsibility to notify the VA Property Management Broker of the closing date and arrange to get the keys to the property.

VA gives the purchaser possession of the property only after the sale closing. No exception to this policy will be made.

See Sales Listing. Item 9.d of VA Form 26-6705, Offer to Purchase and Contract of Sale is to be crossed out. Department of Veterans Affairs, Indianapolis Regional Office does not prorate taxes to the day of the closing. Rather, VA will be responsible for the expense of the next installment of taxes payable after the closing date.

A. The Department of Veterans Affairs will pay up to three types of sales commissions.

B. Commissions may be paid at the closing from the proceeds of the sale ONLY on cash sales involving outside financing and supervised by the lender or its closing agent, e.g., title company.

C. An invoice for the commission should be submitted in duplicate (original and one copy) with the closing instruments returned to VA. The invoice must include:

D. A sample invoice is shown in Exhibit A. We encourage you to modify the form for your use. We do not furnish invoice forms. The commission will be paid to the entry on the line labeled "Typed Name of Firm or Sales Broker".

A. Cash-In-Hand. We expect that cash-in-hand sales will normally close within 10 days of our written acceptance. The closing may be held at our Management Broker's office, or at buyer’s title company.

B. Cash-Subject-To-Financing.

Prior to closing, the closing agent or title company must fax in the HUD I settlement (front and back) for VA to review and approve.

Generally in VA or FHA financing purchasers are prohibited from paying certain fees. It is therefore imperative that the real estate brokers take care in completing line 7D concerning Closing Costs to include the proper dollar amount. Prior to closing VA will review the HUD 1 for compliance with the purchase agreement.

Purchasers normally pay

Note: Discount Points fees to be paid by VA must appear on line 7 B.

Loan origination fees to be paid by VA must appear on line 7 C.

Do not include loan origination or discount points as closing fees on line 7D. The are to be listed on lines 7 B or 7C.

Note concerning taxes

Taxes need not be disclosed on the purchase agreement as VA will always pay or provide a credit for the next installment due and any current outstanding delinquencies.

A. The selling broker must advise our Management Broker of the scheduled closing date several days in advance and then pick up the keys to the property from the management broker before the closing.

B. The purchaser and broker must sign the "As Is" statement at the sale closing. The purchaser should examine the property on the date of the sales closing to determine if there has been any change in the condition of the property since the original showing.

C. VA responsibility for maintenance and protection of the property ends, and the responsibility of the purchaser begins, when the sale is closed. Repairs by VA after the closing are generally limited to glazing of broken PRIMARY windows (unless stated on the listing).

D. The purchaser must make arrangements to transfer utility services immediately upon closing.

A. It is imperative that all sales closing be completed on the date set for the closing. If the closing is to be delayed, the closing agent must immediately be notified by telephone with the reason for the delay and the date the loan will be closed. If the delay extends beyond one week VA must also be notified.

B. If the purchaser refuses to close, the earnest money deposit and a letter of explanation must be forwarded to VA immediately.