BUYER'S GUIDE
On August 17th, 2024 Big Changes Were Implemented Nationwide In The Real Estate Industry.
As a result of the NAR Settlement, the way you see properties as a buyer completely changed. Buyers will be required to have a Signed Buyer Broker Agreement (the details of the agreement can vary on terms and length). This agreement outlines the commission paid to the agent, the exact amount and the fiduciary duties of the agent. The new change is all about transparency and professionalism.
As a Buyer, it's time to get serious.
It's time to form a plan
Navigating the real estate market can be overwhelming, but a Buyer’s Agent is your key to a smoother, more successful home-buying experience. Unlike listing agents who represent sellers, Buyer’s Agents are dedicated to your interests. They possess insider knowledge of market trends, neighborhoods, and pricing strategies that can save you both time and money.
A Buyer’s Agent provides personalized property searches, negotiates on your behalf to secure the best deal, and offers expert guidance through every step of the transaction, from initial search to closing. Their expertise ensures you find a home that not only fits your needs but also aligns with your financial goals. By hiring a Buyer’s Agent, you gain a trusted advocate committed to making your home-buying journey as seamless and advantageous as possible.
Curious what a buyer's agent does for you?
Buyer's Agent Duties
1. SCHEDULE TIME TO MEET FOR A STRATEGY SESSION.
2. OFFER AN EDUCATIONAL PRESENTATION.
3. MEET AND DISCUSS GOALS AND NON-NEGOTIABLES.
4. EXPLAIN AGENCY RELATIONSHIPS.
5. DISCUSS DIFFERENT TYPES OF FINANCING OPTIONS.
6. HELP FIND A MORTGAGE LENDER & OBTAIN PRE APPROVAL.
7. PROVIDE RESOURCES TO RESEARCH CRIME IN NEIGHBORHOODS, SCHOOL RATINGS, ETC.
8. PROVIDE OVERVIEW OF CURRENT MARKET CONDITIONS.
9. DISCUSS EARNEST MONEY DEPOSITS.
10. EXPLAIN HOME INSPECTION PROCESS.
11. EDUCATE ABOUT LOCAL NEIGHBORHOODS.
12. DISCUSS FORECLOSURES AND SHORT SALES.
13. GATHER NEEDS AND WANTS OF NEXT HOME.
14. LEARN YOUR GOALS CREATE A PLAN.
15. SEND HOMES WITHIN YOUR CRITERIA.
16. SCHEDULE AND ORGANIZE SHOWINGS.
17. GATHER FEEDBACK AFTER EACH SHOWING.
18. SHARE KNOWLEDGE AND INSIGHT ABOUT EACH HOME.
19. DISCUSS HOMEOWNERS ASSOCIATIONS.
20. KEEP RECORDS OF ALL SHOWINGS.
21. ESTIMATE EXPECTED UTILITY USAGE COSTS.
22. CONFIRM WATER SOURCE AND STATUS.
23. DISCUSS TRANSFERABLE WARRANTIES.
24. EXPLAIN PROPERTY APPRAISAL PROCESS.
25. DISCUSS MULTIPLE OFFER SITUATIONS.
26. CREATE PRACTICE OFFER TO HELP PREPARE.
27. PROVIDE UPDATED HOUSING MARKET DATA.
28. UPDATE YOU ON ANY PRICE DROPS.
29. DETERMINE PROPERTY INCLUSIONS AND EXCLUSIONS.
30. PREPARE SALES CONTACT WHEN READY.
31. EXPLAIN THE SALES CONTRACT AND HOW TO LEVERAGE IT.
32. DETERMINE THE NEED FOR LEAD-BASED PAINT DISCLOSURE.
33. EXPLAIN HOME WARRANTY OPTIONS.
34. UPDATE PRE-APPROVAL LETTER WITH EACH NEW OFFER.
35. REVIEW LOAN OBJECTIONS AND DEADLINES WITH LENDER.
36. VERIFY LISTING DATA IS CORRECT.
37. REVIEW COMPS TO DETERMINE VALUE.
38. BUILD RAPPORT WITH LISTING AGENT BEFORE WRITING OFFER.
39. ADVISE BUYER IF COMPENSATION IS OFFERED.
40. PREPARE AND SUBMIT OFFER TO LISTING AGENT.
41. NEGOTIATE OFFER WITH LISTING AGENT.
42. EXECUTE A SALES CONTRACT AND DISCLOSURES.
43. ONCE UNDER CONTRACT, SEND TO ESCROW COMPANY.
44. COORDINATE EARNEST MONEY WIRE TRANSFER WITH YOU AND ESCROW.
45. OBTAIN COPY OF SELLERS DISCLOSURES.
46. DELIVER COPIES OF CONTRACT/ADDENDUM.
47. OBTAIN AND REVIEW HOA BYLAWS.
48. KEEP TRACK OF COPIES FOR OFFICE FILE.
49. COORDINATE INSPECTIONS.
50. MEET HOME INSPECTOR AT THE PROPERTY.
51. REVIEW HOME INSPECTION.
52. NEGOTIATE INSPECTION OBJECTIONS.
53. GET ALL AGREED UPON REPAIR ITEMS IN WRITING.
54. VERIFY ANY EXISTING LEASE AGREEMENTS.
55. CHECK IN WITH LENDER TO VERIFY LOAN STATUS.
56. CHECK ON THE APPRAISAL DATE.
57. NEGOTIATE ANY CONDITIONS OF THE APPRAISAL.
58. COORDINATE CLOSING TIMES AND LOCATION.
59. MAKE SURE ALL DOCUMENTS ARE FULLY SIGNED.
60. VERIFY ESCROW COMPANY HAS EVERYTHING NEEDED.
61. REMINDER TO SCHEDULE UTILITIES TRANSFER.
62. MAKE SURE ALL PARTIES ARE NOTIFIED OF CLOSING TIME.
63. SOLVE ANY TITLE PROBLEMS BEFORE CLOSING
64. RECEIVE AND REVIEW CLOSING DOCUMENTS.
65. REVIEW CLOSING FIGURES
66. CONFIRM REPAIRS HAVE BEEN MADE BY SELLERS.
67. PERFORM FINAL WALK THROUGH AND MAKE SURE ALL IS WELL.
68. RESOLVE ANY LAST MINUTE ISSUES.
69. WALK YOU THROUGH WIRING FINAL FUNDS TO ESCROW.
70. ATTEND CLOSING.
71. PROVIDE HOME WARRANTY PAPERWORK.
72. FACILITATE TRANSFER OF KEYS AND ACCESSORIES.
73. CLOSE OUT FILE.
74. PROVIDE RESOURCES FOR YOU IE- PAINTERS, PLUMBERS AND CONTRACTORS.
75. ANSWER ALL REAL ESTATE QUESTIONS THROUGHOUT THE YEARS.