Buyer’s Agent Representation: What can a good agent do for you?
One of the best outcomes of the recent legal settlement by the National Association of Realtors is the opportunity for buyers to learn more about what they should expect from an agent representing them in a real estate transaction. Here is what you can expect from me when we work together on what could be one of your biggest financial and emotional investments - a new home.
Getting Started
Meet with you to discuss your needs, analyze your financial resources, and establish achievable goals.
Explore recent sales in your target neighborhoods and price range to better understand the market as well as learn about your priorities.
Work with you to create a list of must-haves, nice-to-haves, and cannot-haves for your new home.
Complete a Buyer Broker Agreement to establish a fiduciary relationship and clarify the terms of compensation.
Introduce you to different neighborhoods and communities, helping you learn more about them and helping me understand your needs.
Explain customary practices, local laws and potential pitfalls, school assignment processes, and review standard disclosure and contract forms.
Recommend financial institutions where you can shop for the best possible financing.
Guide you toward loan pre-approval or how to establish proof of funds for an all-cash offer.
Regularly tour property to keep up on inventory and comparable sales.
Send you weekly property tour reports.
Search the Multiple Listing Service, private listing sites such as Top Agent Network, as well as good old fashioned agent-to-agent networking to find all available properties, both on and off the market.
Show you homes, both online and in person, based on your criteria.
You found the one!
Obtain disclosure packages and review them with you.
Discuss questions with the listing agent after property tours and disclosure review.
Schedule and attend pre-offer inspections, if any.
Stay in close touch with the listing agent to keep abreast of the competition, if any, and assure him or her of a smooth transaction if your offer is accepted.
Recommend insurance brokers who can determine the insurability of the property and projected costs.
Review contingencies and decide which, if any, to include with the offer.
Analyze recent sales, review disclosures, and work with you to determine the best offer price and terms.
Draft the purchase agreement for your review.
Help you write an introductory letter to the sellers.
Communicate with the lender regarding loan approval, closing timeline, insurance, and obtain a loan approval letter to include with your offer.
Present your offer to the listing agent, highlighting your strength as a buyer.
Negotiate counter offers, if any.
Come to a fair agreement and ensure that all documents are completed in a timely manner.
Celebrate with you that your offer was accepted!
Sometimes, commiserate with you that it wasn’t accepted, and try again until we find the right match.
During the Escrow Period
Open escrow with a title company.
Create an escrow timeline and contact sheet for all parties.
Send a copy of the purchase agreement to you, your lender and the title officer.
Assist you in getting your earnest money deposit into escrow within the timeline established in the purchase agreement.
If there is an inspection period, schedule inspectors and meet them at the property to ensure that all necessary information can be gathered within the allotted time frame.
Prepare documentation of recent sales and meet the appraiser at the property. Be prepared to answer any question and point out features of your new home to ensure an appropriate appraised price.
Manage the required disclosures, ensuring that all documents are properly signed and an accurate file is kept of the transaction.
Stay in touch with the lender, escrow officer and insurance provider to ensure that all documentation is provided and contingencies can be lifted within the timelines in the purchase agreement.
Work with the listing agent to make sure that staging is removed, any requested repairs have been completed, and a final walk through can be completed before closing.
Ensure sellers have canceled their contracts with utility providers prior to closing and assist you in setting up your new contracts.
Attend the final walkthrough with you.
Review the estimated closing statement from escrow with you. Request changes if necessary.
Schedule your closing signing with the escrow company. Attend your signing, if desired, to help if any questions arise.
Track the funding of escrow and recording of your closing.
Present you with your new keys!
After Closing
Check in with you to make sure you have settled in comfortably.
Communicate with the listing agent and/or seller about any final questions.
Be a resource to you for vendor referrals.
Stay in touch and celebrate new milestones and memories in your new home.
Become a trusted real estate resource for life!
