Working with Buyers- The Process
You obtained your first buyer, Congratulations. The first step is to make sure the buyer has received a pre-approval. A pre-approval is a document received from the lender qualifying the buyer to purchase as home laying out the dollar amount and sometimes real estate taxes that the home must fall under.
If you do not have a lender, please get one. I currently work with Annie-Mac Mortgage, Jennifer Gordon. Reach out to her if you need help
The following are the next steps.
- Have buyer fill out a questionnaire of their wants, needs, and desires.
- Complete a buyer consultation, sign consumer notice, buyer/broker contract.
- Send a list of fifty homes to the buyer, have buyer narrow it down to groups of 5 or 6.
- Take buyer out to see the group of 5 or 6 homes weekly.
- During every tour, have completed agreement of sale for the buyer’s first choice at the ready
- Submit accepted offer documents to transaction manager.
- Executed agreement of sale.
- First deposit check
- Buyers Financial Information
- Pre-Approval Letter or Proof of funds
- Deposit Money Notice
- Any Specific addendums
- Executed Sellers Property Disclosure
- Executed Lead Paint Disclosure
- Lead Paint and Mold Brochure
- Schedule inspection within 10 days
- Remind buyer to complete the mortgage application.
- Deliver 2nd Deposit to listing agent.
- Schedule Settlement
- Follow up with the lender confirming the appraisal has been ordered & performed.
- Make sure the appraisal came in at value (price of offer)
- Review mortgage commitment
- Review title
- Remind buyers to secure homeowner’s insurance.
- Review pre-HUD or ALTA to make sure the buyer knows the amount to bring and who to make out the check to (title company)
Prepare for Settlement
- Confirm that buyer knows to bring a certified check and current photo id.
- Make sure buyer calls utilities to be transferred into buyer’s name on the day of settlement.
- Schedule and perform a pre settlement walk through. At the walk through make sure the home is
- Broom swept clean.
- All repairs are complete.
- The home is in same condition as seen before
- Run water.
- Flush toilets
- Turn on stove and oven.
- Attend settlement virtually.
- Scan final closing documents to process manager.
- Send the buyer a settlement gift or card.
- Follow up with the buyer weekly for the first month.
- Follow up with the buyer monthly the first year, and then quarterly there after.
To learn more about working with buyers, read my top selling book about my journey and how I was able to list over 64 homes my first year in the business.
Or, you can join our apprentice program where you are paid to learn.
Deborah Ann Spence, CRS, e-PRO, GREEN, RENE
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