National Agents: Our new agent who has not signed up for Realtor Association or MLS yet, wants to write a contract on a For Sale By Owner that his buyer wants to buy.
This is my response:
1) Call the seller to see what price he wants. Explain you are a Real Estate agent and you have a buyer. The Real Estate commission to National Realty paid by seller is 5% instead of 10% because he does not have a listing agent.
2) Tell your buyer to determine the offer price and if Andy says he can afford it.
3) Join:
* NVAR ( Realtor Association ) www.realtorshop.com/join
* BrightMLS ( the MLS) www.brightmls.com
After approved by both, go into brightmls.com:
Look right and click “Forms Remine Docs+”
Then click the “Remine.com” link in the center.
Then click the “Docs+” tab on the left.
Now you are in:
Click “create a transaction “Check buyer and sale
Under transaction fill in the buyer’s name then next.
Click “Packages”
Click “National Realty”
Click “buyer”
Select forms and start filling them in.
Forms needed:
* Buyer Representation
* Sales Contract
* Conventional financing Addendum
* Under “more forms” find addendum ( Sale ) On this form you write “National Realty to receive 5% of sales price from seller at settlement.”
When complete, click “send” for an online signature to your client or download and print the contracts.
Have buyer write the deposit check payable to National Realty for $1,000
Have Andy send you the pre-approved letter.
Submit the following to the seller to sign.
Sales Contract
Finance addendum
Copy of the deposit check
Copy of Andy Sikora lender pre-approval
Once seller signs submit the ratified contract to:
1) Your client
2) National Realty on www.nat22.com under case processing sheets
3) Lender Andy Sikora: andy@andysikora.com
4) MBH Settlements Jasmine James – jjames@mbh.com
Review “After Contract Ratification – Buy Side” found in the training center at the top of www.nat22.com
You’re on your way to settlement.
This has been another exciting “Training in a Minute”
Keith