Buyer Offer Checklist
Let’s start with ground rules:
- When first speaking with someone wanting to buy, show enthusiasm and ask questions. What are three things you must have in a house in order to buy it?
- What area? Where will be your job?
- What price range? Oh, you don’t know price range? I will have my lender Andy call you. Have Andy call your client. ( your client will not make the call) In 10 minutes over the phone, lender Andy Sikora can give you a price range to search.
- What date are you needing to move?
- What is your email and phone number? I will email you some homes.
- When you select the house to make an offer on, give info to Andy to send you a pre approval letter, which you will submit with the contract offer.
Andy Sikora: 703-505-2999 Andy@AndySikora.com
Elements of a contract:
- Buyer Agreement (stating you represent buyer, but seller paying commission) This is not submitted to listing side. It is only signed by client and National Realty Broker. Give copy to your buyer.
- Cover Letter (optional) A nice cover letter about how much buyer loves the home is always a professional move.
- Regional Sales Contract
- Copy of Earnest Money Deposit
- Financing Addendum: Conventional, FHA or VA (unless cash)
- Property Disclosure (supplied by listing agent) Sometimes found under “documents” in MLS listing.
- Home Inspection addendum. (If applicable.)
- MBH Addendum (submitted to our office, when using MBH)
- Lead based paint disclosure (if prior to 1978)
- Lender’s letter of pre-approval
- After you submit, usually via email, they will either agree or cross off certain things by placing a little initial next to the change. This then becomes a counter. Your client may walk away., or they may re- counter it by crossing thru the change and initialing. Or they may agree by just initialing the change thereby making contract ratified.
When contract is ratified
- Case Processing Sheet filled in online at nat22.com and all ratified copies of contract uploaded.
- Submit EMD to National Realty asap and keep a copy of check with note of date, time and who you submitted it to.
After Ratification
- At this stage your buyer must make formal loan application within 5 days
- If there is a Home Inspection, it must be scheduled immediately
- If this is a Home Owners Association, its up to listing agent to get those docs to you and your client. Your client will have 3 days to review. If no objection, contract continues to settlement
- If settling with MBH Settlements, just call Shannon 703-201-1535 for help.
- Buyer selects insurance company for home-owners insurance. They will provide a one-year paid receipt ( even though not paid yet). Get it to settlement company
- Buyer to call utility companies and ask them to put in buyers name on day of settlement
- Review closing documents for accuracy
- Attend settlement and give small gift like bottle of wine
Complete case processing sheet online at www.nat22.com