(+) Things I Do For A Buyer (Part 2)
A lot can happen after the sales contract
is ratified. I stay on top of the transaction throughout the process,
to make deadlines are and the terms of the contract are honored. In recent
transactions, I've done extensive research, consulted lawyers and positioned
buyers to be in a strong legal position when it appeared the seller was
not going to fully honor the terms of the sales contract. At the same
time, I worked hard to resolve the issues, so we could go to settlement
and stay out of legal trouble altogether.
Long & Foster also provides
one-stop shopping for the buyer.
We have our own lender, insurance company and affiliated title companies,
and through our Home Service Connections service, we can put a buyer
together with almost any type of service provider related to real estate.
Each service provider must be properly insured and is carefully checked
out to make sure they meet Long & Foster's high standards.
- After the contract is accepted,
provide the buyer with a copy of the fully ratified contract.
- Make sure the buyer's deposit check
is promptly deposit into the company's trust account.
- Make sure my office has a copy
of the sales contract, the listing and all documents related to the
- Make sure the buyer completes the
formal loan application by the required deadline and notify the listing
- Make sure all other contract deadlines
- Help the buyer find needed service
providers either on their own or through our Home Service Connections
- Help the buyer arrange the title
work with a title company.
- Provide the lender and title company
with a copy of the sales contract.
- Keep the buyer fully informed at
- Assist the buyer in getting homeowner's
insurance and/or making sure that the buyer arranges for insurance on
- Periodically check with the title
company and lender to make sure they have everything they need and to
make sure that things are progressing satisfactorily.
- Arrange for the termite inspection
and make sure the termite inspector will be able to get into the house.
- Attend the home inspection, and
if, for any reason, I cannot be there, make sure that a qualified real
estate professional is there in my place.
- Help arrange any other inspections
on the property.
- Review the home inspection with
the buyer (generally at one of our offices) and help the buyer determine
what repairs they would like to request from the seller.
- Write the request for repairs (based
on the buyer's instructions) in a way to maximize the buyer's negotiating
position, and forward the request to the listing agent.
- Provide the buyer with copies of
any changes to the contract that have been signed by both the buyer
and seller (home inspection repairs, deadline extensions, etc.) as soon
as I receive them.
- Promptly provide the buyer with
any requests from the seller to change the contract. Discuss the changes
with my manager and/or an attorney if necessary.
- Provide copies of any changes to
the title company and lender, and put copies in the office file.
- Coordinate the appraisal with the
lender and listing agent.
- Contact the lender to learn the
results of the appraisal and forward the information to the buyer.
- Notify the listing agent whether
or not the house appraised for at least the sale price in the contract.
- Make sure the seller is progressing
on the agreed upon repairs.
- Make sure the seller's agent keeps
me fully informed at all times.
- Keep the seller's agent fully informed
at all times (while preserving the buyer's confidential information),
so the seller doesn't have any concerns and the sale progresses smoothly.
- Keep my manager informed at all
times and immediately involve my manager if any problems come up.
- Quickly respond to any problems
that come up during the transaction and keep my cool no matter what
happens, so as to not lose control of the situation.
- Coordinate the date, time and place
of settlement with ALL parties.
- Follow up with the Title Company
and lender to make sure they have all necessary documents and information
from the buyer and seller.
- Make sure that the lender gives
the final loan commitment by the required deadline.
- The Home Search
- The Settlement
Things I Do For A Seller