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Every Buyer & Seller Should Know

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Do Things Ever Go Wrong?

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Real Estate Vocabulary

Agency Vocabulary

75 (+) 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.

THE SALE

36. After the contract is accepted, provide the buyer with a copy of the fully ratified contract.
37. Make sure the buyer's deposit check is promptly deposit into the company's trust account.
38. Make sure my office has a copy of the sales contract, the listing and all documents related to the transaction.
39. Make sure the buyer completes the formal loan application by the required deadline and notify the listing agent.
40. Make sure all other contract deadlines are met.
41. Help the buyer find needed service providers either on their own or through our Home Service Connections™ service.
42. Help the buyer arrange the title work with a title company.
43. Provide the lender and title company with a copy of the sales contract.
44. Keep the buyer fully informed at all times.
45. Assist the buyer in getting homeowner's insurance and/or making sure that the buyer arranges for insurance on their own.
46. 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.
47. Arrange for the termite inspection and make sure the termite inspector will be able to get into the house.
48. 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.
49. Help arrange any other inspections on the property.
50. 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.
51. 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.
52. 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.
53. 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.
54. Provide copies of any changes to the title company and lender, and put copies in the office file.
55. Coordinate the appraisal with the lender and listing agent.
56. Contact the lender to learn the results of the appraisal and forward the information to the buyer.
57. Notify the listing agent whether or not the house appraised for at least the sale price in the contract.
58. Make sure the seller is progressing on the agreed upon repairs.
59. Make sure the seller's agent keeps me fully informed at all times.
60. 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.
61. Keep my manager informed at all times and immediately involve my manager if any problems come up.
62. 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.
63. Coordinate the date, time and place of settlement with ALL parties.
64. Follow up with the Title Company and lender to make sure they have all necessary documents and information from the buyer and seller.
65. Make sure that the lender gives the final loan commitment by the required deadline.

Previous - The Home Search

Next - The Settlement

100 Things I Do For A Seller