BUYERS

Buyers Guide

  • Preparing to Write the Offer cheat sheet!
  • Give buyers all disclosures up front: Lead Pamphlet, Energy Guage, Condo Governance, Affiliated Business, Escrow, Buyer Representation disclosing additional brokerage fee
  • Print Tax Rolls and MLS full sheet
  • If they have been pre-approved by a lender that is not one of ours or one of the known lenders, ask if they would allow one of ours to give them a pre-approval letter. Get it prior to showing, but make sure it is updated prior to offer.
  • Get the pre-approval letter up front, then call the lender and ask questions
    • Kind of financing & %
    • How long will it take to get them approved
    • Any issue with getting the appraisal done in that time frame?
    • Any known challenges in approving the buyer
    • Are there any special contingencies – sale of home, gift money, pay off debt, seller contributions
  • The contract has asterisks where info needs to be filled in – don’t leave blanks!
  • Include marital status
  • Get first deposit up front! If it’s low, recommend a 2nd deposit after inspections
  • If In Miami-Dade, suggest they use AP Title for closing
  • Check MLS for any required contract info or attachments.
  • Ask Listing Agent for seller signed docs: Property Disclosure, LBP, Special Taxing District, Condo Rider…
    • Applications:
      • for financing – Ideally, prior to offer
      •  Association – ASAP after effective date

  • Quisque velit nisi, pretium ut lacinia in, elementum.

SELLERS

What If Seller Wants…

  • Appraisal waived – Up to buyer and lender.
    Consider a deficiency limit
  •   Inspections waived – Buyer has to sign a waiver for your file. Consider the age an condition of the property.
  •   More funds in escrow – bring the balance in a second deposit
    after inspections
  •   Post-occupancy rent-free – ask buyer, it’s risky but now common. Get a security deposit and written agreement

CLAUSES

Clauses can be Tricky!

  • Whenever possible, use contract addenda rather than writing your own, or get approval before sending to buyer.
  •   Include the contingency for Property Disclosure clause
  •   Include buyer’s additional brokerage fee
  •   If an HOA, add the clause requiring HO docs be provided by seller
  •   Buyer’s agreement to appraisal deficiency – there are 3 versions in DotLoop. #1 is best for seller, #2 is best for buyer, # is a compromise.

CALCULATE
TIMELINES

Know Each Date!

  • First deposit – prior to offer
  • Second deposit After end of inspections
  • Seller response to offer – FAST
  • Applications:
    •  For financing – Ideally, prior to offer
    • Association – ASAP after effective date
  • Inspections – ASAP after Effective Date,
  • Acceptance of inspections – Leave enough time for reinspection
  • Approvals dates on contract:
    • Loan – 7-10 before closing date
    • Appraisal – prior to Loan Deadline
    • Title – Ask for title search to be done early
  • Insurance – Buyer to pay for binder at same time as loan application
  • Appraisal – Order at loan application
  • Surveys – Ask if seller has one
  • Funds to lender – Wired day before closing
  • Walkthrough – Day before closing to allow for resolving issues
  • Closing – Ask closing agent how long he needs after loan approval considering TRID requirements
  • TURN IN ALL PAPERWORK AS YOU GO, AND COMMISSION DISBURSEMENT FORM AT LEAST 7 DAYS PRIOR TO CLOSING!