Blog, Home Buyer Tips

The REALTOR’s role as a Buyer’s Agent

The role of a REALTOR changes depending on who the client is, buyer or seller. This list points out some of the typical jobs your “buyer agent” will perform during the process of buying a home. A typical real estate transaction will involve about twenty people, and a key roll of the agent will be to help manage that process.

The Buyer’s Agent checklist:

• Pursue the interests of the Buyer Client
• Agency Agreement, it’s like a basic job description
• Helps explain the process, sequence, contracts, mortgages, pre-approvals, closings
• Reviews Closing Costs on a HUD-1 Estimated Worksheet
• Explain Earnest Money Deposits, Escrow, and Default
• Listen and answer questions
• Shows client homes that client found on the internet or agent found doing research
• Generates comparable data for Buyer to understand current pricing
• Reviews and explains the Regional Sales Contract, Jurisdictional Addendum, Disclaimer Form, Contingencies Addendum, Additional Clause Addendum
• Completes, with Buyer, and presents any offer to Seller or Seller’s Agent
• Explains counter-offers, makes sure contract is ratified
• Helps schedule home inspections, radon tests, termite inspections etc.
• On new homes, schedule option selections
• Gets contract to mortgage lender and settlement company
• Gives Buyer insight into home owners insurance, locking mortgage rate
• Makes sure appraisal has been ordered within time frame
• Reviews Home Owner’s Association or Condo Documents and presents them to Buyer for review
• Contacts Title Company for updates, such as title or survey issues
• Contacts mortgage lender to make sure loan is in process, and provide any missing information
• Helps resolve Buyer or Seller issues that may delay closing or void the contract
• Schedules contractors to evaluate or any repair issues from inspections
• On new homes, contact builders rep for estimated closing date
• Schedule closing time, walk-through inspections, walk-through issues
• Review “rent-back” agreement if necessary
• Confirm with Title Company that Buyer’s loan documents and Seller documents are ready to be signed
• Ensure Buyer has Certified Funds for amount due at closing
• Be available at closing.

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