Blog, Home Buyers
The REALTOR’s role as a Buyer’s Agent
January 2, 2010 by Doug Francis · 4 Comments
Image by S Migol via Flickr
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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Since I started selling real estate in 1991, there have been up and down markets. Northern Virginia areas like Vienna, Oakton and Tysons have some excellent home buys right now. Start with my MLS Search then let's talk. 
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Needless to say, this is a great list that provides just a general outline of all the things buyer’s agents do for their clients. Listening to their needs, wants and dreams and helping those come true with the most favorable terms for the buyer is a big part of it!
Ken Montville´s last blog ..“Normal” Real Estate
Fantastic checklist Doug! Both home buyers and realtors need this kind of information. Very useful, no doubt. Keep it going.
Jeff Green´s last blog ..Financial Questions and Answers