Real estate broker

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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Real estate broker

Northern Virginia Real Estate | Is it a condo or not?

The agent who wrote up an offer on a listing of mine contacted me because his client had gone to the tax records and now thought the property was a condo. There was some confusion on his end and he wanted me to clear it up.

This raised a flag since the buyer’s agent must not have gone through this fact with him, but also raised another flag because I never overlook something as critical as the proper type of ownership.

For example, imagine if you made all the payments on your car, only to find out it was a leased vehicle at the end of 60 months? Heck, I bet you would be double mad as heck!

Knowing the type of ownership is essential in real estate

Before you make any offer, your real estate agent should look through the tax database to see if the home is condo ownership, fee simple ownership, or a co-op. This point is huge because it could impact your monthly budget significantly since condo fees are typically high. This is a legal definition folks… and not just jargon.

I have done this business for a long time and always double check this information. In my ABR, and Continuing Education training we are always told to understand the available facts about a home when discussing any home with real estate clients who may be considering buying a home. More about me at About Me.

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