Do you find yourself wondering whether or not to get all the disclosures from the listing agent prior to submitting an offer or after?
Prior to submitting an offer:
Getting all the disclosures from the listing agent prior to submitting an offer can be good because it allows you and your client to look over the disclosures that the seller has put together, especially the property disclosure. It’s at this point where you may uncover a red flag for your client and you can save yourself the time and work of putting together an offer if your client isn’t comfortable with an item. Another benefit is that you now have all the paperwork and can have your client sign the forms and include it with your offer therefore getting everything completed at once. One drawback is the time involved and depending on your market, you may not have time.
From a listing agent’s point of view, I want to make the process as easy as possible for buyers so I will at the very least put 5 packets together of all the disclosures with proper signatures at the home for buyers to take. For the more tech savvy agents, place these documents online such as on your local MLS for anyone to read or download at their leisure! Online is my preference.
After submitting an offer:
You never know whether or not the buyers and sellers are going to come to terms on the basics, primarily the price. If you can’t negotiate an agreement, then it’s worthless to go through the effort of gathering the disclosures. Also, if you are in a market where properties are moving fast and competition is high, you just need to get the offer in quickly! Yes, getting the disclosures after the offer is negotiated is an extra step in terms of getting with your client, but it’s really not that big a deal.
My preference when listing a home is to have these documents signed at the listing appointment and then have them readily available whether online, in the house or both to make it as easy on the buyer as possible. In my opinion it’s better to have them online because you don’t always know whether your buyer is considering making an offer until you’ve left the home and you may not have picked up a packet.
Let’s make a push to get all paperwork electronically via email, internet or efax to keep things efficient and from burning up paper!