What Realtors Do for Buyers

By
Real Estate Agent with FALCON PROPERTY SOLUTIONS
https://activerain.com/droplet/bjZ

WHAT REALTORS DO FOR BUYERS

This is a list of some services Realtors provide to Buyers. I have not updated it in years, and I'm sure a lot of things have Colorado Springs Realtorchanged. Feel free to add things in the comment section that I may have missed, or that is new with new technology. I will then update so that we all have as extensive a list as possible.

This was produced after hearing a young man say, "At least I have a REAL job . . . it's not like I drive around town all day talking on the telephone." I was so surprised at the lack of understanding of our profession, and I formulated this idea of just how intense our job can be.

I have also posted a What Realtors do for Sellers that you might also want to check out.

There is also a cover letter I give to buyers in conjunction with this list. It can be found at Cover Letter to "What Realtors Do for Buyers."

 

REALTOR® SERVICES / TASKS INDEX

PRE SHOWING: Before we begin looking at potential homes, it is important that you contact a competent Lender to see how much home you will qualify for, and to make sure that your credit is acceptable for a home purchase - requirements are changing daily. You will receive a letter from the Lender (pre qualification) before we begin.

  • Make appointment with Buyer to find Buyer's wants and needs in a home
  • Have Buyer contact Lender and find out ability to get pre-approved for a loan
  • Get pre-approval from Lender to begin showing houses (takes less than 30 minutes)
  • Have Buyer access our website to begin looking at available homes
  • Confirm time to meet with Buyer
  • Prepare Agency Disclosure

MEET WITH BUYER: Then we meet with you to discuss your wants and needs in a home, understand your projected time frame in purchasing, logistics if you have a home that needs to be sold, and understanding Buyer Agency and all of its benefits. Realtor services are almost always free to you, the Buyer.

  • Discuss our Company policy on Agency
  • Discuss wants and needs in a home, price range, time frame, how motivated?
  • Discuss areas in which Buyer would like to look
  • Does Buyer have a home that must sell prior to purchase?
  • Explain that it does not cost Buyer out-of-pocket to work with Realtor - Seller pays
  • Not in Buyer's best interest to work with multiple agents - need an 'Advocate'
  • Do computer research to find homes that meet Buyer parameters
  • Set appointments to view several of these homes
  • View homes and get a feeling for what does and doesn't appeal to Buyer
  • Will show houses one day, then must decide on Buyer Agency
  • Sign Buyer Agency Agreement

AFTER BUYER AGENCY SIGNED: Much goes into a computer search for properties that might fit your needs. I will preview homes electronically and physically and share them with you, contact my Realtor network, prepare showings, define and narrow list for what we will see, map route for viewing houses until we find something about which you are excited.

  • Copies of all documents – give a set to Buyer
  • Do another computer search and narrow or expand the field of possible homes
  • Prepare showing inventory
  • Preview homes by phone and physically, if necessary
  • Call Realtor network to discuss our Buyer's needs and new listings
  • Present Buyer 101 handbook to explain process and take notes of homes we are viewing
  • Can see 1 or 100 homes - my job really starts after we find the home they like
  • Check MLS for Matching Sellers
  • Input Buyer into Outlook
  • Contact unrepresented Sellers
  • Map out location so that showings are systematic - allow plenty of time

AFTER BUYER FINDS A HOUSE THEY LIKE: Prepare a thorough Market Analysis to make sure value in the home is reasonable, call other Agent and pre-negotiate, get disclosures and thoroughly discuss all paperwork, possible offer, and pricing strategy based on professional judgment and market. Sign all paperwork and completed offer (Contract).

  • Pull property City and tax records
  • Pull old MLS listing, if applicable
  • Order Owner & Encumbrance Report
  • Research property's current use and zoning
  • Research and verify legal description of property
  • Pull comps on Active, Sold, Pending, Withdrawn, Expired, and Cancelled Listings
  • Research "Average Days on Market" for property of this type and location
  • Prepare Comparative Market Analysis
  • Print Map of property and comps
  • Pre-negotiate with other Agent before writing, if applicable
  • Prepare Contract
  • Receive all disclosures
  • Discuss Contract with Buyer
  • Sign Closing Instuctions
  • Sign Seller's Property Disclosure
  • Complete Lead-Based Paint Disclosure
  • Complete Square Footage Disclosure
  • Discuss Comparative Market Analysis
  • Discuss offer and pricing strategy based on professional judgment and market
  • Discuss availability of Home Owner's Warranty
  • Get copies of leases, if applicable
  • Ask for floor plan, upgrades, special features, detailed list of amenities

CONTRACT NEGOTIATIONS: Discuss your financial qualifications with other Agent, terms of offer, time frame of Seller, and any other details that might be important in writing an offer. Present offer, negotiate offer and possible counter offers, renegotiate to complete the Contract to your satisfaction.

  • Discuss Buyer's financial qualifications, terms, and times
  • Discuss exclusions, dates, etc. with other Agent
  • Review Contract Addendum
  • Evaluate offer and prepare a "Net Sheet" for Buyer
  • Negotiate the offer and options
  • Convey pre-qualification letter
  • Sign offer or reevaluate offer, if necessary
  • Prepare and convey any counteroffers, acceptances, or amendments
  • Acceptance Deadline Time
  • Renegotiate however many times necessary and finalize
  • Receive signed Contract or Counterproposal
  • Discuss options with Buyer; if accepted, go "Under Contract"
  • Make applicable copies
  • Convey signed copies to other Agent

AFTER CONTRACT SIGNED BY ALL PARTIES: We will deliver your earnest money and Contract to your Lender and Title Company to set the closing process in motion. Set up time for inspections, review and track all dates; get insurance; resolve any title disputes and matters of HOAs, verify that permits were pulled correctly on any upgrades, coordinate closing time and any special items needed.

  • Copies of all documents - copies to Buyer
  • Make copy of Earnest money and Contract
  • Deliver check to other Agent
  • Convey Contract to Mortgage Lender
  • Convey Contract to Title Company
  • Notate dates on calendar
  • Send date sheet to Buyer
  • Do necessary paperwork for unusual conditions
  • If Seller and Buyer both our clients, do Change of Status Notice
  • Copies of leases and damage deposit receipts, if applicable
  • Track Seller's Property Disclosure Deadline
  • Inspection Objection Deadline
  • Resolution Deadline
  • Property Insurance Objection Deadline
  • Review all paperwork for signatures
  • Get all necessary signatures
  • If mail-out, get instructions and addresses
  • Notify Title Company of Mail out
  • If POA needed, get original from Title Company
  • Get POA signed and notarized
  • Remind Buyer to notify Utility Company to start service and do a "final read"
  • Discuss what happens if other offers come in between Contract and Closing
  • Is Buyer's current house on the market - resolve timing issues
  • Resolve any Title Disputes
  • Resolve any Off Record Matters
  • Deliver unrecorded property information to Buyer
  • Mail "The Moving Guide" with Change-of-address forms to Buyer
  • Set up closing time
  • Call Seller's Agent and coordinate closing time
  • Verify closing date and time and make all parties aware
  • Mail time-verification of closing and directions to Buyer
  • Assist in solving any Title problems (boundary disputes, easements, etc.)
  • Assist in obtaining Death Certificates, if applicable
  • Cleaning needs (e.g. carpet, kitchen, etc.) upon move-out
  • Discuss mover and time-frame for move-in with Buyer
  • Receive list of completed repairs and maintenance items Seller has done
  • Verify with Regional Building that appropriate permits were pulled
  • Verify HOA fees and disclosures, if applicable
  • Mail copy of Contract to Buyer - include MLS printout and projected Buyer Cost Sheet
  • Call in HOW, if applicable
  • Calculate average utility usage for last twelve months
  • Return all phone calls - weekdays and weekends
  • Add daily activities to Contact Management Software

HOME INSPECTION: At this point we will set and coordinate times with all parties to do your home inspections, meet with Inspector, review their report, search for repair estimates, and negotiate with Seller on any inspection objections. Prior to closing, verify that all items have been completed.

  • Set up Inspection
  • Coordinate time with Seller, Agents, Buyer, Inspector
  • Review Notice of Unsatisfactory Conditions with Buyer
  • Help Buyer negotiate Inspection Objections
  • Help Buyer with repair estimates or a credit at closing
  • Copy of Inspection Notice to file
  • Verify prior to closing that all repairs have been made
  • Get copies of repair receipts

THE APPRAISAL: The bank will assign an independent appraiser to appraise the property. We will coordinate time with all parties, I will do a market analysis and prep for value. Verify appraisal has been completed and note any conditions. Discuss options with you if appraisal is low, and schedule final inspection if there were any conditions.

  • Set up appraisal
  • Coordinate time with Seller, Agents, Buyer, Appraiser
  • Do current CMA for appraiser
  • Meet appraiser with CMA
  • If VA, make sure CRV ordered and completed
  • Track Appraisal Deadline
  • Verify appraisal completed and satisfactory
  • If appraisal low, discuss options with Buyer
  • Discuss any conditions on appraisal with Buyer
  • Schedule final inspection on appraisal conditions, if applicable
  • Verify all conditions met prior to closing

TRACKING THE LOAN PROCESS: I will verify all of your information with your Lender. I will also verify that the processing of the loan is moving forward according to schedule, that the Lender has all of the information needed, and continue to keep track of loan and credit deadlines.

  • All paperwork to Lender
  • Make contact with Lender and verify Buyer information
  • Loan Application Deadline
  • Buyer's Credit Information Deadline
  • Disapproval of Buyer's Credit Information Deadline
  • Existing Loan Documents Deadline
  • Existing Loan Documents Objection Deadline
  • Loan Transfer Approval Deadline
  • Contact Lender often to ensure processing of loan approval is on track
  • Notify Buyer of loan approval
  • Confirm that we are not liable for lender non-performance

IF CONTRACT FALLS: We will be upset for just a little while, and then we will begin the process again. We will need to fill out all of the paperwork necessary to get earnest money released. Then we return to After Buyer Agency Signed.

  • Fill out all necessary paperwork
  • Get Release of Earnest Money forms signed
  • Get earnest money back for Buyer

CLOSING PREPARATIONS AND DUTIES: You and I will do a walk thru of the property, figure out the approximate amount you will need to bring to closing, confirm dates, mail outs, and POAs with our Closer. Verify property insurance, possession, financing details, and make sure Closer has all paperwork. I will verify closing figures. You will bring a Cashier's Check. We will have a good time.

  • Schedule walk through with Buyer, Buyer's Agent, Seller
  • Verify with Buyer approximate monetary amount needed
  • If mail-out, verify correct mailing address
  • Confirm mail-out with Closer
  • Title Deadline
  • Title Objection Deadline
  • Survey Deadline
  • Survey Objection Deadline
  • Document Request Deadline
  • CIC Documents Objection Deadline
  • Off-Record Matters Deadline
  • Off-Record Matters Objection Deadline
  • Right of First Refusal Deadline
  • Property Insurance Objection Deadline
  • Coordinate Possession Date and Possession Time
  • Prepare disbursement authorizations
  • Notify Title Company of any Amend/Extends or date/money changes
  • Last minute bills and receipts faxed to Closer including HOW, if applicable
  • Make sure Closer has all addenda, correct price, rents, or applicable credits
  • Discuss closing figures with Closer
  • Check final figures for accuracy
  • Call Buyer and discuss final figures
  • Remind Buyer to bring picture ID
  • Discuss Buyer's need for Cashier's Check
  • Deal with all last-minute crises
  • Check file for any unsigned documents
  • Coordinate this closing with Buyer's sale and resolve timing issues
  • Request HUD from Lender/Title Company at least 24 hours prior to closing
  • Contact Buyer and review HUD
  • Have a "no surprise" closing so that Buyer can obtain possession after closing (yeah, right :) )

POST SALE: Our office will scan and store your file, make sure that the real estate sign and lock box are removed, and make sure that you have a copy of the HUD-1 (closing document) for next year's tax return. You will now be faced with the daunting task of moving in. Congratulations! Wasn't that EASY?

  • Enter sales data for County Records
  • Scan entire file to disc
  • Store hard file at outside location
  • Copy HUD-1 and put in pre-addressed envelope
  • Mail out disc of all paperwork to Buyer
  • Mail out HUD-1 to Buyer the following year for taxes
  • Gift to client
  • Ask for referral

If you enjoyed this post, be sure to SUBSCRIBE to my blog by clicking on the green Victorian below. What Realtors Do for Buyers was written by Mimi Foster

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If you would like to search for Homes for Sale in Colorado Springs,

please contact your Colorado Springs Realtor

 Colorado Springs Realtor Mimi Foster 

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Selling homes throughout Colorado Springs, Old Colorado City,
Manitou Springs, and surrounding areas
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Re-Blogged 16 times:

Re-Blogged By Re-Blogged At
  1. Sharon Kowitz 05/22/2011 12:06 PM
  2. Anita Clark 05/22/2011 12:18 PM
  3. Stacia McCallum 05/23/2011 03:31 AM
  4. Cory Barbee 05/23/2011 06:31 AM
  5. D B 05/23/2011 03:09 PM
  6. Karen Baker 05/24/2011 05:07 PM
  7. Carla Freund 05/27/2011 08:20 AM
  8. Gabe Sanders 05/31/2011 08:46 AM
  9. Andi Grant 06/03/2011 09:18 AM
  10. Carla Muss-Jacobs, RETIRED 06/03/2011 01:49 PM
  11. Karen Fiddler, Broker/Owner 06/04/2011 04:21 AM
  12. Shirley Parks 06/04/2011 04:29 AM
  13. Thom Abbott 06/04/2011 04:46 PM
  14. Jim Frimmer 06/08/2011 04:50 PM
  15. Daniel H. Fisher 06/09/2011 11:03 AM
  16. Evelyn McCorkle 10/22/2011 02:19 PM
Topic:
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Ambassador
776,479
Mimi Foster
FALCON PROPERTY SOLUTIONS - Colorado Springs, CO
Voted Colorado Springs Best Realtor

Well HELLO, Richard! I'm still jealous that you got to meet Karli ;) but it's so good to see you here.  Have the next one posted, and will post the cover letter that goes with this tomorrow.  Be sure to stop back by . . . hope you have recovered from Maui :)

May 27, 2011 02:43 PM #108
Rainer
7,483
Michael McInnes
Keller Williams Check Realty - Prescott, AZ
MBA, Realtor | Prescott Arizona Homes for Sale

Thank you for sharing Mimi.  Great resource to keep in my back pocket for those on the fence potential clients.

May 29, 2011 01:27 PM #109
Ambassador
1,538,594
William Johnson
Retired - La Jolla, CA
Retired Real Estate Professional

Hi Mimi, I found this re-blogged on Carla's post and said to her in my comment that it should have been featured and thankfully it was. One of the best lists I have seen done in the Rain. Well done and Congratulations on a much deserved feature! I really don't as rule bookmark things but your list is as complete and perhaps even more than the list I generated for my clients. So I am going to bookmark this if for nothing else than just to compare to my own self  generated lists.

Jun 02, 2011 04:34 PM #110
Ambassador
776,479
Mimi Foster
FALCON PROPERTY SOLUTIONS - Colorado Springs, CO
Voted Colorado Springs Best Realtor

Thank you so much!  Make sure you find the one for the Sellers if you're interested.

Jun 02, 2011 04:59 PM #111
Rainmaker
1,558,015
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

OMIGOSH -- this is just the START . . .

 

Jun 03, 2011 01:41 PM #112
Rainmaker
895,021
Joy Daniels
Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

Great information to share with my Buyer Team - thank you for this amazing post!

Jun 03, 2011 02:13 PM #113
Rainmaker
1,156,661
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Wow, Mimi.  I would add writing this list to the duties of a buyers agent.  This is great stuff.

Jun 03, 2011 05:59 PM #114
Ambassador
1,549,697
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

This is just incredible....I'm so impressed by what you put together. Saw it on Carla's reblog. I'm just in awe.

Jun 04, 2011 04:20 AM #115
Rainmaker
1,729,665
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Mimi, I'm exhausted just reading your list -- and it's all true! Thank you for putting in down in pixels (!) and sharing it with us. And I thank Karen Fiddler for re-blogging today--I've been MIA from AR most of May, doing all those things on you list.

Jun 04, 2011 04:53 AM #116
Anonymous
Anonymous

I gonna get me a "real Job"...........its much less work. I need a nap just read this, I had no idea I worked so hard. 

Jun 05, 2011 05:00 AM #117
Ambassador
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

@Consumer (108)

I am afraid that thhis is a misconception. I once called the attorney doing the  title, and asked why we have not received the HUD, and they said, that there is no such law. I then checked with out attorney, and he confirmed that there is no law. It is pretty common things, but it is not manfated by law.

Of course, it could have changed, but I do not know about it

Jun 06, 2011 04:38 PM #118
Ambassador
1,720,911
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Mimi,

I came following the link, and wow. But it is 11:40 OM and I just started making comments, so I would leave it for later

Jun 06, 2011 04:40 PM #119
Rainmaker
360,050
Carla Harbert
www.LorainCountyHomeSales.com - Avon, OH
RE/MAX Omega: Lorain-Medina County Area

Mimi, you just "wow'd" me - that was a lot of work putting this online for us and thanks for sharing. I read then re-read this again. It really does explain the majority of work put into getting buyer from looking, to contract, to closing, to our database. Thanks.

Jun 08, 2011 09:22 AM #120
Rainer
145,746
Sarasota & Manatee Counties FL
SaraMana Properties - QuickFreeMLS.com - Bradenton, FL
QuickFreeMLS.com - Listings In Paradise

This post is a big hit . . . b/c it is so good!

Jun 08, 2011 04:55 PM #121
Rainmaker
1,503,432
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

And it is amazing some say the pay is too high for "what you do!" Great list!

Jun 09, 2011 01:13 AM #122
Ambassador
1,180,417
Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
Luxury service in Howard County & Catonsville

Mimi- this is the Buyers Agent Bible. Thanks for putting it all together.

Oct 22, 2011 02:25 PM #123
Rainmaker
716,133
Ruthmarie Hicks
Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605 - White Plains, NY

LOVE this list - truly amazing.  I never sat down to do this...now - I don't have to....

Oct 22, 2011 02:26 PM #124
Rainmaker
596,498
Nancy Laswick
United Real Estate - Phoenix, AZ
Your REALTOR® For The Valley Of The Sun

Mimi, Read your Sellers List post and immediately subscribed and then followed the link to this post. Another great list. Thank you sooo much.

Oct 24, 2011 09:44 AM #125
Rainer
37,141
Jayson Holland
Listings.com - Denver, CO
Jay Holland

This could be the best post ever posted on Active Rain. Thank you Mimi! Great job!

 

Jay

 

Oct 31, 2011 04:54 AM #126
Rainmaker
2,394,677
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

I am worn out.  I need a vacation.  Hello? You want to buy a home? Sure, I can help you...

Aug 24, 2014 05:05 AM #127
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Mimi Foster

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