The residential open house was a success. Suddenly the listing agent receive three (3) offers to purchase the home. First, the listing agent responds to each of the buyer’s agents and acknowledges receipt of the offer via email and text.
Next the professional real estate agent will carefully review the terms and conditions of each offer, make any necessary notes and most likely put together a comparison document for the sellers for an easier review. Often the listing agent may have to call the buyer’s agent for clarification about the loan pre-qualification document, etc.
This compare the terms and conditions such as:
- Offer price
- Down Payment
- Type of Financing
- Lender (local or out of area)
- Title & Escrow company (local or out of area
- Length of close of escrow
- Exceptions to the listing
- Additional details such as any addenda, initials and signatures of buyer(s) and buyer's agent information.
Finally, the listing agent will send all offers along with the comparison to the sellers. Often this requires printing out each offer and meeting in person with the seller. Again, the agent will update all internal brokerage processes.
TIME: 2-4 hours for acknowledging the real estate offers to purchase, review and construct the comparison. Then another 1-2 hours to discuss all presented offers with the sellers. Finally updating all internal processes is undertaken. Total time involved 6 hours
A decision is made by the sellers to accept one of the three offers. The listing agent sends the real estate purchase contract for the seller’s electronic signature or has the sellers “wet sign” the contract. The document is saved in the listing agents electronic files as well as updates all internal processes. Also at this time, the accepted offer to purchase contract is sent to the buyer’s agent. NOTE: If an attorney is involved, this process is different and may be more time consuming.
TIME: 1 Hour
TIME INVESTED: 6 Hours
The clock ticking continues for the professional real estate agent with another 6 hours or $600 added to the running time total of $3,175 for a new uncompensated time total of $3,775.
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