Have you ever wondered what Real Estate Brokers do to help the buyers with their home purchase? There are a gazillion things that go on behind the scenes to help the buyers purchase a home that is going to work for them. Here is a list of some of the things Real Estate Brokers do. The list is not all inclusive as each transaction is different but it gives you a general idea of what is going on with any real estate purchase.
1. Explain the benefits of a Buyers Broker Agreement.
2. Determine what price range the buyer is pre approved for and type of properties that will meet the loan criteria. If buyer does not have a lender or a pre approval, provide recommendations to a lender.
3. Explain the benefits and differences of different types of financing and why one home will qualify for one type of financing and another one won’t.
4. Discuss with the buyers the type of home they would like to purchase. What features are important and you “must have” and what are just wish list items.
5. Determine eligible homes that match the buyers and set up appointments to show the homes to the buyers.
6. When viewing the homes with the buyers bring any defects to their attention as well as positive items.
7. Discuss with the buyers their likes and dislikes in regards to the properties they have seen.
8. If they have an interest in a particular property suggest they make an offer.
9. Work with the buyers to draft an offer on a property. Make suggestions as to terms, price and inspections contingencies.
10. Explain the offer and the contingencies to the buyer at the time an offer is drafted.
11. Submit the offer to the listing agent as well as the preapproval letter, copy of the Earnest Money Deposit check and any additional documentation requested by the listing agent or the Seller.
12. Follow up with the Listing agent to confirm reciept of the offer and continue to follow up with them until the offer has been accepted, countered or declined.
13. Keep repeating until the buyer has an accepted offer.
14. Once the buyer has an accepted offer, then set up the home inspections, termite inspection, roof inspection or any other inspection the buyer requests. If the buyer needs recommendations as to inspectors supply them as well.
15. Provide the Lender and Escrow company copies of the executed contract and set up the Escrow file.
16. Meet the inspectors at the property with or without the buyers and provide the buyers with the inspectors reports. Discuss the reports with the buyers and make recommendations at to any requested repairs.
17. Submit any requested repairs to the Seller. On Bank owned properties the Seller typically will not do an repairs. Follow up with the Listing agent to determine if the Seller will complete the requested repairs and advise the buyer.
18. Advise the Buyer that their job now is to work closely with their loan officer to provide the loan officer any follow up documentation that the loan officer may need to process their loan.
19. Follow up with the Loan Officer, Escrow Company and Buyers as to status fo the transaction. Keep all parties informed.
20. Work with the Loan Officer to make sure the appraisal has been ordered and come in at value.
21. All inspections are complete, the appraisal is complete and the file has come out of underwriting with an approval, subject to conditions. Work with the Lender and Buyer to obtain any outstanding conditions.
22. Work with the Lender when loan documents are drawn and sent to the title company.
23. Review the Buyers estimated closing statement for accuracy before the document signing appointment is set. Meet with the Buyers at the loan signing to answer any questions about the loan documents and any other final documents. Explain any items on the estimated closing statements to the Buyers and advise them of the amount of funds that need to be brought into the signing in the form of a cashiers check or wired.
24. Conduct a walk through of the property to assure that it is in the same condition as when it was purchased.
25. Follow up with the Lender to confirm the loan documents were received, everything is in order an when funding of the loan may occur.
26. The loan is funded and recorded!
27. Meet the Buyers at the property and deliver them the key to their new home.
28. Call the new homeowners within a couple of days to make sure they have settled in and are comfortable in their new home. Advise the buyers they will be receiving in the mail the HUD One Settlement Statement that they will need for their next years taxes.
As you can see there are quite a few things going on behind the scenes. It really is a happy time when the new homeowner finally gets the key to their home. We are helping people with a time in their lives, not just selling them a home. I am grateful to be a part of it.