The Offer and The Contract
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The Offer and Contract
Most of these steps have traditionally been viewed simply as part of a Realtor's professional responsibilities to the client. But, without them, the transaction could be placed in jeopardy.
109 Receive and review all Offer to Purchase contracts submitted by buyers or buyers' agents.
110 Evaluate offer(s) and prepare a "net sheet" on each for the owner for comparison purposes
111 Counsel seller on offers. Explain merits and weakness of each component of each offer
112 Contact buyers' agents to review buyer's qualifications and discuss offer
113 Fax/deliver Seller's Disclosure to buyer's agent or buyer upon request and prior to offer if possible
114 Confirm buyer is pre-qualified by calling Loan Officer
115 Obtain pre-qualification letter on buyer from Loan Officer
116 Negotiate all offers on seller's behalf, setting time limit for loan approval and closing date
117 Prepare and convey any counteroffers, acceptance or amendments to buyer's agent
118 Fax copies of contract and all addendums to closing attorney or title company
119 When Offer to Purchase Contract is accepted and signed by seller, deliver to buyer's agent
120 Record and promptly deposit buyer's earnest money in escrow account.
121 Disseminate "Under-Contract Showing Restrictions" as seller requests
122 Deliver copies of fully signed Offer to Purchase contract to seller
123 Fax/deliver copies of Offer to Purchase contract to Selling Agent 133 Fax copies of Offer to Purchase contract to lender
124 Provide copies of signed Offer to Purchase contract for office file
125 Advise seller in handling additional offers to purchase submitted between contract and closing
126 Change status in MLS to "Sale Pending"
127 Update transaction management program show "Sale Pending"
128 Review buyer's credit report results -- Advise seller of worst and best case scenarios
129 Provide credit report information to seller if property will be seller-financed
130 Assist buyer with obtaining financing, if applicable and follow-up as necessary
131 Coordinate with lender on Discount Points being locked in with dates
132 Deliver unrecorded property information to buyer
133 Order septic system inspection, if applicable
134 Receive and review septic system report and assess any possible impact on sale
135 Deliver copy of septic system inspection report lender & buyer
136 Deliver Well Flow Test Report copies to lender & buyer and property listing file
137 Verify termite inspection ordered
138 Verify mold inspection ordered, if required
Your Role as The Agent
Many home buyers and sellers are not aware of the true value that a Realtor provides during the course of a real estate transaction.
Many people, in fact, are not cognizant of the expertise, professional knowledge, and just plain hard work that go into bringing about a successful real estate transaction.
A multitude of important services and steps required in a real estate transaction are carried out by the Realtor or the brokerage staff.
Watch the Tutorial Video
Offer to Purchase & Acceptance Page 1 - Viewing Time is 7:49 minutes.
Offer to Purchase & Acceptance Page 2 - Viewing Time is 3:05 minutes.
Offer to Purchase & Acceptance Page 3 - Viewing Time is 3:17 minutes.
Offer to Purchase & Acceptance Page 4 and 5 - Viewing Time is 4:12 minutes.
What the Agent Does After Acceptance of the Offer - Viewing Time is 5:36 minutes.
