Checklist: Your Guide to a Strategic Buyer’s Agent Transaction
Business agreements and transactions can get really complicated and sometimes messy. However, you wouldn’t let that happen. So, make your buyer’s agent transaction smooth by following this checklist.
Of course, the first step to making this checklist work is to be as organized as possible. You may do this by providing critical details, such as the buyer’s information and important dates like contract acceptance, home inspection, and final walk-through.
Here is the checklist to watch out for:
STEP 1: EARLY STAGE
Step 1 is all about the early stages of the buyer’s agent transaction. It’s basically all about the preparation and setting up the opening documents.
- Get buyer’s mortgage pre-approval
- Have the buyer sign the representative agreement
- Set a fund at escrow
- Order inspection and appraisal
- Have the title searched
- Confirm funding
Step 2: BUYING DEVELOPMENT
This step is all about helping the buyer find a home they like and one that suits their price range. Moreover, have the buyer discuss about their criteria and negotiables.
- Get the buyer’s information details and home criteria
- Learn the buyer’s budget
STEP 3: OFFER AND NEGOTIATIONS
Step 3 is all about making an offer and drafting the necessary documents that come with this process.
- Notify the listing agent that an offer is on the way
- Instructions for submitting offers are in the MLS report
- Give the customer instructions on how to wire the earnest money deposit
- Run a quick CMA
- Prepare the other necessary documents
STEP 4: CONTRACT-TO-CLOSE
After the contract is accepted, the contract-to-close follows. Basically, this step is the start of funding, examining the house thoroughly, and closing the deal. Your buyer is now a homeowner.
- Open escrow
- Home appraisal
- Title search
- Finalizing the status of the mortgage loan
- Home inspection
- Final walk-through
- Attending of closing
- Giving the keys to the buyers for their new home
Having a checklist will speed up the process between the dealings of the seller and buyer’s agent transaction. More importantly, it can be used as a guide if there are missed steps. Simply write down these checklists in a notebook, and you and your agent will be on your way to closing the deal.
Remember to stick to the checklist throughout the transactions and mark check those that are done to avoid mixing up the steps.
Also Read: The Home Buying Process Roadmap
