Posts Tagged ‘real estate offer’

You Have A Client Who Is Ready To Make A Real Estate Offer – What To Do Next…

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What to do when you have a client looking to buy a house.

Congratulations, you have a customer who is ready to write an offer!

We put together this handy guide on the steps for helping your clients:

Before you sit with the buyer to write the offer:

1. Pull a property profile

2. Print the full MLS listing (not the version for the customer)

3. Call the listing agent to let them know you and interested buyer and anticipate sending as offer…….ask if there are other offers, ask for the general terms and price of other offers, ask if there is anything specific seller needs (long closing, rent back at COE, etc).

4. Take a blank copy of the RPA with you when you meet the customer (WPA just in case buyer wants to use form with offer)

5. If you are not familiar with the RPA, highlight your blank copy to make sure you cover all the necessary items when you sit with buyers

6. Ask buyer if they have a lender and have they have been pre‐approved!! (you should actually do this before showing properties to a customer but if you didn’t, it is vital you get this info now)

7. Ask for an appointment to meet with all buyers at once

8. Pull a CMA for buyer so they have some idea where market value is as YOU cannot determine the offer price

At the appointment:

1. Review items of the property that were of importance for the buyer (must have washer and dryer, must have high yard fence, etc)

2. Show buyer the CMA so they can see up front what the market value of the property may be.

3. Confirm who the buyers will be (this should match names on pre‐qual)

4. Confirm what type of loan buyer is getting (conventional, FHA, VA)

5. Tell buyer that you will review the entire offer form with them so they can present the best offer to seller from the start (not all agents do this). Once you have reviewed all items with them, you will go straight back to your office and create a full electronic version with the required attachments and you will Docusign/Digitial Ink or personally bring back to them to sign.

6. Use your sample RPA, start with page one and ask/discuss/clarify items required to submit the offer (use your highlighted items and cover each item)

7. Once you have all of the information you need to create the offer, give the buyer homework!

8. Have buyer write a personal letter to the seller (tell the buyer what the seller’s name is) to tell them a little something about themselves and why they love this property (be sure to have them stay away from ethnic/racial references, direct religious references, or sexual orientation references)

9. If the buyer’s pre‐qual/pre‐approval letter is not the same as the offer amount you are going to write, have buyer contact their lender and get a new letter.

After the Appointment:

1. Write the OFFER!!!! Minimum forms, AD2, RPA, BIA (additional forms that may be
needed, WPA, Affiliated Business Disclosure, Addendum, APA, PAA)

2. Review the offer to make sure you have everything on there that you and buyer
discussed. If you missed discussing something, contact buyer ASAP and get that
information.

3. Get offer signed by buyer(s) and YOU sign page 8

4. Get the buyer letter and the prequel from buyer

5. If possible, create ONE PDF with all documents (personal letter is page 1, Pre‐qual is page 2, copy of the initial deposit check is page 3, RPA, BIA, WPA, etc, etc)

6. Send offer to listing agent as indicated on MLS report.

7. Call listing agent and let them know you just submitted an offer!

Let us know if you have any questions?

Sincerely,

gayle-philippi

Gayle Philippi, Broker Associate/Senior Transaction Officer

CalBRE Broker License #01331334

Big Block Realty – 100% Commission California Brokerage