Tex117 said:
Does HoustonLee honestly think that a MLS service will not immediately take its place if relators quit supporting it?
Seller Relators can sometimes be worth it. (I sold a house, and the one referred to me was absolutely outstanding and worth the price tag). BUYERS side, that is where its all b.s.
All I know is, the bottom feeding relators where the job is basically a hobby are about to get effed.
In years past, the listing agent did all the work and buyers never really had separate representation. Just because the agent was talking with the buyer, they still were working for the seller. Deals would fall apart and sellers would get sued by buyers. Thus the buyers agent was born. The seller has a vested interest in buyers agents bringing qualified buyers to the table and having both agents work together resolving issues that eventually lead everyone to the closing.
Here the worth of Buyers Agents:
(Typical buyers usually see 5-10 or more properties before making a decision and their search can take weeks or months to find the right one. Agents can spend 20-40 working hours just traveling to and showing properties to one buyer.)Before showing a house:1-Help Buyers get with lenders to make sure they get pre-approved for a loan. Therefore, the buyer knows how much house they can buy and afford. A loan pre-approval letter or proof of funds is required in order to make an offer and is submitted with the paperwork. Now the agent can do an extensive search for homes based on the buyers criteria and can give the buyer a pre-screened list of properties to pick from.
2-Coach the Buyer on how they can get "Sellers Contributions" towards their closing costs so they can buy down their interest rate. Explain how all that works.
Pre-screen properties before showing:1-Check to see if the property is in a flood zone. (This can require flood insurance and higher home insurance premiums)
2-Review the Sellers Disclosure form to find out things like:
---Has the home ever flooded?
---How old is the roof?
---What problems have the sellers disclosed about the property?
---Has the seller ever filed an insurance claim on the property. (This can cause the property to have high home insurance premiums)
3-Review the tax rolls
---Find out who the current owner is (Individual or investor company
---Check to see when the owner got a mortgage and how much the mortgage was. This may help determine how much equity the owner has in the home and give the Agent an idea of how low they may be willing to go on an offer.
4-Review the listing
---How long has the home been on the market?
---What price was it initially listed at and what price is listed for now?
---Is the home being sold "as is" with no repairs offered?
---Is the home in an HOA and how much are the yearly dues?
---How many times has the home pended and then when back on the market? This may indicate that a home inspection report has been done by the previous buyers that terminated and the agent can ask for a copy to review.
While showing the property 1-Walk the outside of the property
---Check the condition of the roof
---Check the age and condition of the AC units
---Check the foundation and walls for any visible cracking or issues.
2-Walk the inside of the property
---Check for previous signs of home settling or shifting
---Check for signs of previous water damage in ceilings and walls
---Look in the attic to see if the home has galvanized piping
---See of the doors can close easily and if they swing open/closed by themselves
---Get a feeling if the home has been well maintained or not. This can be a clue to if the home may require a lot of repairs.
Before making an offer---Make sure the buyer fully understands the condition of the property and the potential issues with the property before making an offer.
---Check with the listing agent to see if there are any current offers
---Come up with an offer strategy that includes seller contributions
Negotiate the contract---Negotiate favorable price, sellers contributions, option period, closing date, have the seller pay title and HOA fees, have the seller pay for the survey, have the seller pay for a 1 year home warranty, have the seller pay for the owners title policy
During the 7-10 day option period conduct Inspections and Negotiate Repairs---Provide a list of reputable inspection companies they can choose from
---Attend the inspection with the inspector
---Fully review the inspection report (Usually 50-100 pages)
---Coordinate any trades needed to further review property based on inspection report (Roofers, HVAC, Plumbers, Electricians, Pool/Spa and Foundation)
---Negotiate repairs on any safety issues and broken items that should be working
---Negotiate credits for worn out items like roof and HVAC systems
---Advise client dates they will need to terminate by (if needed) so they can get their earnest money back. (Option period, Buyers Approval and Property Approval periods) and keep track of those dates for the buyer.
Ensure all Negotiated repairs have been completed prior to closingCommunication is keyConsistently coordinate and communicate with Buyer, Sellers Agent, Lender, Title Company, Home Warranty Company, Home Insurance Company, Trades, Appraisal, Survey and others as needed resolve issues and to get the contract closed in 30-45 days.
Schedule final walkthrough and closing
