I’ve recently been asked to write an offer for a buyer purchasing a For Sale by Owner property. The buyer found the property and wonders why a fee for such a service shouldn’t be rock bottom. If you think just writing an offer for someone is easy, take a look at the following list of required items involved in this task by the real estate agent:
- Verify ownership of the property
- Verify legal description and parcel id.
- Make introduction to seller
- Obtain property disclosure, survey, lead addenda, etc. from seller and present to buyer, answering or researching buyer questions
- Ensure buyer’s desired offer terms are specified, such as offer price, earnest money, personal property included in purchase, choice of title agent, closing cost assignment (who pays for what), closing date, inspection dates, etc.
- Ensure appropriate addenda are included, such as condo rider, insurance cost limits, VA addendum, FHA addendum, etc.
- Explain offer process and forms required to buyer, as well as timeline, financing options, municipal contacts etc.
- Put buyer in touch with lenders
- Send offer to seller
- Describe offer to seller
- Discuss offer with seller
- Construct seller counter-offer and provide to buyer, explaining all to buyer
- Negotiate offer presenting terms from buyer to seller and seller to buyer, finding solutions to come to meeting of the minds
- Spend hours on telephone, email and text answering questions from both buyer and seller
- Providing recommendations to both buyer and seller regarding inspectors, repair people
- Ensure finalized contract is sent to title agent
- Follow up on inspections for both seller and buyer, such as home inspection, termite/wood destroying infestation inspection, feasibility study, septic inspection, survey, appraisal for lender, provision for condo document review, coastal construction zone line disclosure, buyer pre-closing walk-through, etc.
- Ensure repairs are made if required as specified in contract and re-inspections take place if necessary, arranging and explaining all to buyer and seller
- Negotiate issues such as changed seller move-out date, buyer appraisal low, etc. explaining all via phone, email or text
- Ensure title agent arranges closing and accommodate both buyer and seller
- Assume liability for errors in contract for both buyer and seller
- Assume liability in transaction follow up for both buyer and seller
- Assumar liability for whatever else can go wrong (for both buyer and seller)
Sometimes, the above tasks may be brief or easy, but often they are lengthy and can be complex. Because a real estate agent has not found the property, driven the buyer around nor actually listed the home for sale, it does not mean that the tasks involved in just “writing” an offer can be diminished in their importance nor regarded as insignificant.
It’s Wendy… It’s Sold!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy: [email protected]
Wendy Rulnick, Broker, sells real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Rosemary Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Florida.