Buyer Brokerage Agreement-authorizes a licensed brokerage firm, and a specific agent to represent the buyer in buying a home.

• Length of Agreement 3-6 months

• Compensation: Paid upon closing, may be paid by seller.

Financing-

• Pre-Qualification-Buyer self-reports to lender financial history:  income, assets, debts, and credit score. Lender reviews information and gives buyer an estimate of what they would qualify for. Doesn’t always require documentation

• Pre-Approval-Requires documentation and verification of your income, assets, debts, credit check (hard inquiry on your credit report)

Home Search-

• Market conditions – comps

• Buyer Researches Schools https://www.greatschools.org

• Search Criteria: # of Bedrooms, Baths, Basement, 5 Must haves.

• Listings Emails-as soon as homes come on the market.  

• Schedule Homes to visit

• Expert Advice on Local Area, House condition, Potential repair issues

Offer-

• Purchase & Sales Agreement- contract to buy a property, contains all of the agreed-upon terms listed below:

  • Due Diligence - period for buyers do their research about the property, neighborhood, schedule an inspection, and negotiate repairs with the seller. The buyer has the right to terminate the contract for any reason during this period. The full earnest money will be refunded.

  • Contingencies – Conditions of the sale. Ex: Sale of Buyers home

  • Home Warranty – Option to ask seller to pay for

  • Closing Date – Closing Date of Property typically 30-45 days from offer. 

  • Earnest Money – Approx. 1% of Sales Price, Due within 3 days of going under contract. Buyer is refunded full amount iif:

    • Contract terminated during Due Diligence

    • Loan not Approved

  • Financial Contingency- Period in which Buyer has to secure the loan

  • Appraisal Contingency- Period in which Buyers lender orders an appraisal. 

• Seller Disclosure-Seller discloses information about the property, age of HVAC, Roof, any major repairs, flooding, what appliances remain with the property

• Community Association Disclosure - HOA fees, Amenities.