The Buying Process and
Our Commitment to You, the Buyer
Before You Look At Property:
Perform initial Buyer Counseling Session
Give Buyer's Handbook
Review initial Market Matches to Buyer's wants & needs
Prepare, review and obtain Buyer's signature on Buyer Agency Contract
Any Special Taxing Districts
Well & Septic
Home Owner's Associations
Size of Improvements, Land
While Looking for Properties
Buyer gets "pre-qualified" with lender of choice
Setup free, private MLS Web Site
3 times daily search new listings for property match
Buyer will contact BRS whenever a property of interest is found on website, ads, and signs
Show potential property matches
When the "Right" Property Is Identified, What Happens?
Obtain assessor's record, comparable sale data and MLS history for property
Draft initial offer, review with Buyer and obtain Buyer's signature
Offer is delivered to Listing Agent by fax or in person
Listing Agent reviews offer with Seller and recommend response. Response usually must be made within 24 hours of receipt.
If original offer is accepted, Seller signs and contract is delivered to Buyer's Agent; at this point, property is "under contract"
If original offer is not acceptable, a counter offer is prepared, Seller signs and counter is delivered to Buyer's Agent
Buyer reviews counter offer with Buyers Agent and either counters the counter, rejects the counter or signs the counter (several rounds of this may occur); when the later occurs, the property is "under contract"
Your New Home Is "Under Contract" & Due Diligence Period Begins
Buyer and Seller receive signed copies of contract
At Seller's option, MLS is informed that property is "under contract taking back-ups" or that property is "pending closing";
Office closing file is set up
Signed contract and Closing Instructions are delivered to title company (Listing Agent/Seller usually select Title Company but Buyer has the right to select)
Earnest money is recorded and deposited in Listing Office's or Title Company's escrow account
Title commitment is ordered
Calendar outlining dates according to the contract is prepared and sent to Buyer
BRS Agent prepares and sends Due Diligence Letter to Listing Agent, cc: Buyer
Buyer receives & signs Seller's Property Disclosure Form
Buyer receives & signs Lead-Based Paint Disclosure Form (for homes built prior to 1978)
Buyer receives & signs Square Footage Measurement Form
Buyer makes formal loan application, pays for credit report and appraisal (usually about $300)
Buyer "locks-in" interest rate, points (rate and points can be "floated" until just prior to closing at Buyer's option)
Title Commitment is received, reviewed and filed
Title commitment is delivered to and reviewed with Buyer. Copies of any exceptions may be ordered. Any problems revealed by title commitment are dealt with
Title commitment is delivered to Seller/Listing Agent for their review
Profession inspection of property is scheduled
Professional inspection is completed; Buyer notifies Seller of any objections Buyer has based on inspection
With advice & advocacy of their respective agents, Seller and Buyer negotiate resolution of inspection results. This "opens" the contract and may result in its defeat.
Buyer's lender is faxed weekly Lender Update form
Seller/Listing Agent is informed of Buyer's loan progress
Buyer orders Hazard Insurance from Company of Buyer's choice
Appraisal is scheduled by Lender
Appraisal is completed. If appraisal is below sale price, this "open's" the contract and Seller and Buyer re-negotiate contract with advice & advocacy of their respective agents
ILC/Survey is ordered by Lender
Buyer obtains loan approval
"Walk-through" inspection is scheduled (usually within 24 hours of closing).
Closing is scheduled with agreement of Title Company, Seller, Buyer and their respective Agents
Determine whether all parties will be present. If not, obtain signed and notarized Powers-of-Attorney for anyone who cannot be present.
Settlement statement is received from Title Company and reviewed with Buyer. Any corrections necessary are made prior to closing.
Seller moves out of property prior to date and time of closing (unless contract states otherwise), leaving property in "broom clean" condition unless contract requires professional cleaning.
Buyer completes final walk-through inspection and notifies Seller of any unacceptable conditions (Buyer and Buyer's Agent re-inspect property to confirm that all inspection repairs have been completed and property is in as good or better condition than it was on date of inspection. All systems and appliances must be in good working condition unless property has been accepted by contract in an "as is" condition.)
Buyer obtains certified check for amount indicated on Settlement Sheet; check should be made out to Buyer. (Funds can also be wire transferred to Title Company from Buyer's deposit institution.)
Closing occurs (bring photo ID); Seller receives net proceeds from Title Company and Buyer receives Warranty Deed and keys.
If Buyer is selling a prior residence, closing on that home must occur first and, generally, on the same day.
BRS Agent calls Buyer to follow-up and receive recommendations on service provided.