Mimi Foster Feith
Broker / Owner

5525 N. Union Blvd.
Suite 100
Colorado Springs, CO 80918

(719) 475-7570 Office
(866) 338-9069 Fax

FREE Pre-Approval


Mimi Foster Feith - Vineyard Propertes

   
 
Why Should a BUYER Use a REALTORŪ?

There is no cost to the Buyer when using a Real Estate Agent

Surveys show that many home Sellers and home Buyers are not aware of the true value a REALTORŪ provides during the course of a real estate transaction.

At the same time, regrettably, REALTORSŪ have generally assumed that the expertise, professional knowledge, and just plain hard work that go into bringing about a successful transaction were understood and appreciated.

Many of the most important services and steps are performed behind the scenes by either the REALTORŪ or the brokerage staff and traditionally have been viewed simply as part of their professional responsibilities to the client. But without a REALTORŪ, the transaction is often placed in jeopardy. Many people think that with the advent of the internet that they can handle a real estate transaction on their own. Despite advertising claims to the contrary, the internet is not an experienced real estate professional. It cannot consult, counsel, advise, have knowledge of local laws and market conditions, make judgments, "own" the result, or most importantly, understand your individual goals and needs. It cannot care about you as a Client.

Listed here are scores of typical actions, research steps, procedures, processes, and review stages in a successful residential real estate transaction that are normally provided by full service real estate brokerages in return for their sales commission. Depending on the transaction, some may take minutes, hours, or even days to complete, while some may not even be needed.

More importantly, they reflect the level of skill, knowledge, and attention to detail required in today's real estate transaction, underscoring the importance of having help and guidance from someone who fully understands the process - a REALTORŪ.

REALTORSŪ are pledged to uphold the stringent, enforceable tenants of the REALTORŪ Code of Ethics in their professional dealings with the public. Not every real estate licensee holds REALTORŪ membership. Make sure yours does!

This list is by no means an attempt to set forth a complete list of services, as these may vary within each brokerage and each market. Many REALTORSŪ routinely provide a wide variety of additional services that are as varied as the nature of each transaction.

    PRE SHOWING
  1. Make appointment with Buyer to find Buyer's wants and needs in a home
  2. Have Buyer contact Lender and find out ability to get pre-approved for a loan
  3. Get pre-approval from Lender to begin showing houses (takes less than 30 minutes)
  4. Have Buyer access our website to begin looking at available homes
  5. Confirm time to meet with Buyer
  6. Prepare Agency Disclosure
  7. Prepare Listing Contract

    MEET WITH BUYER
  8. Discuss our Company policy on Agency
  9. Discuss wants and needs in a home, price range, time frame, how motivated?
  10. Discuss areas in which Buyer would like to look
  11. Does Buyer have a home that must sell prior to purchase?
  12. Explain that it does not cost Buyer anything to work with Realtor - Seller pays
  13. Not in Buyer's best interest to work with multiple agents - need an 'Advocate'
  14. Do computer research to find homes that meet Buyer parameters
  15. Set appointments to view several of these homes
  16. View homes and get a feeling for what does and doesn't appeal to Buyer
  17. Will show houses one day, then must decide on Buyer Agency
  18. Sign Buyer Agency Agreement

    AFTER BUYER AGENCY SIGNED
  19. Two copies of all documents - original to office, copies to Mimi and Buyer
  20. Do another computer search and narrow or expand the field of possible homes
  21. Prepare showing inventory
  22. Preview homes by phone and physically, if necessary
  23. Call Realtor network to discuss our Buyer's needs and new listings
  24. Present Buyer 101 handbook to explain process and take notes of homes we are viewing
  25. Can see 1 or 100 homes - my job really starts after we find the home they like
  26. Check MLS for Matching Sellers
  27. Input Buyer into Outlook
  28. Contact unrepresented Sellers
  29. Map out location so that showings are systematic - allow plenty of time

    AFTER BUYER FINDS A HOUSE THEY LIKE
  30. Pull property City and tax records
  31. Pull old MLS listing, if applicable
  32. Order Owner & Encumbrance Report
  33. Research property's current use and zoning
  34. Research and verify legal description of property
  35. Pull comps on Active, Sold, Pending, Withdrawn, Expired, and Cancelled Listings
  36. Research "Average Days on Market" for property of this type and location
  37. Prepare Comparative Market Analysis
  38. Print Map of property and comps
  39. Pre-negotiate with other Agent before writing, if applicable
  40. Prepare Contract and receive all disclosures
  41. Discuss Contract and all other disclosures thoroughly with Buyer
  42. Fill out Seller's Property Disclosure
  43. Complete Closing Instructions
  44. Complete Lead-Based Obligations of Seller
  45. Complete Lead-Based Paint Disclosure
  46. Complete Square Footage Disclosure
  47. Discuss Comparative Market Analysis
  48. Discuss offer and pricing strategy based on professional judgment and market
  49. Discuss availability of Home Owner's Warranty
  50. Get copies of leases, if applicable
  51. Ask for floor plan, upgrades, special features, detailed list of amenities

    CONTRACT NEGOTIATIONS
  52. Discuss Buyer's financial qualifications, terms, and times
  53. Discuss exclusions, dates, etc. with other Agent
  54. Review Contract Addendum
  55. Evaluate offer and prepare a "Net Sheet" for Buyer
  56. Negotiate the offer and options
  57. Convey pre-qualification letter
  58. Sign offer or prepare Counterproposal, if necessary
  59. Prepare and convey any counteroffers, acceptances, or amendments
  60. Acceptance Deadline Time
  61. Renegotiate however many times necessary and finalize
  62. Receive signed Contract or Counterproposal
  63. Discuss options with Buyer; if accepted, go "Under Contract"
  64. Make applicable copies
  65. Convey signed copies to other Agent

    AFTER CONTRACT SIGNED BY ALL PARTIES
  66. Two copies of all documents - original to office, copies to Mimi and Buyer
  67. Make copy of Earnest money and Contract
  68. Deliver check to other Agent
  69. Convey Contract to Mortgage Lender
  70. Convey Contract to Title Company
  71. Notate dates on calendar
  72. Send date sheet to Buyer
  73. Do necessary paperwork for unusual conditions
  74. If Seller and Buyer both our clients, do Change of Status Notice
  75. Copies of leases and damage deposit receipts, if applicable
  76. Track Seller's Property Disclosure Deadline
  77. Inspection Objection Deadline
  78. Resolution Deadline
  79. Property Insurance Objection Deadline
  80. Review all paperwork for signatures
  81. Get all necessary signatures
  82. If mail-out, get instructions and addresses
  83. Notify Title Company of Mail out
  84. If POA needed, get original from Title Company
  85. Get POA signed and notarized
  86. Signed copies of Contract to Buyer
  87. Remind Buyer to notify Utility Company to start service and do a "final read"
  88. Discuss what happens if other offers come in between Contract and Closing
  89. Is Buyer's current house on the market - resolve timing issues
  90. Resolve any Title Disputes
  91. Resolve any Off Record Matters
  92. Deliver unrecorded property information to Buyer
  93. Have Buyer notify Utilities, phone, cable, etc.
  94. Mail "The Moving Guide" with Change-of-address forms to Buyer
  95. Set up closing time
  96. Call Seller's Agent and coordinate closing time
  97. Verify closing date and time and make all parties aware
  98. Mail time-verification of closing and directions to Buyer
  99. Assist in solving any Title problems (boundary disputes, easements, etc.)
  100. Assist in obtaining Death Certificates, if applicable
  101. Cleaning needs (e.g. carpet, kitchen, etc.) upon move-out
  102. Discuss mover and time-frame for move-in with Buyer
  103. Receive list of completed repairs and maintenance items Seller has done
  104. Verify with Regional Building that appropriate permits were pulled
  105. Verify HOA fees and disclosures, if applicable
  106. Mail copy of Contract to Buyer - include MLS printout and projected Buyer Cost Sheet
  107. Call in HOW, if applicable
  108. Calculate average utility usage for last twelve months
  109. Return all phone calls - weekdays and weekends
  110. Add daily activities to Homefeedback

    HOME INSPECTION
  111. Set up Inspection
  112. Coordinate time with Seller, Agents, Buyer, Inspector
  113. Review Notice of Unsatisfactory Conditions with Buyer
  114. Help Buyer negotiate Inspection Objections
  115. Help Buyer with repair estimates or a credit at closing
  116. Copy of Inspection Notice to file
  117. Verify prior to closing that all repairs have been made
  118. Get copies of repair receipts

    THE APPRAISAL
  119. Set up appraisal
  120. Coordinate time with Seller, Agents, Buyer, Appraiser
  121. Do current CMA for appraiser
  122. Meet appraiser with CMA
  123. If VA, make sure CRV ordered and completed
  124. Track Appraisal Deadline
  125. Verify appraisal completed and satisfactory
  126. If appraisal low, discuss options with Buyer
  127. Discuss any conditions on appraisal with Buyer
  128. Schedule final inspection on appraisal conditions, if applicable
  129. Verify all conditions met prior to closing

    TRACKING THE LOAN PROCESS
  130. All paperwork to Lender
  131. Make contact with Lender and verify Buyer information
  132. Loan Application Deadline
  133. Buyer's Credit Information Deadline
  134. Disapproval of Buyer's Credit Information Deadline
  135. Existing Loan Documents Deadline
  136. Existing Loan Documents Objection Deadline
  137. Loan Transfer Approval Deadline
  138. Contact Lender often to ensure processing of loan approval is on track
  139. Notify Buyer of loan approval
  140. Confirm that we are not liable for lender non-performance

    IF CONTRACT FALLS
  141. Fill out all necessary paperwork
  142. Get Release of Earnest Money forms signed
  143. Get earnest money back for Buyer

    CLOSING PREPARATIONS AND DUTIES
  144. Schedule walk through with Buyer, Buyer's Agent, Seller, Vineyard Properties
  145. Verify with Buyer approximate monetary amount needed
  146. If mail-out, verify correct mailing address
  147. Confirm mail-out with Closer
  148. Title Deadline
  149. Title Objection Deadline
  150. Survey Deadline
  151. Survey Objection Deadline
  152. Document Request Deadline
  153. CIC Documents Objection Deadline
  154. Off-Record Matters Deadline
  155. Off-Record Matters Objection Deadline
  156. Right of First Refusal Deadline
  157. Property Insurance Objection Deadline
  158. Coordinate Possession Date and Possession Time
  159. Prepare disbursement authorizations
  160. Notify Title Company of any Amend/Extends or date/money changes
  161. Last minute bills and receipts faxed to Closer including HOW, if applicable
  162. Make sure Closer has all addenda, correct price, rents, or applicable credits
  163. Discuss closing figures with Closer
  164. Check final figures for accuracy
  165. Call Buyer and discuss final figures
  166. Remind Buyer to bring picture ID, keys, door openers, receipts, etc.
  167. Discuss Buyer's need for Cashier's Check
  168. Deal with all last-minute crises
  169. Check file for any unsigned documents
  170. Coordinate this closing with Buyer's sale and resolve timing issues
  171. Have a "no surprise" closing so that Buyer can obtain possession after closing

    POST SALE
  172. Enter sales data for County Records
  173. Shred one file
  174. Scan entire file to disc
  175. Store hard file at outside location
  176. Copy HUD-1 and put in pre-addressed envelope
  177. Mail out disc of all paperwork to Buyer
  178. Mail out HUD-1 to Buyer the following year for taxes
  179. Gift to client
  180. Ask for referral
 
Nothing is particularly hard if you divide it into small jobs.
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