What We Do For You As Buyers' Agents

What We Do For You As Buyers’ Agents

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DRE# 01325548

Helping Home Buyers Navigate a Complex Process The steps below will help you understand what your Bennion Deville Homes real estate professional will do to assist and advise you every step of the way.

1. Initial Steps AG E N C Y. Buyers’ Agents have a fiduciary duty to represent you as your advocate. Listing Agents have a fiduciary duty to the sellers. Both Buyers’ Agents and Listing Agents have a duty of fair and honest dealings with all parties. Buyers’ Agents must keep your personal information and motivation strictly confidential.

AG E N T D U T I E S . Review the Buyer Agency agreement which outlines the duties your agent must perform, your rights, and how your agent will be paid. This agreement is a required document by the California Department of Real Estate prior to beginning your home search.

A S S E S S YO U R N E E D S . Your agent will conduct an intake interview to discuss the search parameters you outline, your goals and priorities, and your buying timeframe. This will include location, price, size, special needs, lifestyle goals, and more.

M A R K E T OV E RV I E W. You will receive information about current market conditions specific to the area and type of home you have identified.

L E N D E R R E F E R R A L . If you need to work with a lender, your agent can make referrals to lenders that past clients have successfully used. The lender will discuss your source of funds for the down payment and closing costs and will provide you with a good faith estimate. Prosperity Home Mortgage, our mortgage affiliate, is a good place to start.

2. Home Search O N L I N E S E A R C H P O R TA L S . Ask your agent which websites provide the most comprehensive and up-to-date information if you want to look online. Our website, bdhomes.com, is a great place to start.

M L S S E A R C H . Your agent will set up a

search in the local MLS with the parameters you discussed, and you will be automatically notified of potential matches as they become available.

AG E N T N E T WO R K I N G . Your agent is committed to networking with other agents in the area to determine if there are potential listings coming soon or off-market that fit your needs.

P R O P E R T Y P R E V I E WS . Your agent can personally preview properties as they come on the market ahead of showing them to you to see if they meet your criteria and could be a fit.

M A R K E T U P DAT E . Your agent will update you with insight on current market conditions and customize a home search strategy based on professional judgment and interpretation of the market.

N E I G H B O R H O O D I N FO R M AT I O N . If you are interested in a certain neighborhood or community, take the time to learn all you can about that area. Search for parks, restaurants, public transportation, schools (public and private), and local government. This will help you get to know the lifestyle your new area will provide.

S H OW I N G P R OTO CO L . There may be showing protocols when visiting certain listings including the use of cameras, owners or pets being home, etc. Your agent will inform you of any such issues before visiting the property.

S C H E D U L I N G S H OW I N G S . Please give your agent adequate notice when you find a home you would like to visit so they can schedule showings in a timely manner. Occupied houses generally require prior notice.

P O S T S H OW I N G R E V I E W. After showings, you will receive insight from your agent on each property viewed.

You can discuss the positive aspects, future investment potential, or potential pitfalls of property condition, location, or pricing.

P R OV I D E S H OW I N G F E E D B AC K . It is customary for showing agents to provide feedback to listing agents based on the showing experience and general interest in the property.

L E A S E D P R O P E R T I E S . If the property is occupied, the agent will help verify if the residence is a rental and if any leases are in place that would transfer with the transfer in ownership.

3. Making an Offer O F F E R S T R AT E G I Z I N G . Once you determine which property you would like to make an offer on, you will receive recommendations for negotiation tactics. Some properties are priced to sell while others are aggressively priced. Expect to receive detailed comparable property sales from the MLS and discuss an offer strategy. Occasionally sellers need more than the usual amount of time to move out, which could also impact negotiations.

CO N T R AC T P R E PA R AT I O N . Contracts are drafted online for review, approval, and signatures.

Plan to e-sign all documents for ease and smoothness of the transaction.

CO N T R AC T R E V I E W. Discuss and review the terms of the offer in the Purchase Agreement.

Q UA L I F I C AT I O N A S S I S TA N C E . At this point, make sure to notify your lender that you have identified a potential property. Your agent will need a Lender Letter or proof of funds to present with the offer. You can also ask your lender to place a call to the Listing Agent to speak of your qualifications (without disclosing your personal financial details).

O F F E R N E G OT I AT I O N . The negotiations will begin, and your agent will work to obtain the best terms and conditions for you based on your articulated goals and negotiating style.

4. Going Under Contract T R A N SAC T I O N A DVO C AT E . Throughout the transaction, there will be communication between the agents and the buyer and seller to keep all parties informed of any material facts that may arise.

T R A N SAC T I O N T I M E L I N E . Expect to receive a timeline of all performance dates within the requirements of the contract. Your agent will help you adhere to the dates and deadlines, but it is also your responsibility as the party in the contract to know the milestones and key deliverables.

O R D E R T I T L E . The executed contract will be provided to your lender and the title company will be notified that a contract has been mutually accepted.

E A R N E S T M O N E Y. Your earnest money deposit (EMD) must be delivered on time. The purchase contract specifies these funds that are to be wired to the escrow company. Your escrow officer can guide you on how and where to remit the EMD.

P R O P E R T Y D I S C LO S U R E R E V I E W. Plan to review property disclosures which will likely include the Transfer Disclosure Statement, Seller Property Questionnaire, Natural Hazard Disclosure Report, Agent Visual Inspection Disclosure(s), and more.

P R E L I M I N A RY T I T L E R E P O R T. The preliminary title report will be delivered to all relevant parties. If the preliminary title report turns up property lines, boundary sharing agreements, or easements that have been recorded, you can request further details for each. Sometimes there are unrecorded issues that come up over the course of a transaction and must be addressed to protect you. The report may also identify liens recorded against the property. Your agent will review these types of issues with you.

CO N T R AC TO R R E F E R R A L S . Feel free to ask your agent for referrals to other professionals as needed to complete a thorough inspection. This may include structural, HVAC system, pool/spa, lead paint, wood destroying pest, septic system (if applicable), and roofing inspectors. Your general home inspector may also provide recommendations for more in-depth inspections based on the initial general inspection.

H O M E OW N E R S I N S U R A N C E R E F E R R A L S .

Homeowners insurance should be arranged at the earliest possible opportunity once you’ve settled on a home and are under contract. Most insurers require several weeks to approve coverage and may include a physical visit to the home. Make sure you leave enough time. HomeServices Insurance is a good place to start.

H O M E WA R R A N T Y R E F E R R A L S . There are many home warranty programs available which cover appliances, HVAC, pools and spas, and other areas of the home which could need repair or replacement in the future. Your agent will be able to provide you with additional information.

6. After the Inspection I N S P E C T I O N R E V I E W. Once your inspections are complete, you will review the inspection reports and discuss issues and your options. Your agent will provide advice and negotiating tactics regarding repair requests or credits you would like to request from the seller.

R E Q U E S T FO R R E PA I R S N E G OT I AT I O N . Once you decide how to approach any inspection issues, your agent will prepare the Request for Repair document and will negotiate an acceptable resolution.

H OA D O C U M E N T S . Make sure you are in receipt of all HOA documents and plan to discuss any questions you have after you have reviewed them with the HOA management company.

5. Inspections and Referrals I N S P E C TO R R E F E R R A L S . In California real estate transactions there is an inspection contingency. Your agent can recommend the names of inspectors their clients have successfully used in the past, or you can choose an inspector you have found on your own.

G E N E R A L I N S P E C T I O N S . You will discuss possible maintenance or other issues that you and your agent see upon viewing the property, including your agent’s knowledge and experience with similar types of properties and typical issues in that area.

A P P R A I S A L CO O R D I N AT I O N . Your lender will order an appraisal and your agent will assist to ensure this is completed within the required time frame per the contract.

S U RV E Y FAC I L I TAT I O N . Sometimes a survey is necessary. Your agent will facilitate scheduling a property survey with a professional when needed and will ensure the survey is received before the Survey Objection Deadline.

MORTGAG E AN D E SCROW COOR DINATION .

Throughout the process, your agent will coordinate with the mortgage company and monitor the processing of the loan.

As you near your closing date, your lender and agent will work in concert with the escrow company to schedule the closing and make sure all documents are prepared, monies wired, and the deed is ready for transfer.

8. Taking Possession FAC I L I TAT E P O S S E S S I O N . The agents will facilitate the timing of the transfer of possession based on the agreement in the contract.

P O S T- C LO S I N G O CC U PA N C Y. If you have granted delayed possession (a Post-Closing Occupancy) so the sellers can remain in the property past the closing, you will still receive a key to the property, unless agreed to otherwise in writing, and information on when you can occupy the home.

7. Final Steps M OV I N G CO O R D I N AT I O N . You will receive information regarding the transfer of utilities and any moving logistics you should be aware of. It will be important for you to contact each utility company in advance of the scheduled close date.

CO O R D I N AT E F I N A L WA L K T H R O U G H . Prior to closing, you can conduct a final walkthrough to ensure the property has been maintained in the same condition as when the offer was written and if the sellers have complied with agreed-upon inspection repairs. This includes obtaining copies of repair bills with proof the repairs were completed. If you or your agent have any questions about the repairs, you can call the service provider and let them know your concerns. You may also bring your home inspector(s) to the walkthrough to further inspect the repairs.

C LO S I N G CO O R D I N AT I O N . Both buyers’ and sellers’ agents will work with their clients and escrow to coordinate the closing.

C LO S I N G S TAT E M E N T R E V I E W. A couple days before closing, you will receive the closing statement and can review it with your escrow officer for completeness and accuracy. You will confirm that tax, HOA, and other applicable prorations and credits are correct.

Welcome to your new home!

Savor the fruits of this process and enjoy settling in.

unlock possibilities.

BDHOMES.COM

DRE# 01325548