Agent Frequently Asked Questions (FAQ)
Questions:
Where do I find addendum for the property?
What terms would be in the addenda?
What is the status of my offer?
How long does it take you to submit my offer?
How long does it take to get an answer to my offer?
Multiple offers are in. What is the next step for me?
What escrow company do you want to use?
Where do I find addendum for the property?
We will provide a bank addendum if and when we have a live offer within negotiating range. Our purpose is not to educate all agents, only the ones with good, bonafide offers in place.
What terms would be in the addenda?
if we’re in the ball park? 1) It is going to be as is. 2)It’s going to be a short inspection period, anywhere from five to seven, sometimes ten days. 3) The bank’s addendum will supercede everything else so whatever else they say goes. 4) Usually there’s a per diem charge for any extensions on the expected closing period. If it is the fault of the seller generally the per diem will be waived and they’ll waive it at the time they do the extension. We will not be extending the time, without a bona fide explanation of a reason beyond your control. 5) Any cost related to the sale of the property, including doc fees, and termite reports is considered a cost from the seller’s standpoint.
What is the status of my offer?
Any of my staff can answer whether we have an offer live in the system and whether we represent the party. That is the extent of our required communications of offers by Realtors’ standards. You may call in and ask about it, but these are the 2 questions that will be answered. We check daily on the status of your offers, once they are in. Make sure you comply with requirements as stated in MLS about submission of the offers, mostly providing evidence of funds and a prequalification letter if financing is involved.
How long does it take you to submit my offer?
We summarize and submit all offers to our clients usually within s few minutes during business hours of them coming in. This is a required practice by my clients. I can’t tell you how often we get agents asking us if they should submit offers, only to be surpassed by someone else who already turned a contract in. Don’t wait for a response on status. Submit a good offer quickly.
How long does it take to get an answer to my offer?
Usually our clients reply in 2 business days, sometimes longer. See below for multiple offers. If you have been waiting and have not gotten a response, you may always withdraw your offer and resubmit a higher one to see if we can get a better response faster. This makes particular sense when we have multiple offers in. Invariably, it is the agent that has the lowest offer in that is most persistent with my staff about demanding an answer. When we receive a formal reply to your offer, you will be the next to know.
Multiple offers are in. What is the next step for me?
For the majority of multiple offer situations, You will be contacted by my office via fax or email, giving you a deadline to review and submit your best offer, whether you are the highest offer at the time of the notice, and whether you are missing items for proper submission. More specific instructions are in the cover letter. If you have a valid offer in. If you haven’t submitted an offer, you will not have a deadline, nor be in the pool of offers considered by my client.
What escrow company do you want to use?
I would love to give you that information prior to negotiations, but bank practices do not allow me to accurately do so in a timely fashion. Leave escrow as “seller’s choice”, or put in your preferred vendor with knowledge the seller will counter out to their choice. Unless your client wants to pay additional title fees, they will have to go with the seller’s selection, which I will receive usually with 2 business days of acceptance. Some agents have their clients deposit to a trust fund, then issue the checks when the instructions come in.
Evidence of cash funds. Usually a bank statement, reflecting cash amounts exceeding the required cash portion of the contract written, in the buyer’s name. Business entities must show a paper trail, authorizing the party to sign on behalf of the entity. No “or Assignors” will be allowed. A letter from a mortgage broker stating “Mr. XYZ” has sufficient funds to close is NOT a valid ECF. Any statements should show the institution on letterhead or official document with a contact # and party I can independently verify should I see a need to do so.
A valid Prequalification letter is issued by a (preferably) direct endorsement lender. Specific client instructions will be in MLS per property. It is in the name of the borrower, showing the property, and reflecting financing amounts exceeding that written on the contract. The less contingencies the better. If it is subject to pulling a credit report, you need to go back and get a better letter. It takes less than five minutes to do.
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Recommendations to cooperating agents:
1) 1) Make good, clean, market-priced offers on our properties.
2) Show our properties. Do not depend on us for opinions of repairs, cost, rent or usability. Whether our property is repaired or left alone, they are sold “as is”. If it is “as is”, it is your client and your vendors, not ours that will be making decisions and agreements about the property.
3) Ask once. Do not email me and fax me and leave message that you emailed me. You get the idea. I am going to spend my time getting you an answer to your question, preferably a reply to your offer. I am not going to give you updates while I try to get that answer. If you have not received an answer by your deadline, extend your deadline 24 hours or so until you have an answer.
4) Depend on MLS as our primary means of communication on status of properties, including how to show and prepare offers. This is what MLS is for, and until we start using it the way it was intended, things will never be more efficient. Trust the system.
5) Know your market values. Compare apples and apples when discussing comparables. Chances are I already know about them. In this market, there really is not much well-priced inventory. If there were, you would be looking at something else before mine. So let’s be real about supply and demand please. If you’re calling to dog my property, chances are you want my property, don’t want to pay our price, but you can’t find anything else. That means we’re the only game left. You might want to reconsider educating your client before educating us. It’s not that I know everything, but we do our homework.
Assumptions and expectations:
1) I expect you know your market values. If you have to ask me, you haven’t done your homework. If you’re trying to convince me it’s lower, do so with a bona fide offer. If you’re trying to educate me about my inventory, don’t waste your time. I already know. If you’re fishing, you probably won’t get far, if you have done your homework and can present your case in a logical manner, I will go to bat to get your offer accepted IF it is in my client’s best interest.
2) I expect your equipment and systems to work. It is not my staff’s role to check if your fax is working. Request a read reply receipt in your email, not specific confirmation that we received anything from you. My staff works for me, not you, and they have functions to perform higher than confirming emails. Calling about a fax? I’m not even going to go there. Make it work.
You do this, and I promise this:
1) I will get you the best answer possible from my client as quickly as possible.
2) I will be as clear as possible about terms of any contract.
3) If you are the winning offer, I will do my best to answer what questions you may have.