Buyer’s Agent Responsibilities
There are many moving parts to a full Real Estate transaction. These are some items that we manage so you don’t have to.
REPRESENTING BUYERS
- Provide fiduciary responsibilities to our buyers through agency laws
- Understanding Real Estate contracts and contract law
- Stay on top of market trends, statistics and changes to bring valuable information to our buyers
- Manage all details of the transaction protecting buyers’ timelines, deadlines and contingencies
- Financial & time investments up front for researching and viewing properties for sale
- Protecting buyers’ interests so they are not in default of contract
- Handling potential issues that may arise from liabilities on the premises
- Understanding all state and federal Real Estate, Equal and Fair Housing laws
- Understanding ongoing changes to tenants’ rights and applicable laws
- Manage buyers’ responses to health issues, expectations, disappointments, feelings and moods as they change
- Manage family, partner, and other influential relationships including challenging emotional experiences
- Manage the difficult transitions between simultaneously selling and buying by protecting buyers’ interests
- Manage sensitive personal situations including marriage, divorce, bankruptcy, job loss & transitions
- Balance the fact that sometimes we have multiple clients that we have a fiduciary duty to that pursue the same property.
- Work outside of normal working hours because ‘time is of the essence’
- Work on short notices because ‘time is of the essence’
- Work on the contingency that the transaction will close as competing clients must agree on the terms and conditions
- When transactions fail, start over from the beginning while encouraging positivity and managing buyers’ emotions
- Consult with buyers to learn their goals and interests
- Discuss Agency Relationships and Buyer Broker Agreements
- Qualify buyers with their abilities to purchase
- Discuss the home buying process and funnel process
- Discuss the purchase contracts and addenda
- Discuss all buyer contingencies and protections
- Consult with any listing agents to try to gather as much information to position the buyers in the best light
- Discuss strategies to craft the best offer specifically for the sellers and property that buyers are interested in
- Discuss offer strategies to protect buyers interests taking into consideration the proper process of paying for inspections and appraisals
- Consult with buyer’s lender to ensure the proper verbiage is used in crafting offer for buyers
- Advised by lender to take into account any important and confidential information to protect buyers interests
- Consult with lender to understand buyer’s lending guidelines and restrictions
- Consult with buyer over their lender’s estimate
- Search through the many properties in buyer’s given criteria to find the most suitable for buyers
- Network with other agents to identify off market properties or coming soon pocket listings
- Tour potential properties with buyers
- Perform a market analysis on interested property to ensure value
- Research property’s ownership and deed type
- Research property’s public record information for lot size and dimensions
- Research and verify legal description
- Research property’s current use and zoning, deed restrictions
- Consult with surveyor if needed
- Verify legal names of owner(s) in county’s public property records & deed of trust or contract
- Craft offers with respect to the fiducial responsibilities to the buyer’s interests
- Understand the many lending guidelines ahead of time that would prohibit buyers to purchase certain properties
- Discuss the specific items that appraisers are looking for that would be problematic for buyers
- Discuss certain limitations that are revealed through CC&Rs that may be burdensome to buyers
- Ensure that any credits from the seller are allocated to the buyer and not wasted
- Ensure the listing side has all signed documents and signed disclosures
- Ensure buyers have submitted proper earnest money so they are not in default
- Research any geotechnical, slide or flood plain issues
- Advise researching against any insurance CLUE reports
- Schedule all inspections including full home, pest & dry rot, termite, lead based paint, sewer or septic, asbestos, radon, mold, foundation & well system inspections, if applicable within the timeframes allowed
- Assist all inspectors to fully inspect all areas of concern for the buyer
- Advise buyer on further specialty inspections
- Ensure seller’s compliance with some inspection processes
- Receive all property disclosures and consult with buyer any areas of concern
- Negotiate any repair issues on buyer’s behalf
- Confirm all repairs are completed by licensed & bonded contractors as applicable by law
- Understanding Oregon Contractor Control Board rules and laws within Real Estate transactions
- Confirm buyers are satisfied with repairs through reinspection process
- Examine preliminary title report to ensure there are no clouds unacceptable to buyers
- Coordinate the appraisal inspection
- Advocate for the buyer if there are any lender or appraisal issues
- Manage any transactional details for land sales contract, if applicable
- Prepare a utility sheet for buyers information
- Ensure buyer’s insurance agent has issued insurance binder
- Ensure seller is not a foreign investor to protect buyers potential tax penalty
- Consult with buyer regarding the closing disclosure documents
- Schedule closing appointment with buyers and escrow closing officer
- Ensure the closing statement is accurately calculated for buyer
- Ensure buyer brings in the correct amount of funds at closing and in the proper form
- Guide buyer to location of signing and preparing them for the expectations for closing
- Present utility information sheet to buyers
- Present keys and possession to the buyers
- Ensure sellers leave all fixated and personal property included in the transaction for buyers
- In the case of a rental, ensure the rent rolls and deposits have been transferred to the buyer
- If rental, ensure sellers understand current landlord/tenant laws to ensure proper transfer of possession
- Ensure the property is in expected condition upon possession
- Follow up with buyers to ensure there are no surprises and help facilitate closure to any challenges
- Ensure buyers receive their Title Insurance Policy
- Follow up consistently to provide education, contractors, market updates and other resources that benefit our clients
