It is essential to have clear and open communication with your client. All parties should understand their obligations in the deal, and what to expect from the other. When working with buyers and sellers it is extremely important that expectations are set and simple for them to understand to keep the deal on track and as smooth as possible.
Making sure your buyers know the “real deal” when it comes to the buyer transaction is very important. As much as we need to be supportive and empathetic during what can be a vey stressful time, we don’t want to sugar coat anything. We want our buyers to be as prepared as they can and know exactly what is ahead.
Here are some of the most important steps your buyer should understand in the buyer transaction:
1. Obtain a Mortgage Pre-Approval Letter from a Mortgage Broker/Lender
2. Submit an Offer to Purchase
3. Amounts & Dates of Deposits
4. Offer to Purchase Accepted
5. Schedule Your Home Inspection(s)
6. Hire a REAL ESTATE Attorney
7. Conduct the Home Inspection(s)
8. Review & Execute the Purchase & Sales Agreement (P&S)
9. Continue Mortgage Application Process
10. Lender Orders Appraisal
11. Keep Eye On Mortgage Commitment Date
12. Schedule & Conduct Final-Walk-Through of Property
13. Time To Close
Communication is key, especially in the market we are getting in to now. Setting expectations with your buyers upfront ensures that hopefully there won’t be any surprises should something not go as planned.