The first step in representing a buyer is to preform a Competitive market analysis or CMA, to determine the value of a property. The factors you want to check up on, are the homes current value based on the value of comparable properties, regional housing inventory levels, and the competitive nature of your current marketplace. This will help your clients come up with a reasonable price decision and help you to counsel them as they make a competitive offer.
Once your clients have a competitive price to offer, the representer should properly prepare a contract that will be presented on their behalf to the sellers. For many people a home purchase will be one of their biggest purchases they will make in their lifetime. The purchase agreement you write must protect them by addressing every issue – the price being offered, the items to be included in the purchase price, the amount to be deposited, the closing date, the date the offer becomes null and void, and any condition that accompanies the offer, including contingencies based on the outcome of inspections, approval of financing, and personal property transferring with the sale or other issues.
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