The Initial Offer and the Contract
- Receive and review all Purchase Contracts submitted by buyers or buyers’ agents.
- Evaluate offer(s) and prepare a “net sheet” on each for the owner for comparison purposes
- Counsel seller on offers. Explain merits and weakness of each component of each offer
- Contact buyers’ agents to review buyer’s qualifications and discuss offer
- Ensure deliver of Seller’s Disclosure to buyer’s agent or buyer upon request and prior to offer if possible
- Obtain pre-approval/pre-qualification letter on buyer from Loan Officer
- Confirm buyer is pre-approved by calling Loan Officer
- Negotiate all offers on seller’s behalf, setting time limit for loan approval and closing date
- Prepare and convey any counteroffers, acceptance or amendments to buyer’s agent
- When Purchase Contract is accepted and signed by seller, deliver to buyer’s agent
- Deliver copies of fully signed Purchase Contract to seller
- Deliver copies of contract and all addendums to sellers attorney
- Deliver copies of Purchase Contract to lender
- Record and promptly deposit buyer’s earnest money in escrow account.
- Provide copies of signed Purchase Contract for office file
- Disseminate “Under-Contract Showing Restrictions” as seller requests
- Advise seller in handling additional offers to purchase submitted between contract and closing
- Change status in MLS
- Order well septic system inspection, if applicable
- Verify termite inspection ordered if applicable
- Verify mold inspection ordered, if required
