Just like any sale, both the buyer and the seller have their own rights in making a home purchase. Are you knowledgeable about these? Don't get into a deal just yet if you don’t know your rights!
In investing in a property, you must be familiar with your own legal advantages and limitations, and always remember that the seller has his/her own rights as well.
Before anything, be sure you know what you're getting into!
Before closing any deal, you must know what it means to make a “sale.” Legally, this means that one party (seller) is transferring property to another party (buyer) for a price.
This price may be paid in full by the buyer upon entering the agreement, or the buyer may have promised to pay in full when he/she gets the rights to the property. Another case would be making partial payments: partial payment upon agreement (a down payment), with a promised partial payment that will complete the deal when the property has been fully transferred from buyer to seller.
Now that you’ve made a deal, remember the rights the law provides you.
1. The seller kept something about the property from me, can I do something about it?
If the seller didn't disclose something about the property, you should look up the local guidelines for this. Laws on disclosure depend on the state, and may even vary among cities.
For example, some states allow a sale even if the seller didn’t tell you that the house you’re buying was once used to manufacture illegal drugs. In another state, though, this will not be tolerated.
2. I'm not sure about the Home Owner's Association (HOA) contract, so I don't think I want the property anymore.
Can you walk away from a deal if this is an issue? Yes! But this will depend on a date specified in your contract.
There is a law that protects the buyer from any disagreements about the HOA Declaration of Covenants, Conditions, and Restrictions. But keep in mind that there's a specific time for you to check and read through these documents, and this time frame is different in every state. Make sure to check the grace period in your state when you make a deal.
3. My current home isn't sold yet, but I already want to make a deal on my dream home. What can I do?
You wouldn't want to be stuck paying two mortgages, so what are your options?
Try making an offer with your seller that is dependent on the sale of your current home. A deal like this gives you the option to back out from the deal within a fixed period.
You must know, however, that a contract of this kind still gives the seller a choice to back out at any time another offer comes in, especially if it doesn't have a contingency clause. If in case this happens, don't worry--you still have time (around 72 hours) to remove the contingency and make a deal with the seller.
1. I accepted an offer, but I still want to look at my options. Can I still do this?
Yes, you can still look at other offers, but that doesn't mean you can accept them in place of the contract you already agreed to.
What you can do at this point is to make another interested buyer take the "backup position." If your first deal doesn't go well and fails for any reason, you can automatically take the deal with the second buyer.
2. The buyer's financing is unstable. Can I back out?
Yes, especially for the following conditions:
- If the buyer's financing fell through before your closing date, you have the right to walk away.
- If you see the buyer's loan terms will affect you negatively, you have the right to refuse the offer.
3. The house appraisal doesn't match the contract price. Can I stop the buyer from opting out of the contract?
Definitely.
If the house inspection raised issues your buyer is not prepared for, you can shoulder the cost for your buyer to continue with the contract.
If it's a matter of appraisal that is less than your offer, don't panic about the possibility of the sale falling through. If the lender allows it, you can give the buyer the option of paying the difference in cash. If not, have the buyer shoulder some of the seller's closing costs instead. It is worth noting, though, that lowering the price is often the best solution--since a higher appraisal isn't a guarantee when you decide to go with a different buyer (not to mention the hassle of having to sell the property again).

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Counseling Session Activities
- Prepare the buyer for executing a buyer representation agreement
- Explain agency relationships to the buyer and get state required legal consent to represent, if needed
- Inform the buyer of working relationship based on state law, the REALTORS® Code of Ethics, and the broker’s business policies
Building a Relationship
- Learn the buyer’s wants and non-negotiable needs
- Understand the buyer’s budget and what will be needed financially
- Help the buyer understand what property their chosen budget will buy
- Consider having the buyer fill out a homebuyer’s checklist
- Assist the buyer in examining how much they can afford to spend
- Provide quality lender resources
- Partner with the buyer to locate suitable properties for consideration
- Match the buyer’s needs with available property
- Constantly re-evaluate buyer’s needs and refocus property showings to fit those needs
- After ensuring the buyer understands what is done for them, how it is done,and the benefit to them, obtain signatures on the buyer representation agreement
- Explain how compensation is paid, who pays it, and what the buyer’s options are for paying it
Educating the Buyer
- Communicate the working relationship based on state law, the REALTORS® Code of Ethics, and the broker’s business policies
- Explain Federal and State Fair Housing laws
- Explain what to look for in applicable property disclosures
- Reassure the buyer that their personal information will remain confidential
- Inform the buyer that you will always disclose all known material defects
- In accordance with state law, provide information on checking the sex-offender registry and crime statistics for the neighborhood
- Discuss available resources that the buyer can check to learn more about prospective neighborhoods

Preparing the Buyer
- Explain the timeline for house hunting, mortgage approval, and closing
- Explain the local market and how it impacts the buyer
- Show statistics on what percentage of list price sellers in the area are currentlyreceiving
- Inform the buyer on what home features are popular
- Identify current average days on market
- Share the dangers of using the price per square foot to figure home values
- Explain the concept of absorption rate and how it impacts the buying process
- Indicate current listing months of market inventory
- Share estimated potential out-of-pocket costs to complete the transaction
- Assist the buyer in analyzing the loan estimates
- Qualify the buyer for financial ability to purchase
- Help the buyer account for the complete costs of homeownership
- Prepare lender for listing agent calls
- Assist in comparing different financing options
- Help the buyer select for viewing only those homes that fit their needs
- Proceed in showing homes that fit the buyer’s must-haves
- Caution the buyer on posting information to social media
- Review the sample sales contract so the buyer is prepared when it comes time to make an offer
Showing Properties
- Schedule showings and provide access to all listed properties as soon as they become available in their local MLS broker marketplaces
- Educate the buyer on the immediacy of new listings appearing in their local MLS broker marketplaces and the lag time for them to appear on some websites
- Collaborate with the buyer on properties they may have learned about through their sphere contacts
- Research and assist on all unlisted properties the buyer wishes to see
- Preview properties prior to showing if needed
- Network with other agents to source properties not yet in their local MLS broker marketplaces
- Contact homeowners in focus areas to see if they are considering selling
- Set up an automated email alert system through their local MLS broker marketplaces that immediately notifies the buyer of properties that fit discussed requirements
- Arrange a tour of areas, schools, and key points of interest
- Provide resources containing neighborhood information on municipal services,schools, etc.
- Inform the buyer of negative aspects like nearby venues or operations that may result in issues that could impact value
- Collect and share any other vital information on available homes, remembering to follow all fair housing laws at all times
- Check applicable zoning and building restrictions
- Help the buyer decipher public property and tax information
- Collect and share pertinent data on values, taxes, utility costs, etc.
- Compare each property shown to the buyer’s wants and needs list and remind them of what they were looking for
- Help the buyer narrow the search until the buyer identifies top choices
Negotiating Offers
- Assist the buyer in getting the best property at the best price
- Suggest that the buyer learn more about the neighborhood prior to makingan offer
- Prepare a comparative market analysis (CMA) in advance of making an offer
- Prepare the buyer to have the most attractive offer in the current marketplace
- Explain common contract contingencies and include approved protective clauses in the purchase offer
- Ensure that the buyer receives and understands all state and federally-required disclosure forms
- Prioritize contract negotiation goals with the buyer
- Help create a negotiating strategy
- Use strategies such as an escalation clause to maintain a competitive offer
- Prepare the buyer for a multiple offer situation and develop negotiation strategies
- Write an offer that has a reasonable chance of being accepted
- Recommend optional contingencies and explain the pros and cons of using them
- Provide information on purchasing incentives that may be available
- Discuss financing alternatives
- Negotiate the buyer’s offers to arrive at the best price and terms
- Utilize hyperlocal expertise and strong communication skills to assist the buyer in being the successful offer

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