From Lead to Close
The Buying Process
When you first obtain your real estate license, often the first clients you represent are buyers. Buyer leads are usually more common than seller leads because of the many lead generating platforms that exist. Typically your client database will be heavy on buyers but remember the importance and power of a listing, as it's a powerful tool for generating buyer leads into YOUR database!
But let's focus on the buying process. This page is aimed at providing a general outline of the buying process, from lead to close and include links to valuable content that we as leadership here at KW NCW feel will help you succeed!
Representing Buyers
8 Steps to get you from lead to close
7)
Inspections, Title and More - Throughout the next 30-60 days which is typical of many transactions, there are several tasks that will need to be accomplished. It's your duty to ensure contingencies are met and necessary timelines are followed. Keep track of inspection dates, review the title report, facilitate items the lender needs and ensure a smooth transaction for all parties involved. Several tasks that may happen on
ENSURE THE DEPOSIT OF EARNEST MONEY (EM)
Home Inspection
Septic Inspection
Well Inspection
Obtain and review title report
Obtain Resale Certificate for condo sales
Feasibility studies for vacant land
Facilitate the appraisal site visit if necessary
Work with lender to ensure all of buyer's documents are submitted timely
A TYPICAL TRANSACTION INCLUDEs:
ENSURE THE DEPOSIT OF EARNEST MONEY (EM)
Home Inspection
Septic Inspection
Well Inspection
Obtain and review title report
Obtain Resale Certificate for condo sales
Feasibility studies for vacant land
Facilitate the appraisal site visit if necessary
Work with lender to ensure all of buyer's documents are submitted timely
A TYPICAL TRANSACTION INCLUDE:
A TYPICAL TRANSACTION INCLUDE:
Closing - Nearing the closing date there are some final steps that will take place. This includes buyers obtaining final loan approval, appraisal review, reviewing the settlement statement and finally signing closing documents with the escrow company or mobile notary. Don't forget to send your clients a closing gift and continue to service your clients after closing! Stay connected and remember that even after a transaction, they're still your client!
8)
Lead Gen
Mutual Acceptance - Upon reaching an agreed upon Purchase & Sale Agreement, you will send all transaction documents to
It is also your responsibility to send appropriate transaction documents to Title/Escrow Company and the buyer's lender.
It is important to stay organized throughout the transaction. As soon as you have mutual acceptance, write out important dates to keep track of and a bullet-point summary of the offer to send to your clients and the listing broker you'll be doing business with so everyone is on the same page and mutually understands contingency expiration dates and terms.
Mutual Acceptance - Upon reaching an agreed upon Purchase & Sale Agreement, you will send all transaction documents to
It is also your responsibility to send appropriate transaction documents to Title/Escrow Company and the buyer's lender.
It is important to stay organized throughout the transaction. As soon as you have mutual acceptance, write out important dates to keep track of and a bullet-point summary of the offer to send to your clients and the listing broker you'll be doing business with so everyone is on the same page and mutually understands contingency expiration dates and terms.
office@kwncw.com
6)
*Brokers under two years - Remember, you must send any documents to:
review@kwncw.com
PRIOR TO OBTAINING SIGNATURES from your clients.
Negotiations - It's typical for a buyer and seller to negotiate on several terms prior to reaching mutual acceptance. This may last up to several days, depending on the situation. However, it's not uncommon to reach mutual in one day either!
5)
Annie Fitzsimmons
office@kwncw.com
*If you have been a licensed broker for under 2 years, prior to obtaining client signatures you MUST send your written offer to:
Transaction Forms
Transaction Desk
Writing an offer - As licensed brokers, it's our duty to understand and advise our clients on the various forms and strategies that are appropriate for each offer. Every property is different and calls for specific strategies and/or forms.
Offers are written in your Personal Account through TransactionDesk which can be found here:
4)
Property search - Setup auto-alerts for your clients for new listings, preview homes, schedule showings and narrow in clients needs & wants.
3)
Needs analysis - It's important to understand what your client is looking for. Meet in person, over the phone or on zoom! Gather client info and input into Command.
2)
Generate a buyer lead (for information on lead gen, check out our lead gen page!)
How to Video
1)
Annie Fitzsimmons | WA Legal Councel
Why have a buyers Agency Agreement (41A)
ANNIE FITZSIMMONS | WA LEGAL COUNCEL
How to help Buyers off the Fence
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