| > | | | | Cost Analysis |
| It is the buyer’s right to seek an agent, | | | | In order to prevent overpaying for a home, a |
| and it is in their best interest to do so. | | | | REALTOR will do a cost analysis for a buyer, to |
| For Sale by Owner | | | | determine if the home is priced correctly. This is |
| When a potential buyer sees a For Sale by | | | | the same kind of analysis an appraiser would do, |
| Owner property he or she should contact their | | | | using comparable sales which have closed in the |
| realtor before contacting the For Sale by Owner. | | | | last three months in the area. |
| And when the buyer makes an offer on the For | | | | Escalation Clauses |
| Sale by Owner Property he or she needs | | | | Escalation clauses are applicable in markets where |
| representation on the sale. The buyer always | | | | there is very little inventory and it is a fast selling |
| needs representation for many reasons. | | | | market. The escalation clause will give you a |
| Home Inspections | | | | competitive edge in procuring the home that you |
| Most buyers do not know to ask for home | | | | want when multiple offers are presented on a |
| inspections, what they cost, or who to call to do | | | | property. An escalation clause is not a standard |
| one. If there is work to be done on an inspection | | | | feature on contractual sales. |
| report, a buyer should negotiate, and a REALTOR | | | | Home Owners Association |
| has skill and experience at this. | | | | The buyer needs to know the time frame for the |
| New Home Sites | | | | Home Owners Association (HOA) packet. A buyer |
| New home site buyers need to hire a REALTOR | | | | may be caught in buying into an HOA with high |
| to look out for their interests, too. Remember, | | | | hidden fees if the timeframe is missed when he |
| the site agent is there to protect the | | | | or she can exercise their right to void the |
| builder’s interest and therefore everything | | | | contract. This will vary from state to state. |
| will be geared towards what benefits the builder, | | | | Disclosures & Disclaimers |
| not the buyer. When registering at a new home | | | | If there has been any structural damage to the |
| site, be sure to include your agent’s phone | | | | home or adverse environmental problems with |
| number, name, and company. | | | | the home they must be disclosed. An example of |
| Dual Agency: The Listing Agency | | | | this would be asbestos wrapped pipes. If not, |
| When a REALTOR chooses to represent the | | | | then a disclaimer will accompany contract. Laws |
| seller AND the buyer, this is considered dual | | | | on disclosure/disclaimer vary from state to state. |
| agency. A buyer’s rights are not | | | | Well and Septic |
| emphasized in these circumstances. Bringing a | | | | In rural areas, where well and septic are used |
| REALTOR onto the buyer’s side equalizes | | | | instead of city water, they are applicable as |
| the sale, and gives the buyer much needed | | | | conditions of the contract. There are time frames |
| experience and professional advice. | | | | for these inspections also, which vary from state |
| Earnest Money Deposit | | | | to state. |
| When the buyer makes an offer on a For Sale by | | | | Termite and Moisture |
| Owner — who makes the Earnest Money | | | | Clean termite and moister letters vary from state |
| deposit? How does a buyer obtain the deposit | | | | to state and from the timeframe that needs to |
| back if the contract falls through? A REALTOR | | | | be adhered to in the contract. The majority of |
| will place the money in an escrow account. | | | | lenders require a clean termite and moister letter |
| Buyer’s Broker Agreement | | | | prior to closing. The REALTOR in your area would |
| A buyer’s broker protects the | | | | know these timelines. |
| buyer’s interest in the transaction. In | | | | Referrals |
| Virginia, the seller pays the commission, so by law | | | | If you are moving into an unfamiliar geographic |
| the listing agent and the selling agent have to | | | | location, ask your real estate agent if he or she |
| protect the seller’s interest. So, if you | | | | can refer you to an agent in the area you are |
| select a buyer’s broker to work with you | | | | moving to. A REALTOR obtained through referral |
| on the home purchase, you will be represented in | | | | will help in relocating and purchasing your new |
| the sale. | | | | home. |