Buyer broker agreements, the buying process, and how I owe you fiduciary duties
Before diving into the world of home buying, let’s map out the journey together. By covering these essential points upfront, we can streamline the process and minimize any unexpected surprises. Here’s what you need to know:
Start with Property Exploration 🌟
Begin by exploring properties through listing alerts on the MLS, or websites like Zillow or Realtor.com.
Watch this informative video: [10 First Steps to Buying a Home](insert link).
Get Prequalified 📝
Boost your credit score using these 4 strategies.
Connect with a lender or bank to obtain a prequalification letter, essential for submitting offers within your budget.
Understanding Realtor Roles and Payments 💼
Familiarize yourself with the fiduciary duties realtors owe their clients: OLD CAR.
Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Reasonable Skill and Care
Realtors earn commissions upon successful closings, typically paid by sellers but in 2024 things will change as buyers will need their own representation.
Special considerations for off-market properties and new builds.
Preparing to Act 🚀
Ensure you have a pre-qual letter.
Understand the financial numbers.
Grasp how realtors are compensated. Pick a realtor and be loyal through a buyer-broker agreement.
The Inspection Period 🔍
Within ten days of the contract agreement, arrange inspections covering various aspects of the property’s condition.
Closing Costs 💵
Familiarize yourself with potential closing expenses to avoid surprises at the closing table.
Understanding the AAR Contract 📑
Dive into the details of the Arizona Association of Realtors contract.
Buyer Brokerage Agreement 🤝
Establish a committed relationship with your realtor to streamline the home-buying process. To view homes beginning in 2024, you will need a buyer broker agreement with a licensed realtor to view homes that are on the MLS. Click here to view what a Buyer Broker agreement looks like.
Appraisals and Their Impact 💰
Understand the implications of appraisals, including potential negotiation points if the appraisal comes in low.
Earnest Money and Good Faith Deposits 💼
Show your commitment to the purchase by putting down earnest money.
Closing Date and Walkthrough 🚶♂️
Prepare for the final walkthrough three days before the closing of escrow.
Market Insights and Updates 📊
Stay informed about the latest market trends and updates.
Post-Purchase Transition 😢
Prepare for the bittersweet feeling of parting ways with your realtor after closing.
Reach out to Jay Bru for Expert Guidance Jay Bru and his team are here to guide you through every step of the home-buying process with professionalism and expertise. 📞 480-466-4917 📧 jay@jaybrugroup.com
Let’s make your home-buying journey a smooth and successful one!
I hope this helps explain how the process works and how a real estate professional owes you fiduciary duties.
Today’s market provides a potentially great opportunity to buy a home. Homeownership can provide many financial, lifestyle and social benefits. In today’s market, buyers also
