Buyer Agent Book Camp
-Continuing Education-
Price:$195.00
Book Cost: included
Buyer Representation for the Real Estate Professional -
Marcie Roggow
Hours:
22.5 hours (You finish
your 22.5 hours of continuing education required by the
State.)
Course Outline:
Instructor: Eytan Pick
à By ratification, by estoppel
à The dangers of implied agency
à Sub-agency
à Undisclosed dual agency
à Designated agents
à This also constitutes dual agency
o Class exercise: Dual agency case studies
à Personal
à Needs
à Desires
à Financials
à Class exercise: Self analysis
à The four personality types
à How to deal with each personality type
à Agent’s qualifications
à The home purchase process
à Agency choices
à Agency disclosure and acknowledgment
o Special disclosure about potential dual-agency
à Buyer’s financials
à Agent’s compensation
o Buyer’s ultimate responsibility to compensate agent
§ Contingent and non-contingent compensation
o Compensation arrangements
§ Flat fee
§ Retainer
§ Hourly
§ By task
§ Percentage of the sale’s proceeds
· Commission paid directly by buyer
· Commission paid from the transaction proceeds
à The buyer exclusive agency agreement
o Phraseology
à Creating a partnership
o Agent and buyer’s roles
o The team approach
à The home showing and selection process
o The home selection process
o What the buyer should look for
o Fair housing laws
§ What the buyer should know
§ Agent’s legal obligations in regards to fair housing laws
à The transaction
o The offer and negotiation process
o Home inspections
o The contract
o The mortgage procurement process
o The title search
o The walk through
o The closing
à The selection process
o The buyer’s wishes, wants, needs and market reality
o Using the MLS, FSBO listings and print media advertisement to locate appropriate properties
o How to get information about office exclusive listings
o The number of homes shown
à Home showings
o When to show
o How many
o How to show an office exclusive listings
§ Legal obligations of listing agents
· DOS letter of opinion
o The order of showing
o Buyer’s education on homes he will see
o The right way to show a house
o How to assist the buyer narrowing down the choices
o Counseling the buyer on the merits of shown homes without violating fair housing laws
§ Community demographics
§ Schools
à Property condition: Material defects
à Lead-base paint and hazards
à Sex offenders
o Agent’s obligation under the law
à Stigmatized property
o Agent’s obligations under the law
à Insurability
o CLUE report
à Market analysis and properties comparison
à Offer presentation
o How to “grease” the skids
à Offer negotiation
o Understanding seller’s and buyer’s important issues
o Important issues versus petty issues
o Removing the emotion from the process
o The use of the monthly payment rather than the listing price
o The “Coffee closing”
o The closing date
o Keeping the parties focused on their respective goals
à Home condition inspection: Setting the buyer’s expectations
à Termite inspection
à Additional specialized inspections – Structural, Electrical, Plumbing, Mechanical, Chimney, Water tightness
à Understanding the standard contract
à Providing the necessary information to the attorneys
à The importance of diligence and expediency
à C of O’s
à Survey
à Liens
à The type of institutions
o Direct lender
o The mortgage broker
o Educating the buyer on the merits of each type
à Basic mortgage types
à The pre-approval
à Obtaining a mortgage commitment
o Obstacles
à Rate lock
à Last conditions
à The closing
à Prior to closing
à Post closing
à How to deal with issues
à Utility transfers
à Trash collection schedule
à Useful area information – medical facilities, shopping, restaurants etc
à Mailing labels
à Ensuring all is in place
Dispelling myths about buyer’s agents
Explaining to seller’s agent the benefit of dealing with buyer’s agent (vicarious liability relief
Establishing a framework for honest and fair negotiation and dealing