The FSBO Offer And Contract

The FSBO Offer And Contract

  • Receive and review all Offer to Purchase contracts submitted by buyers or buyers’ agents.
  • Evaluate offer(s) and prepare a “net sheet” on each for the owner for comparison purposes.
  • Discuss merits and weakness of each component of each offer.
  • Contact buyer or buyers’ agents to review buyer’s qualifications and discuss offer.
  • Deliver Seller’s Disclosure to buyer’s agent or buyer upon request and prior to offer if possible.
  • Confirm buyer is pre-qualified by calling loan officer, make sure to ask the RIGHT questions..
  • Obtain and verify pre-qualification letter on buyer from loan officer.
  • Negotiate all offers, setting time limit for loan approval, contingencies, fee’s and closing date.
  • Prepare and convey any counter offers, acceptance or amendments to buyer or buyer’s agent.
  • Send copies of contract and all addendum’s to escrow closing company.
  • When Offer to Purchase Contract is accepted and signed, deliver to buyer or buyer’s agent to comply with law.
  • Record and promptly deposit buyer’s earnest money in escrow account.
  • Disseminate “Under-Contract Showing Restrictions” as seller requests.
  • Deliver copies of Offer to Purchase contract to Selling Agent.
  • Deliver copies of Offer to Purchase contract to lender.
  • Discuss handling additional offers to purchase submitted between contract and closing.
  • Change status in MLS to “Sale Pending.”
  • Update MLS and transaction management program to show “Sale Pending.”
  • Review buyer’s credit report results — advise seller of worst and best case scenarios.
  • Review credit report information to seller if property will be seller-financed.
  • Assist buyer with obtaining financing, if applicable and follow-up as necessary.
  • Coordinate with lender on discount points being locked in with dates.
  • Deliver unrecorded property information to buyer.
  • Order septic system inspection, if applicable.
  • Order CCR or any recorded documents to Buyer and Escrow
  • Receive and review septic system report and assess any possible impact on sale.
  • Deliver copy of septic system inspection report lender and buyer.
  • Deliver Well Flow Test Report copies to lender and buyer and property listing file.
  • Verify termite inspection ordered.
  • Verify mold inspection ordered, if required.
  • Complete and send all required Federal, State and local forms.