You've Signed a Buyer Brokerage Agreement! Now What?
So you've signed a buyer brokerage agreement and gotten another step in the process of a home purchase. In this article, I'll share about some of the next steps to focus on:
Search Recommendations:
Highly Recommended: Stay on Top of Searches Your Agent Has Established For You
Ensure that you maintain an optimized search of 20-50 properties, and be sure to keep clicking on each search that you have established. If you don't, one at a time searches will deactivate. If you need to modify your search, let your agent know. For more details, go to my article on search activation & keeping active here.
Highly Recommended: Setup Email to Text of Property Alerts if You Haven't Already
One of the top things you can do for expeditious showings is to setup email to text alerts on any platform where you're getting a feed of properties that is going to your email as long as you check email less often than text.
Recommended: Consider Establishing a Zillow FSBO Search & Other FSBO Searches
While dealing with for sale by owner sellers can be a hassle and more prone to issues, it's not a bad idea to establish some searches specifically geared toward for sale by owner homes that weed out agent listed homes so that you don't get flooded with duplicates. Here's how to do that on Zillow.
Showings Recommendations:
Highly Recommended: Prepare Your List of Properties You Want To See
The best way to organize property showing requests is a master spreadsheet of home purchase considerations that I've developed that's superior to anything comparable in my opinion. Once you add properties to the spreadsheet, I can then coordinate the showings and designate some properties as unavailable when that likely occurs. It's best to get all showing requests to me as soon as possible since some homes go under contract <12 hrs of hitting the market.
The main important thing for you in the property notes spreadsheet is putting the addresses in the left column & the amounts of time per property. The times can be by a default time in the blue row &/or any properties where you'd like to spend a different amount of time than your default time.
There are a number of optional columns if you want to include more than that. Some factors are much more important to some buyers than others. One option that I would highly recommend is to fill out row 3 (excluding the orange factors), establishing which items are most important to you by labeling them 1-10, with 10 being critical and 1 being irrelevant to you. I can then rearrange the columns accordingly so that the most important items can be shifted to the left of the spreadsheet after the orange items.
The spreadsheet is especially helpful for comparing elements with even a single property, & the benefits of using it amplify if dealing with more than 1 property. Here are more tips on making the spreadsheet user friendly, including the important concept of deleting columns that don't matter to you & shifting to the left those that matter the most.
Highly Recommended: Reach Out to Adam via Text (or Email Him a Text & CC His Main Email) About Any Properties You Want To See Due to Urgency or About Anything Else Urgent
Often buyers underestimate the importance of expeditious showings when there are properties that they like that are on the market. See that article for more details.
When you have properties in mind that you'd like to see, be sure to notify Adam in a way where he'll be able to respond promptly. The typical best way to do that is via text. If you're unable to text, email Adam a text & CC his main email address.
Adam turns his phone to silent while sleeping, so it's no problem to call or text him 24 hrs a day Monday-Saturday. If between the hours of 9 PM & 9 AM, calls are ideally reserved for that which is urgent.
Highly Recommended: Instructions if Seeing Properties Without Me
If you do decide to go to open houses or do any other showings without me, where I haven't arranged it for you, be sure to let them know that you already have a buyer's agent, since many listing agents perform open houses less for the listing than for acquiring new buyer clients. With new construction, before ever going without me, make sure that they don't have a policy in place that could cost you a commission by going without me the first time. It's generally best to go with me to showings whenever possible. I can point out negatives and positives that you likely wouldn't notice. With any showings without me, it is important for me to speak with the agent or FSBO seller prior to showing.
It's also a good idea to check my article on expectations & tips if I ever arrange for an agent for you.
If you ever arrive at a home that we are about to see together before me, please don't explore private property without me, though it's fine to explore public locations (i.e. drive bys of HOA amenities).
Highly Recommended: Thoroughly Check a Property Online Before Requesting a Showing, Especially in Areas Where Your Agent is Restricted by Law
I'm legally limited on what I can say on crime, so it's ideal to check for crime and otherwise prior to showing.
Highly Recommended: Consider Safety & Wear Proper Attire
When considering what to wear (i.e. proper shoes & a wide brimmed hat like a cowboy hat or my hat if going in tight quarters) and actions, consider safety. It's a good idea to keep in mind practicality more than formality when considering what to bring to showings. I recommend wearing comfortable shoes for walking with a pair of boots available in case a yard is muddy (I always have a pair for myself in the car just in case). If performing multiple showings back to back, sunblock application before we start with reapplication if it wears off isn't a bad idea in the Summer especially.
While unorthodox among Realtors, I at times wear a hat during showings to help protect me from the sun with skin cancer in my family & me previously getting cuts on my head from tight quarters during showings (i.e. nails protruding from attic ceilings).
Recommended: Consider Gadgets
I've got plenty of gadgets myself, but it's not a bad idea to bring some of your own, especially if you have some I don't that could be beneficial. For instance, powerful flashlights or headlamps are beneficial.
Highly Recommended: If You Ever Perform a Video Showing With Me, See My Tips
If you ever (or always) do a recorded video showing with me, here are some tips on video showings.
Recommended: More Showing Recommendations
I recommend that you see my article on preparing for showings.
Financial Recommendations:
Highly Recommended: If Using a Loan, Don't Make Any Big Purchases on Credit Without Consulting Your Lender or $ Purchases That Could Deplete Your Savings Beyond What You Need to Close
Be sure not to make any large purchases on credit (i.e. a car) or if the cash required could impact your purchase prior to speaking to your lender for their approval. That includes being a co-signer. If you've already had something happen to your credit that could negatively impact your purchasing power since when you initially applied with your lender, ask them about how it might impact your preapproval & please let me know about it as well. You can check all 3 credit bureaus on Creditkarma (though do not rely on the scores) & Experian. See more options here. If you need any help checking these, let me know. It's a lot better to find out now than to find out after you're already under contract. It's also best to go through manual underwriting with your lender prior to showings as long as you can do so quickly. Before any discretionary job moves, be sure to speak to your lender. I've seen where someone moved jobs, their income wasn't the same, and they had loan denial, resulting in them losing the house and their EMD before.
Highly Recommended: Get Your Lender's Cell if You Don't Have it Already
You want to be able to reach your lender on nights and weekends if need be, and if a listing agent calls your lender, you want them to be able to quickly respond, otherwise, your offer could be ruled out.
If working with a lender who doesn't have a cell, at could hurt you, but if doing so, be sure to keep a preapproval updated at least once every 30 days throughout your home searching process.
Required: Keep Funds Set Aside
Be sure to have funds set aside for an earnest money deposit and other expenses involved in the home buying process.
General Recommendations:
Recommended: Reach Out to Adam via Text, Email, or Call About Anything Not Urgent
Request a Zoom Session as well if visuals would help.
Recommended: If you have time, familiarize yourself with the market.
I have a page dedicated to the subject here.
While I, like many, love a good deal, it's important to note that the best deal might not be sold below asking price & that you may miss out on the best house for you which may be a good deal by making an offer below asking price. Here is more information on below asking price offers.
Required: At Minimum, Include Your Agent in Communication with Sellers & Listing Agents or Don't Communicate Directly with Them
Exclusive Buyer Brokerage Agreement Clients:
Please don't communicate with sellers or listing agents without me in the conversation (i.e. CC'd on email communication, a group text, or conference call). While it's generally ideal to not communicate at all with them as a buyer until after closing, if you you feel it's important, please include me.
Non-Exclusive Buyer Brokerage Agreement Clients:
I don't recommend that you communicate with sellers or listing agents without the agent that will represent you for that transaction in the conversation (i.e. CC'd on email communication, a group text, or conference call). While it's generally ideal to not communicate at all with them as a buyer until after closing, if you you feel it's important, please include the agent you plan to use to purchase. Of course this concept doesn't apply if you decide to purchase something without an agent.
Offer Recommendations:
Recommended: Familiarize Yourself in Advance with Local Offer Agreement(s)
If in Hampton Roads, the dominant offer type is the REIN Standard Purchase Agreement. Outside of Hampton Roads, and in some places within Hampton Roads less often (i.e. Williamsburg and Gloucester County), the Virginia Realtors Residential Contract of Purchase is more common. The diving lines of where which are used are based primarily on which MLS is used in which city/county. Here's a breakdown of that by % in SE VA:
Recommended: Familiarize Yourself with a Competing Offer Situation
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