This week I break down the Top 10 Questions Asked to me by agents. Be blessed my friends.
Please note that the answers are simply the short answers from my presentation slide deck. Each of these answers are explained in detail in the video and podcast.
10. What Is A Normal Time Frame For Repair Procedure
10-12 Day Buyer Inspection Period
3-5 Days for Sellers to Respond
Buyer has 2 Calendar Days to decide what to do.
09. What is a normal time frame for Due Diligence?
10-12 Day Buyer Inspection Period
3-5 Days for Sellers to Respond
Give Your buyer(s) plenty of time to terminate!
08. What is a normal termination fee for due diligence?
There is NO Normal Termination Fee.
This is completely negotiated.
How much is the buyer willing to pay to play?
07. What is the best way to write an offer in this market?
Break down what is important to the buyer and structure the offer with the most fitting terms for that buyer.
06. How much money is normal to put down for earnest money?
This will totally depend upon the offer being Cash or a loan. Be cognizant of the $7,500 rule. Typically I see at least $1,000 and most times more.
05. My deal has fallen apart. Parties are arguing over who gets the earnest money. When can I return the property back to active status?
Best Form is SCR Form 518 / SCR Form 313 is unilateral (One Party). If a form 313 is issued the contract is terminated. There are some precautions here. If No 313…contract expiration. SEEK LEGAL ADVICE
04. If my buyer’s home inspection comes back with something major, can they walk away and get their earnest money back?
If in RP…buyer must go through RP and ask for “seller Paid Repairs”. If In DD…a form 313 must be used. There is NEVER a guarantee of EM being returned.
03. Do I need a Transaction Brokerage Agreement for a Customer?
CDJ Policy states that a Transaction Brokerage is ONLY needed from the customer obligated to
compensate you.
02. Is it better to do Dual agency or only have a customer relationship with the buyer on my own listing?
My Humble Opinion is that it is better to have the buyer as a customer and not perform Dual Agency. However it is NOT wrong to do dual if seller agrees.
01. Are You Busy?
Yes – But when you call or stop by YOU become the most important matter in that moment.
Download the Top 10 Graphics PDF HERE
Disclaimer: I make mention multiple times that I am not an attorney nor anything other than a Broker in Charge and I have tried my best to explain every question I am asked in as much detail as possible and provide examples. There is no intent on my part to mislead or misinform anyone watching this video. It is recommended that if you find that I have said anything that you feel is inaccurate please feel free to inform me at mthrift@cdanjoyner.com and if anything needs correction, I will do my best to correct the issue. You should however consult with your Broker In Charge FIRST and FOREMOST. The South Carolina Association of REALTORS® had nothing to do with the creation and making of this video nor represents this video creation in any way. I am not a certified or approved trainer with the South Carolina Association of REALTORS® but am simply a Broker In Charge tying to help out my fellow associated licensees to the very best of my ability.
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