The Process: Buyers
Steps in the Process
- Determine the buyer’s criteria
- Select properties which meet criteria
- Obtain information on selected properties, including asking price, flyers, floor plans, utility information, operating expenses
- Review this information with client
- Drive by various properties with client, to get a “feel” for each property and the neighborhood
- Prioritize properties with client
- Schedule Showings with Landlord’s representative
- After the Showings, select which property client likes
- Prepare draft of Letter of Intent (LOI) to purchase, and review with client
- Submit approved LOI to seller’s representative
- Review seller’s response (counter-offer) with client
- Negotiate final agreement on business terms as stated in LOI
- Prepare draft of the contract and review with client (and client’s real estate attorney)
- Submit contract to seller’s representative
- Negotiate terms and language in contract with all parties
- Submit client’s signed contract and earnest money check to seller for signature
- Deliver contract and earnest money to title company to open title
- Prepare Contract Checklist with key parties and trigger dates
- Make sure seller provides pertinent information as called for in contract
- Assist client in his “due diligence”, including the survey, property inspections
- Cooperate with client’s lender to answer any questions posed
- Insure timelines and deadlines are met
- Submit extension of Feasibility Period if required by client
- Attend the Closing with client, and answer any questions at the closing table
- Follow up with client during construction period and move-in