BUYAZRE Team Discussions

Here is a Slide from the ROG Legal Zoom about the recent Lawsuit that is happening. These are some great things to remember.

  • We need to make sure that we are VERY transparent and clear with our clients and they understand what our job is, how we get paid and WHO is paying us.

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BNI One-to-One Planner

Buyer Contingency Addendum

  • We have to Establish ourselves with the listing agent when doing a deal with this contingency. We need to sell ourselves to the Listing Agent and get them comfortable with us before they can be comfortable with our clients. Gain the Trust. Ensure them that communication will be fluid and often

  • Section 1 is the Easiest and most straight forward situation. This is where your buyer already has their home under contract.

  • We need to give them as much information about the contract that we have as possible. Tell them how strong the offer is and let them reach out to the buyers agent and lender.

  • We need to create comfort for the listing agent. It is a scary situation for the seller and they need to be comfortable with the whole situation and everyone involved.

  • Section 2 is a little bit more difficult but can still happen. This is where our buyer does not have their home under contract yet but they would still like to offer and go under contract on a home to purchase.

  • We need to be VERY familiar with the different timelines of this Document.

    • Line 21: The date that our clients home must be under contract by. We can put any date. Typical is within 30 days. If we do not get a contract by then we have 3 days to either renegotiate with the seller or cancel. If we do either of those then our Buyers earnest money is safe.

    • Lines 25-27: If we accept an offer on our buyers home then we must give that to the seller within 3 days.

    • Lines 28-29: The seller has the ability to cancel our contract within those 3 days if they do not want to move forward. Our Buyer will receive their earnest money back.

    • Lines 33-34: If the seller does not cancel within those 3 days then the contingency now must be closed by the date on this line.

    • Lines 35-37: If our buyers home does not close on that date then we have 3 days to either cancel or waive the contingency and move forward. If we do either of these than our Buyers earnest money is safe.

    • Lines 38-42: If at any time before we receive a contract on our buyers home the seller receives another offer that they would like to take then they must present that to us. We then have 3 days to either cancel or waive the contingency and move on. It is important to know this because it means that the SELLER can push our buyer out of the contract at anytime before we get our buyers house under contract. We will receive the earnest money back though.

    • Lines 63-64: This is the checkbox if we want the time line to start the day that the contract is signed. So this would start the 10 day inspection period and get things moving. This allows our buyer to do an inspection and decide if they will want to move forward with the home.

    • Lines 65-67: This is the checkbox that says that the inspection period and contract dates would not start until 3 days after we sent the seller an accepted contract on our buyers home. This would delay the inspection period and other important dates and would give our buyer more time to do the inspection.