Share the commission with a buyer! Hmmm!

Here's the scoop (and my take at the bottom). What do you think?

Buyer says I have found a house to buy. ALL I want you to do is write it up (the purchase offer) for me. Since all of the work of finding a house is done (remember, I found the house I want to buy), I want from you as a rebate, part of the Realtor's commission you earn. OK?

Let me be polite and diplomatic in how I want to respond. "NO WAY! ARE YOU NUTS?" Folks just really don't understand the nuts and bolts of the business or the full importance of what a Realtor does in the transaction. Finding the home is by far the easiest part of the process.

(Imagine the conversation with your Dr. " Dr. I have this growth on my belly that is causing me pain. Now since I made the diagnosis and I know it has to be removed, I've done some of your work for you. And since I found it myself and all you have to do is cut it out, well... I don't think it's fair to charge your full fee for the operation".. Hmmmm How would your physician respond, and would you really take the risk of a "cut fee" procedure?)

I estimate there is, at the very least, a solid 15 hours or so of basic wrangling, paper thrashing and shredding, contract negotiation and renegotiation, inspections to schedule, and deadlines to meet to keep you out of trouble (with regulations) and to make your purchase happen. This "real time effort" does not include any hand wringing or the churning stomach associated with the inevitable stress of keeping your contract on track..

Some of the things we may be asked to handle (even after the buyer has found their dream home) are:

* writing the offer and get required signatures
* preapproval letters initialed and delivered to all prties
* proper (and responsible) care of earnest deposit check
* submit offer to the listing agency
* if (should I say when) the offer is countered, prepare buyer's response and submit the counter offer
* if offer is accepted, get all the necessary disclosures and documents signed by both parties
* giving copy of the agreement, names/numbers/emails of all parties involved in the transaction - including copies to title company that will handle the closing
* get preliminary title report on the property and review with buyer
* provide the lender with copies of executed agreement
* coordinate bank appraisal access
* follow up with loan underwriter once property has been appraised and find out if property appraises for the amount of the loan.
* schedule inspections as necessary - make certain these are completed in a timely manner
* if not an REO (bank-owned) prepare request for repairs as needed following inspections
* negotiate request for repairs and/or credits
* outline and monitor timelines for contingency release for loan appraisal/approval
* monitor and outline buyer investigation periods for compliance
* have buyer release contingencies at the appropriate times or request extension
* give closing terms to Title Company escrow officer
* verify closing statements review the HUD-1 for accuracy per agreement
* numerous phone calls to listing agent and buyer throughout the process

I earn my paycheck by providing the kind of diligent care that gets the job done in the most efficient manner possible from the specifics of the sales purchase agreement.

Customer service starts when we first meet, but what goes on behind the scenes is where the real action takes place, and where Realtors really earn their money.

There's a lot more involved in making a purchase than simply finding a dream home. In fact, it is often the least difficult step in the whole process.

HUG a Realtor today. Just don't let my wife see you do it if you are going to hug me.. Later...

What do you guys think of the 3 newsletters we have started sending? I'm looking for more feedback.

The weekly Realtor Tour is (surprisingly) the most popular of the three newsletters we are sending.

The Monthly MLS Statistics is (not surprisingly) popular as well.

The monthly enews News In Service New Mexico is by far the most entertaining of the three free newsletters, and includes trivia (with prizes), favorite quote, current Silver City area events, "green things", mls data, mortgage information, (and of course) select real estate articles. Links to locally generated videos and photos are often included too.

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