Accredited Buyer Representative – Summit 11/15/16

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Live class notes and resources from Accredited Buyer Representative – Summit 11/15/16 with instructor Evan Fuchs ABR, CRS, GRI, RSPS, SRS, e-PRO

  • Tools
  • Sample TRID Forms
  • ABR Requirements
  • Contract to Close – Best Practices
    • Managing Inspections
      • Review Inspection Process
      • Pre-paid expenses are not refundable
      • Warn about potential issues that may come up
      • Greatest Hits – issues that come up often
      • Warn that too many items can blow the appraisal/loan
      • “We are not rebuilding houses”
      • “It’s not a brand new house”
      • Consider focussing on safety/life/health
      • Warn against using as a renegotiation
      • Remind them of right to cancel
      • Encourage “subjective” inspections in addition to professional inspections (parents, friends, etc)
      • Suggest specialized inspections – radon, roof, etc
      • Point out known issues upfront prior to writing contract
    • Managing Financing
      • Provide a list of local lenders
      • Know the confirming and non-conforming projects
      • Review time frame for appraisal – discuss rush fees
      • Make sure to be able to document cash deposits
      • Discuss “seasoning” funds
      • A.L.I.E.N.S. – direct client to get info to lender
      • Start 1031 Exchange process with intermediary
      • Time is ticking
      • Warn about buying anything
      • Major life events impact on loan options
      • No job changes
    • Managing Title/Escrow
      • Review good funds needed for closing
      • Get earnest money in
      • Explain deeds
      • Coordinate ALL parties for signing
      • “Will you be reachable during escrow through closing?”
      • Notarize docs, make sure they will be in country – “Will you be traveling?”
      • Warn about potential delays
      • Warn about what may come up on prelim
      • Review title commitment with buyer
      • Get cross-sale broker involved in clouds, conditions is appropriate
      • Explain wiring instructions
      • Track contingencies, first rights of refusal

Live class notes are used as a visual aid during classes. Leave a comment if you’d like clarification of anything that may not make sense out of context.