The Residential Purchase Agreement.
For most agents, the way they jump-start their business is representing buyers in the purchase of their home. Showing Properties and writing offers.
Goal: In this exercise, you need to:
- Finding properties in the MLS (Multiple Listing Service).
- Setting appointments
- Showing Properties
- Writing offers.
Tasks:
- Watch this video in regards to finding properties in the MLS. Then write the 10 steps you must follow to find properties in the MLS, starting on which website to go to and ending on how would you go about to set up appointments.
- Find a single-family home for sale in the city of Bellflower, 3 or more bedrooms, 1.5 or more bathrooms, under $650,000.00 with no pool. Write the address and go to the next step…
- From the previous task, you shall be able to write up an offer using the following information:
- The name of the buyers is: Ricardo and Ricarda Maduro
- The name of the sellers is as per title report (Found under APN in Matrix)
- Close of escrow to be in 35 days.
- Earnest Money Deposit to be 1% of Sales Price.
- FHA loan with 3.5% down payment (3.5% of the sales price)
- Interest rate not to exceed 5%
- Points no to exceed 1%
- Under financing terms must read: Seller to pay buyer’s recurring and non-recurring closing costs up to $10,000.00
- A home inspection contingency to be 10 days
- Appraisal contingency to be 17 days
- Loan contingency to be 21 days
- This property is contingent upon the buyer selling another property (COP)
- Seller to Pay for all services
- Escrow and title to be: Each to pay their own.
- Seller to pay for city inspection and retrofits.
- Home Warranty to include limited roof repairs and appliances and to be paid by buyer and seller (half and a half)
- Sale to include the stove.
- Delivery of the house to be 3 days after closing of escrow.
- The offer is valid for 2 weeks.
Resources you will need for this task:
- Residential Purchase Agreement (RPA-CA) Sample
- Understanding the RPA Video
- Creating a Buyer’s Purchase Package
Timeframe: You should be able to complete this task within 7 days
Once I get your answers I will reply back or meet with you with my feedback, and we will move to the next step.
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