Buyers

Buyer's Representation Services

At iLotus Realty, we provide our buyer clients with comprehensive, professional representation throughout every stage of the home-buying process. The following outlines the full scope of services our Agents deliver to ensure a seamless and successful transaction.

Initial Buyer Consultation

Respond promptly to prospective buyer inquiries.
Conduct an introductory interview to understand the buyer’s goals, gather essential personal information, and explain the home-buying process in detail.
Verify that no conflicting brokerage relationships or other conflicts of interest exist.
Review the mortgage pre-approval process and its importance.
Recommend at least three reputable mortgage lenders to assist with pre-approval.
Identify the buyer’s preferences, including location, price range, size, property type, special requirements, and ADA accommodations.

Pre-Contract Activities

Obtain and review the buyer’s pre-approval letter from the lender.
Search the MLS for properties matching the buyer’s criteria.
Schedule property showings with sellers or listing brokers.
Accompany the buyer to view selected properties.

Offer and Contract Activities

Obtain a good-faith estimate from the buyer’s lender for the target purchase price and review it with the buyer.
Review the offer, contract forms, addenda, and related documents with the buyer.
Prepare the offer to purchase along with all required addenda.
Provide the buyer with the seller’s disclosure forms.
Submit the signed offer to the seller’s broker.
Furnish credit report information to the seller in the case of seller financing.
Provide the buyer with copies of all forms used in the offer.
Negotiate all offers and counteroffers on the buyer’s behalf.
Prepare and deliver counteroffers, acceptances, or amendments to the seller’s broker.
Verify that the final contract is properly signed, initialed, and accompanied by all required documents.
Deliver the fully executed contract to the buyer.
Distribute signed contracts to all parties involved, including the buyer, seller, title company, lender, cooperating brokers, and closing agent.
Record and promptly deposit earnest money into the appropriate escrow account or deliver it to the closing agent, obtaining a receipt.
Provide the receipt of escrow deposit to the seller’s broker.
File a copy of the signed contract in the office records.
Notify the buyer of any additional offers received between the effective date and closing.
Update the listing file to reflect “sale pending” status.

Home and Termite (WDO) Inspection

Provide the buyer with at least three home inspection and three WDO inspection company referrals.
Coordinate professional home and WDO inspections with the seller’s broker.
Review all inspection reports with the buyer.
Document completed inspections in the listing file.
Order additional inspections (septic, well, mold) when applicable.
Review supplemental inspection reports with the buyer and assess their impact on the sale.
Distribute copies of any septic, well, or mold reports to the lender and seller.
Verify the seller’s compliance with all agreed-upon repair requirements.

Loan Process Tracking

Coordinate with the lender regarding discount points and lock-in dates.
Confirm receipt of deposit and employment verifications.
Contact the lender weekly to ensure loan processing remains on schedule.
Follow the loan through underwriting.
Communicate final loan approval to the seller.

Appraisal

Schedule the appraisal with the seller or seller’s broker.
Advise the buyer of available options if the appraisal differs from the contract price.
Provide comparable sales data to the appraiser as needed.
Follow up until the appraisal is completed.
Document appraisal completion in the listing file.

Closing Preparation

Coordinate the closing process with the seller’s broker, lender, and closing agent.
Maintain and update all closing forms and files.
Confirm that all parties have the necessary documentation to close.
Assist with obtaining power of attorney or trust documentation when required.
Work with the seller’s broker to schedule and conduct the buyer’s final walk-through.
Confirm receipt of the title insurance commitment.
Confirm the closing location, date, and time, and notify all parties.
Verify with the closing agent that all tax, HOA, utility, and other prorations have been resolved.
Request and review final closing figures from the closing agent.
Review the HUD statement with the buyer to confirm all figures are accurate.
Forward verified closing figures to the seller’s broker for confirmation.
Verify that the homeowner’s warranty, if purchased, is provided at closing.
Forward closing documents to absentee buyers when applicable.
Deliver the earnest money deposit from escrow to the closing agent, ensuring it is properly reflected on the final HUD.
Confirm the availability of collected funds for closing.
Explain the homestead exemption filing process.
Verify the transfer of all keys, garage-door openers, HOA and security access codes, pool equipment, and appliance manuals.
Close out the listing file.

After-Closing Services

Assist with filing homeowner’s warranty claims upon request.
Respond to follow-up inquiries and provide additional information from office files as needed.
Follow up with the buyer to ensure continued satisfaction.

Additional Services

In addition to the services outlined above, today’s real estate market often calls for specialized expertise in short sales, foreclosures, and bank-owned properties. Our Agents are also experienced in property management for homeowners who require such services during the marketing process. Whether you are buying, selling, or seeking a property manager, we encourage you to speak with your Agent to discuss the additional services that will best help you achieve your goals.