Question 1

What is a Buyer-Broker agreement, and is it required to tour a home?

Accepted Answer

A signed buyer-broker agreement is required by law (as of July 2024) before a real estate agent can show you a property. This legally binding contract establishes the working relationship between the buyer and the real estate agent and clearly outlines the roles, responsibilities, and terms of representation for both parties.

Question 2

Is mortgage pre-approval required before touring homes for sale?

Accepted Answer

While a mortgage pre-approval is not required to begin touring homes, speaking with a lender early in the home-buying process is strongly recommended. Getting pre-approved helps you understand your budget, avoid falling in love with a home outside your price range, and positions you as a serious buyer. A pre-approval letter is also required when submitting an offer on a home and can strengthen your offer in a competitive real estate market.

Question 3

What should I evaluate when touring a home besides personal preference?

Accepted Answer

Key features to evaluate include the condition of major systems (HVAC, roof, plumbing), natural lighting, storage space, neighborhood factors, and potential maintenance issues. If time allows, you can always schedule a second showing before making an offer.

Question 4

What do I need to include in an offer when buying a home?

Accepted Answer

A strong home purchase offer typically includes the purchase price, earnest money deposit, proposed closing date, and any contingencies such as financing, home inspection, appraisal, or the sale of an existing home. You should also specify the type of loan, down payment amount, and whether you're requesting seller concessions or repairs.

Question 5

What is an escalation clause in real estate?

Accepted Answer

An escalation clause is a real estate contract provision that allows a home buyer to automatically increase their offer price if the seller receives a competing offer, up to a pre-set maximum amount. This clause states the initial offer price, the increment amount above competing offers, and the buyer's maximum price.

Sell with a practical plan from the start.

Prepare, price, and sell with steady guidance.

Pricing conversation based on current market activity

Preparation recommendations before listing

Listing copy, photos, and marketing coordination

Showing feedback and buyer activity review

Offer review, negotiation, and closing support

Sell with a practical plan from the start.

Prepare, price, and sell with steady guidance.