Buyer and Sales Contract Training

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Buyer Agent Frequently Asked Questions

What is a Buyer's Agency Agreement, and when do I get the buyer's agency signed?

What is a Buyer's Agency?

A Buyer's Agency Agreement is the document that initiates and outlines the relationship between agent, broker and client(s). This document is the first step to ensuring that all parties understand the fiduciary responsibililties that the parties have to each other.

When do I get it signed? Right away!

The importance of the buyer's consultation is to set expectations on both sides. The buyers expect the agent to work for them, and the agent expects the buyers to be exclusive to them. The Exclusive Buyer's Agency Agreement outlines this relationship, so having it signed as early as possible is best.

Many agents will not show a property without having a buyer's agency to ensure that those clients will not move o another agent when it is time to write a contract.

Must be before submitting an offer.

According to compliance, you do not have to have an agency agreement in place while showing property, but you --must-- have one in place and fully execued by all parties (clients and broker) on or before submitting an offer. This is another reason why getting an agreement in place as early as possible is best.

Which party of the contract chooses the title company?

Both the buyer and seller have the option of choosing their own title representative and they do not have to be the same. A seller or buyer cannot require the opposite party to close at a specific title company. It is undoubtably easier if both parties close at the same title company.

This is especially true if one or more of the properties are contingent on the sale of their home. This means that the buyer must have funds from the sale of their home in order to perform for their own purchase. If you have a seller who must sell in order to buy, you most definitely want to have both of their transactions at the same title company.

An item to note is that some title companies do not allow split closings, meaning certain title companies will not allow buyers and seller to close at different title companies.

PRO TIP: include your preferred title company in the listing notes. Also, cultivating relationships with vendors such as the title company, will always benefit you and your clients during the transaction.

Does NettWork Global have a preferred title company?

While NettWork Global does not have a preferred title company, we do have an established relationship with Freedom Title.

Freedom Title has locations all over St. Louis and St. Charles counties.

Online portal for the buyers to electronically submit their Earnest Money at no cost.

Online Order Form for title processing.

You potentially get paid one day earlier with hand-delivered checks, the day of funding.

You can close at our office in Chesterfield. *Be sure to reserve a room!

Kadi Williams - (314) 786-4000 - Freedom Lake St. Louis - kadi@freedom-title.com

Desiree Peters - (314) 786-4000 - desiree@freedom-title.com

My buyer is under contract, now what?

Congratulations!

The first things that you will want to do are listed below. Your contract terms will determine what order and what urgency each item has. All items should be completed within the first two business days after acceptance, sooner is better.

Order inspections - if the contract allows
Send the contract to the lender
Start a file with the title company
Upload the contract to Broker Sumo and send a note to compliance. Review this video for instructions.

PRO TIP: Be sure to send amendments that are executed during the escrow process to the title company and lender, especially those indicating changes in finances such as sales price, home warranty, seller credits, or closing dates!

What is a boundary survey, and is my buyer required to purchase one?

A boundary stake survey is performed by a survey company and will exactly outline the physical boundaries of the property - you know, like put actual stakes in the ground The buyers are not required to purchase this, however, if they ever anticipate installing a pool, fence, garage or other structure, this would be beneficial to discover allowances during the escrow process. If something is discovered during the appropriate contract timelines, this could be addressed with the listing agent.

On the report, buyers will see the lot lines, permanent structures such as patios and fences. If there are any of these permanent structures that are either their neighbors on their property or theirs on their neighbor's property, the survey will show these.
If these are found, the title company may not fully insure this boundary survey - to ge a fully insured boundary survey, the buyer can have an easement drawn up to then allow this item to be recorded.

Reach out to the title company for further details if this situation arrises.

Sales Contract Videos

SLAR Contract Riders Training (Aired January 23, 2025)

Join us for an engaging and informative session tailored for agents, brokers, and anyone involved in residential real estate transactions in Missouri and St. Louis. Learn how to confidently handle financial riders—a critical component of every contract.

Residential Sale Contract Training (Aired January 9, 2025)

The St. Louis Residential Sale Contract is unique and requires a deep understanding to protect your clients and ensure seamless transactions. Join us for a comprehensive training session that will demystify this critical document and equip you with the tools to excel in the St. Louis real estate market.

Scripts and Scenario Conversations

Live Q&A | Challenges & Objections

Script: There are so many houses on the market. Let's just lowball them and see what the seller comes back with.

This video provides valuable scripts and role-playing strategies to help real estate agents navigate situations where buyers want to make lowball offers. It covers how to overcome objections, manage client expectations, and maintain professionalism in the face of challenging negotiations.

00:45 Introduction to scripting for better sales
01:06 Market shift with interest rates and buyer demand
02:24 Scripting to handle lowball offers
03:00 Offering a fair price to avoid offending the seller
04:03 Motivating buyers to focus on the best house for their family
05:49 Scripts to educate buyers and avoid lowball offers
07:56 The importance of working with knowledgeable investors

Buyer Agent Tips

Best Practices for Getting Your Offer Accepted (50:47mins)

Geoff and Michael review real life tips that will help you get your offer accepted.

Leverage Three Doors to Do More Deals.mp4

Leverage Three Doors to Do More Deals (41:42mins)

Ever wish you always had a buyer in your back pocket for that house that just won't sell? One who can schedule their own showings, doesn't ask for repairs, and makes sure you always get paid!? Well now you do!

Do you wish you had access to more inventory for your buyers? Move-in ready, live and flip, or investment deals for you and your clients? Well now you do!

Stop wishing and start selling. Learn how to leverage these strategies and more at 9:00am on April 25th via Zoom.

Presenter: Ryan Miller

Business Development Manager

Three Doors Properties

New Construction Class Hosted by Jessica Vargas & Kathy Heitzman (1:00hour)

Want to learn more about tips and strategies for your buyers who are leaning toward New Construction? Join Jessica Vargas with Mid Rivers Homes and Kathy Heitzmann with Steve Thomas Custom Homes to learn how they help their buyers build the home of thier dreams!

New Construction 101 Recording.mp4

New Construction 101 with David Haley (1:11:43mins)

Loan Programs 101 with Rory Leach.mp4

Loan Programs 101 with Rory Leach (51:22mins)

Join us this Thursday at 9am for Loan Programs 101. Rory Leach branch manager with USA Mortgage will be discussing the many different loan programs available for your buyers. He will be covering everything you need to know to better understand the lending process and better serve your clients!

Inspections

Inspections Negotiations Class with Nettie Nettemeyer.mp4

Inspections Negotiations Class w/ Nettie Nettemeyer (56:57mins)

Are you ready to elevate your negotiation game and close deals like a pro? Join us for an in-depth and collaborative session where we dive into the details of real estate contract negotiations. Whether you're a seasoned agent or just starting out in the industry, this class is designed to provide you with the knowledge and skills needed to navigate the most complex inspections with confidence.

In class we will cover:

Timelines: Learn about the various timelines involved in real estate contract negotiations, including offer deadlines, inspection periods, and closing dates. Understand how to effectively manage these timelines to ensure a smooth transaction for all parties involved.

Verbiage to Use: Understand the different obligations based on your verbiage. Learn how to protect your buyers or save your sellers money using the right verbiage.

Negotiation Strategies: Explore a variety of negotiation strategies and tactics tailored specifically for real estate transactions. From win-win collaborative approaches to assertive bargaining techniques, discover the methods that work best for you and your clients.

Pitfalls to Avoid: Identify common pitfalls and traps that can derail negotiations and jeopardize deals. Learn how to anticipate and overcome obstacles effectively, ensuring a successful outcome for all parties involved.

Ethical Considerations: Understand the ethical responsibilities of real estate agents when negotiating contracts. Learn how to uphold professional standards and integrity while advocating for your clients' interests.

Home Warranty Training with David Specter (Aired January 29, 2025)

Join us on January 29th for an exclusive Home Warranty Training webinar, presented by David Specter of Choice Home Warranty. Gain valuable insights into the benefits and intricacies of home warranties to better serve your clients. Don't miss this opportunity to enhance your expertise!

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