Buyer FAQ’s and Resources
What is a Buyer-Broker agreement, and is it required to tour a home?
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.
Is mortgage pre-approval required before touring homes for sale?
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.
Besides personal preference, what other things should I be evaluating when I tour a home?
It’s common to think of additional questions or details you’d like to know after touring a home. If time allows, you are always welcome to schedule a second showing before making an offer. To help you stay organized and evaluate each property more confidently, the Touring Checklist below highlights key features and important aspects to consider during and after your visit.
What do I need to include in an offer when buying a home?
When buying a home, your offer should include several key details to protect your interests and make your proposal attractive to the seller. 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 you’re using, the amount of your down payment, and whether you’re requesting seller concessions or repairs. Additional terms like included personal property (appliances), occupancy timelines, and an offer expiration date are also important. Including all of these elements in your real estate offer helps ensure a smooth transaction, reduces the risk of delays, and increases the likelihood that the seller will accept your offer.
What is an escalation clause in real estate?
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 typically states the initial offer price, the amount the buyer agrees to increase above a competing offer (for example, $1,500 higher), and the highest price the buyer is willing to pay. Escalation clauses are often used in competitive housing markets to help buyers stay competitive while avoiding overpaying. Including an escalation clause in an offer can strengthen a buyer’s position, but it’s important to understand the risks, terms, and local real estate rules before using one.
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