As a local real estate agent I want to thank you for these videos. You’re providing useful knowledge and simplification for new agents and even seasoned agents.
My personal opinion on property inspection. It works, i ordered one and saved me $ 15,000 dollars even after I had agreed to the $ 15 K higher price. It alerted me of certain things that needed to be fixed in the House that are not readily visible by a buyer.
Is an RPA used when an agent is just doing an off market transaction? I know you use commission agreement with seller in lieu of Listing Agreement. How about on the buy side?
Yes, RPA is used for off market. Depending on who is paying the buyer's agent commission, the form used can be a single party compensation (SP), a commission agreement (CA), a buyer representation agreement (BRE), or written into the RPA under "Other Terms"
@@BalboaRealEstate Oh ok, so termite clearance wouldn’t go into the text overflow for that section? I’ve represented the sellers a couple times where the buyers marked termite report and sect 1 clearance in their offers. Thank you.
@@NatalieCohenMedia Years ago it was mentioned on the RPA, but the problem was that the seller was agreeing to an unknown own amount. What if clearance costs 30k? So it's better to wait until the inspection has been done and that is why termite is now on the RR form and not the RPA.
The seller credit is added to the seller's closing costs which are deducted from the equity of the home by escrow. The seller is on the hook for the whole credit. I hope that answers your question.
It's saying the transaction is contingent upon the property appraising for the amount of the sales price or more. If it doesn't then the transaction can be cancelled.
This makes more sense. Someone had said that it the purchase price was $500,000 but you think it would appraised for less $450,000 You put that there. If appraisal comes backs at $480,000 then you would pay the difference.@@BalboaRealEstate
If there is a tenent ovcupying one unit of a duplex, but the seller didnt provide a topa as part of rpa. Does that give buyer rights to void the agreement since its not complete.
Thank you. The deal hasn't closed yet. Is buyer entitled to get the earnest money back? Buyer do know there is currently a tenant in one of the unit, but didn't have any agreement with the seller on if the tenant should stay or leave.@@BalboaRealEstate
Ideally, there is still an inspection contingency and the buyer can walk. However, if there isn't, and the seller did not disclose a material fact thenthe buyer still has a right to walk and get their EMD refunded. @@QiGao-u2v
As a local real estate agent I want to thank you for these videos. You’re providing useful knowledge and simplification for new agents and even seasoned agents.
Thanks for the feedback. I really appreciate it.
As an Agent returning to California, this was extremely helpful. Line by line going over possible pitfalls, many thanks.
Well done! You have such a pleasant voice. It's a pleasure to listen to you.
Such a smooth & simple explanation. Thanks for making this content. I appreciate
My personal opinion on property inspection. It works, i ordered one and saved me $ 15,000 dollars even after I had agreed to the $ 15 K higher price. It alerted me of certain things that needed to be fixed in the House that are not readily visible by a buyer.
Absolutely!
Thanks a ton! Super helpful especially for myself as a new agent
Thank you 😊
So helpful. Thank you for being so clear and concise.
Thank you so much for these. I am relying on these tutorials so much. Will this apply to the 2023 form as well? Writing this in january 2024.
Yes, there are only negligible differences.
Thank you for the tutorial. Very informative and easy to understand. Have you made a similar tutorial re: preparing an RPA counter offer?
Yes, here: th-cam.com/video/QQP93YmBaFY/w-d-xo.html
@@BalboaRealEstate Thank you. Very clear and concise.
thank you so much, you are the best
Well done!
Fantastic video... very VERY informative... Thank you so much
Is an RPA used when an agent is just doing an off market transaction? I know you use commission agreement with seller in lieu of Listing Agreement. How about on the buy side?
Yes, RPA is used for off market. Depending on who is paying the buyer's agent commission, the form used can be a single party compensation (SP), a commission agreement (CA), a buyer representation agreement (BRE), or written into the RPA under "Other Terms"
What if you (the agent) is the buyer? Do you have a video on that? Great content by the way!
You will write your name as the buyer's agent and as the buyer. That's the only difference.
@@BalboaRealEstate thank you, bless you.
What about Termite Clearance? Where would that be specified? Thank you for this, so informative.
Termite clearance should be requested later, in the request for repairs. If it MUST be put in the offer then section R, other terms.
@@BalboaRealEstate Oh ok, so termite clearance wouldn’t go into the text overflow for that section? I’ve represented the sellers a couple times where the buyers marked termite report and sect 1 clearance in their offers. Thank you.
@@NatalieCohenMedia Years ago it was mentioned on the RPA, but the problem was that the seller was agreeing to an unknown own amount. What if clearance costs 30k? So it's better to wait until the inspection has been done and that is why termite is now on the RR form and not the RPA.
@@BalboaRealEstate Brilliant, thank you so much for explaining that. 🙏🏻
For the closing costs, do we have to follow the customary guidelines for each county or can we still choose what’s best for our client/ the offer?
It's entirely negotiable between the parties. The chart is just what is customary.
I was curious about G1 at 9:40. If the sellers closing costs exceed what was expected, than it will come out of the buyers credit?
The seller credit is added to the seller's closing costs which are deducted from the equity of the home by escrow. The seller is on the hook for the whole credit. I hope that answers your question.
CAN YOU SHARE THE File you showed
Can you explain 8B Appraisal: Appraisal contingency based on upon value at a minimum of purchase price or
It's saying the transaction is contingent upon the property appraising for the amount of the sales price or more. If it doesn't then the transaction can be cancelled.
This makes more sense. Someone had said that it the purchase price was $500,000 but you think it would appraised for less $450,000 You put that there. If appraisal comes backs at $480,000 then you would pay the difference.@@BalboaRealEstate
Thanks alot!
If there is a tenent ovcupying one unit of a duplex, but the seller didnt provide a topa as part of rpa. Does that give buyer rights to void the agreement since its not complete.
If escrow has closed the buyer has a claim against the seller. If escrow is still open the buyer can cancel the sale.
Thank you. The deal hasn't closed yet. Is buyer entitled to get the earnest money back? Buyer do know there is currently a tenant in one of the unit, but didn't have any agreement with the seller on if the tenant should stay or leave.@@BalboaRealEstate
Ideally, there is still an inspection contingency and the buyer can walk. However, if there isn't, and the seller did not disclose a material fact thenthe buyer still has a right to walk and get their EMD refunded. @@QiGao-u2v
L2 8B that Appraisal line? If my buyer won’t pay over the appraisal do I fill that out?
No, just leave the line empty.
Awesome info
Can't handle the swallowing sounds. You might want to filter that out on future videos as I was super interested.
Valuable feedback - thank you
Good explanation, but I can’t get over hearing you swallow. It’s a bit annoying .
Thank you for the feedback.
need one from 12/15
Why is that?
@@BalboaRealEstate so I can figure out how to fill that one out specifically upload a video on it tomorrow 8pm Easter I just want to learn