Day to Day Run-Ins
What form would you use to submit a formal backup offer?
The BUO (Backup Offer Addendum). This form makes it so that your buyer is formally the next person up if the current escrow falls through. Many sellers do not want to be tied formally to a specific buyer, but try and get the seller to agree to these! If you open escrow on another property notify the seller and withdrawal the backup offer. 30% of escrows fall out!
Direct Access covers up to this amount in the event of theft/damages occur during a self-guided tour
$100,000
When CAN'T a seller force performance such as a scheduled contingency removal/close of escrow?
On a weekend or holiday
What are some tell-tale signs that a customer may be performing a 1031 Exchange?
- Buying or selling a tenant occupied or vacant property
- Bound by a specific time frame
- Mentions they are investor
It's your job to recognize the signs and ask.
If you act like a buyer's agent and your customer relies on you being their agent, you may legally be their agent even if nothing is signed saying so, this type of agency is called what?
Implied Agency and it happens all the time here!!
How soon before a contingency is due can you send a Notice to Perform?
You can send an NBP/NSP to out the number of days that it takes to cure. By default performance can be forced after 2 days, thus you can send it out 2 days before the contingency is due. This can be shrunk or extended in section 14E of the contract
Is there still a Supra on Direct Access listings?
Yes! The Supra is still there and that is what agents will primarily use to access the home. An AA will put the key for the new SmartLock deadbolt in the Supra.
What is the maximum amount of time a property can be left in 'Coming Soon' Status?
21 days, then it will automatically become an active listing
What contractual forms must we use when we have a customer performing an exchange?
BES (Buyer Exchange supplement) or SES (Seller exchange Supplement), ideally submitted with the offer.
What is Redfin's policy if you have 2 customers who want to write an offer on the same property?
You cannot write the offer for both customers, one must be passed off to another agent on the team for that offer only. If the offer gets accepted the agent that wrote the offer gets to keep the customer, you may agree ahead of time to a bonus split. The client will revert back to the original agent if the offer is unsuccessful
When do we need the buyer to sign a 'Buyer Inspection Waiver' (BIW)
On every deal when a buyer elects not have any of the follow-up inspections recommended by you or their home inspector, so pretty much every deal!
What percentage of homes with Direct Access sell to a buyer that saw the home on a self-guided tour?
20%
Use this form when you have an SCO out to a buyer and you receive a second offer and would rather issue an SMCO to both parties
In a 1031 exchange, how long does a buyer have to identify a replacement property?
45 days
If you are selling a home and the property was purchased with Redfin, what is your role as it pertains to historical disclosures?
We must access the disclosures from the previous deal, DR will notify you, and you must share them with the buyer, this is not an option and is legally required
When a buyer and seller are agreeing to sell personal property we should use one of these
Bill of Sale - we have a template for that!
1. Gated Communities
2. Condos where a gate code is required or further security measures are already in place
3. Areas where there is little to no cell service
4. Occupied homes!
Bonus! - If your seller insists that their alarm system be on at all times, then we cannot use Direct Access
This feature can be used to notify buyers of an offer deadline on a Listing?
What is 'Last Call'
How long does a buyer have to close on their replacement property?
The buyer must close on the replacement property within 180 days after closing on their relinquished property
Explain Redifn's Document Retention Policy for Buyers
ALL offers submitted for our buyers must be saved and submitted to Deal Room whether accepted or not
Can you write multiple offers on different properties for your buy-side clients at once? If so, explain how
- Should only be done if client demands it
- May legally bind the customer to buy two properties
- Should check with attorney first
- If one offer is accepted all other offers must be withdrawn
In Deal Room, if Direct Access is installed you can click on the hyperlink which will allow you to 'Manage Hub and Lock' where you can view the default codes and even change them yourself!
Explain the process of how a Buyer's Agent's commission would be reduced, if that is even possible.
1. We can't suggest and may not make lowering the commission a condition of the offer and we can't suggest how they should go about it.
2. Buyer's agent must complete a CBC and cannot request a change in commission in the purchase agreement, adm or counter
3. Their broker must sign the CBC
In a 1031 exchange how many replacement properties is the purchaser allowed to identify?
A purchaser may identify up to 3 replacement properties
Explain Redfin's Document Rentention Policy for Sellers
ALL offers on listings, accepted or not must be saved in DR