Real Estate Agent Offer Review Checklist

Use the Real Estate Agent Offer Review Checklist when you've receive an offer on one of your listings as a real estate agent.

  • Create a new folder in Dropbox under in the active seller files section “SELLER'S NAME” > “ – Offer From BUYER'S NAME”
    • Save a copy of the offer files in the folder using the naming conventions shown below.
  • Your offer should include the following documents:
    • A version of a Contract To Buy And Sell Real Estate – Save as “YYYY-MM-DD – 1234 Main St – Contract To Buy And Sell Real Estate.pdf” in either case but it may be different versions:
      • IF FORECLOSURE: Contract To Buy And Sell Real Estate (Residential) (Colorado Foreclosure Protection Act)
      • OTHERWISE: Contract To Buy And Sell Real Estate (Residential)
    • Usually one of the following:
      • Proof of Funds like a copy of a recent bank statement – Save as “YYYY-MM-DD – 1234 Main St – Proof Of Funds.pdf” or
      • Pre-Approval Letter from lender – Save as “YYYY-MM-DD – 1234 Main St – Pre-Approval Letter.pdf”
    • IF NOT USING Alternative Earnest Money Deadline: Earnest Money Check along with Earnest Money Receipt – save as “YYYY-MM-DD – 1234 Main St – Earnest Money Receipt.pdf”
    • Closing Instructions – Save as “YYYY-MM-DD – 1234 Main St – Closing Instructions.pdf”
    • Seller's Property Disclosure – Save as “YYYY-MM-DD – 1234 Main St – Seller's Property Disclosure.pdf”
    • Source of Water Addendum – Save as “YYYY-MM-DD – 1234 Main St – Source of Water Addendum.pdf”
    • Square Footage Disclosure – Save as “YYYY-MM-DD – 1234 Main St – Square Footage Disclosure.pdf”
    • Mold Disclosure – Save as “YYYY-MM-DD – 1234 Main St – Mold Disclosure.pdf”
    • IF HOME WAS BUILT PRIOR TO 1978: Lead-Based Paint Disclosure (Sales) (and I usually attach the “Protect Your Family From Lead In Your Home” pamphlet right to this pdf as well) – Save as “YYYY-MM-DD – 1234 Main St – Lead-Based Paint Disclosure.pdf”
    • IF SHORT SALE: Short Sale Addendum – Save as “YYYY-MM-DD – 1234 Main St – Short Sale Addendum.pdf”
    • IN FORT COLLINS: Occupancy Limits Disclosure Statement For Property Sale – Save as “YYYY-MM-DD – 1234 Main St – Occupancy Limits Disclosure Statement For Property Sale.pdf”
    • IF FORECLOSURE: Homeowner Warning – Save as “YYYY-MM-DD – 1234 Main St – Homeowner Warning.pdf”
    • IF BUYER IS COMPANY OR LLC:
      • Resolution to buy the property – Save as “YYYY-MM-DD – 1234 Main St – Resolution To Buy.pdf”
      • Articles of Incorporation (for corporation) or Articles of Organization (for LLC) – Save as “YYYY-MM-DD – 1234 Main St – Articles of Incorporation.pdf” or “YYYY-MM-DD – 1234 Main St – Articles of Organization.pdf”
  • Print out a copy of the offer.
  • Make notes about the offer as you go through it with any questions or comments you might have for the buyer and their agent, your seller or a dream team member. Use a high contrasting color (green ink for me, but you may use blue or red) so that it jumps out and is easy to see for you as you discuss it with your client later.
  • Key things to note:
    • Deadline for acceptance and closing
    • Price and terms (including type of financing)
    • Seller concessions and contributions to closing and loan costs
    • Are they asking to be able to assign the contract?
  • Add new tags to Highrise to seller's contact record: Offer Received, Offer Pending
  • If your seller is local, I recommend calling to schedule a time to get face to face to go over the offer. If they are not local, email a copy without your notes using DocuSign and call to discuss it with them.

Alternatives

  • Some agents may not include all of the documents listed above in their initial offer. Depending on what is missing you may be OK to get them signed after MEC.
  • Some agents may not fill out all parts of the Contract To Buy And Sell Real Estate. I do not recommend signing contracts with significant blanks or missing information. Consider asking the buyer's agent to fill in the blanks and submit a complete offer (my least preferred option), countering (my second least preferred option) or writing up a new offer with all of the information completed with what your seller would accept. My personal belief is: “he who writes the offer has an advantage”. So, I prefer to re-write it in these cases.

Related Resources to Real Estate Agent Offer Review Checklist

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