You: What Your Agent Needs To Know

I recently had the opportunity to help out some colleagues in my office by writing an offer on their listing for some buyers who saw the property during an open house and didn’t have an agent. Most people probably think that agents love this type of situation – we get a call to write an offer for someone without having to do any “work” to help them find a house. However, the truth is that writing an offer is a fairly personal experience – one that can actually be kind of awkward if the buyers and the agent don’t have any kind of established relationship. That is unfortunately what I experienced in this case. Because we had just met, the buyers were obviously uncomfortable sharing personal information with me, and that made it harder for me to represent them and their interests. The fact is, in order to help buyers, Realtors need to know some basic facts. We aren’t trying to be nosey! In order to do his or her job, your agent will need to get the following information from you before writing an offer:

Who are you?

The agent writing your offer will ask you for at least a basic overview of your current lifestyle. What do you do? Where do you live? Do you own your current home, or are you renting? Are you married? Do you have any children? While it may seem that these questions are not relevant to writing an offer to purchase a home, they speak to who you are as a person and what your motivation is for buying. In today’s market, sellers will most likely want to know a bit about the people who are buying their home. This is why your agent may recommend that you include a personal letter with your offer submission. This type of information can not only help you stand out in a crowd of multiple offers, but it can also give the sellers a sense of whether or not you are going to be compatible to work with during escrow. Because of this, your agent needs to be able to relay this information to the listing agent when presenting your offer.

How much money are you putting down? Who is your lender?

The amount of your down payment needs to be included in your offer paperwork, and agents will typically want to touch base with your lender before you sit down together to write an offer. You should expect to give your agent bank account statements showing the proof of funds for your down payment – but you may choose to black out your account numbers.

Have you previously written offers on other houses?

Most agents will want to know this for several reasons. First of all, they will be interested to know what agent represented you for those offers and why you are choosing not to use that agent again. It is helpful for your current agent to know what happened with your previous offers – what is your perception of why you lost out on those houses? That information can be extremely helpful as you move forward with a new agent.

What is your maximum budget?

Your agent will need to know exactly what you are able to afford. Even if you don’t want to spend that much on a particular house, your agent needs to know what your purchasing power is.

It can feel uncomfortable going through all this information with someone you just met, especially if you are already stressed out about making a huge financial commitment on a new home. Just remember that your agent needs this information in order to properly present your offer and serve as your proxy during negotiations.

The best way to make yourself comfortable sharing personal information when buying a house is to develop a relationship with a single agent over time. If you trust your agent, you can feel confident that he or she is representing your interests in the most professional and ethical way possible.