"The documents must be filled out completely and accurately, as well as initialed and signed in all the required fields."
From a Listing Agent perspective this is key. When receiving multiple offers - some completed "perfectly" and others a result of "sloppiness" - both the Seller and the Listing Agent are far more interested in dealing with someone who knows what they are doing!
Brokers Protect Your Home Buyers by Training Agents Properly
Broker Bryant made a great post about how to make an offer more acceptable. In it, part of the discussion had to do with agent sloppiness.
As we all know, each offer has several documents that must be submitted, depending on whether it's a regular sale, short sale, or bank owned listing; and whether the offer is all cash, financed, or includes other contingencies.
The documents must be filled out completely and accurately, as well as initialed and signed in all the required fields. The agent needs to explain each paragraph to the buyer so they know exactly what they're signing; and the buyers should make sure the forms are filled out correctly so as to accurately state their offer terms.
On December 15, I opened my own one person brokerage, Captain Bill Realty LLC . Later in 2011, after I get everything organized and ready to deal with agents, I'll take on one or two agents so I can have coverage when I need to be away. Each will have specific training on exactly how the paperwork should be filled out, and what I'll expect to see when I review it. They'll also have training on Risk Management, and will understand what it will cost the agent if there is a claim against our E&O.
It's possible that many agents do not understand that they will be responsible for the deductible (usually $5,000) if they cause a claim. If the claim isn't covered, then they will be responsible to pay the entire cost of the claim.
Sloppy paperwork can lead to very expensive mistakes and potential litigation that may not even be covered by E&O. Therefore, the agents needs to know what is covered and what isn't. With this training and knowledge, the agents can better protect their home buyers from losing their earnest money, and more.
I'm working with a broker mentor to provide me with guidance as I get started. He has a very successful 3 office brokerage and teaches at a large local real estate training school. One of our big focuses is on risk management and how to protect the home buyer and home seller client as well as the company, from expensive litigation.
If an agent turns in sloppy paperwork, then perhaps the broker should require him/her to take further training, and have the broker review every offer prior to submittal until the agent learns how to submit an accurate purchase offer. If the agent refuses the training, then s/he should be fired. It's too much of a risk to keep an agent who cannot prepare an accurate offer.
If your home is in a Short Sale situation
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About the Authors - Updated 2017
If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with BVO Luxury Group @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.
Tony and Suzanne have Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!
Tony and Suzanne Marriott