Tulsa Real Estate Agents | Winning the Real Estate Game
What are the questions? I get a lot from my clients. Is they they want? They don’t understand what a trrs and they asked me. What is the process for the trr? And what exactly is that? You are well explain to you as a prophet real estate agent, very aware of what your ours are. There are stands for: treatments, repairs and replacements and I believe back in 2015. There was a change to the trr process. Initially, when a buyer would make an offer, the buyer would request a repair cat in the offer, meaning quest for an example of a thousand dollars as a prepare, a cat and they’re pretty much asking the seller to agree to pay in advance to perform up to $1,000and repairs once they go through the inspection process, it was really confusing between the buyer and the seller is, and so they decided to change the trr cap. Instead of having a predetermined cat, they decided to start the negotiations out at 0. So as a real estate agent, I always tell my clients.. Yes definitely want to do inspections, and we definitely want to look at. You know what is specifically majorly wrong with an ounce, because any good and inspector is going to find a laundry list of things. That is wrong, but here’s the situation, you can walk away, the buyer can walk away. The seller can walk away when you submitted here are to a seller and you’re, asking the seller to repair things or even a few things or everything. That’s on the inspectorsreport. You know the seller doesn’t have to do anything that we’re asking them to do so, if you know, gives the seller to say the opportunity to walk away, or it also gives the buyer to walk away from the contract and in the process. If, if we can’t come to an agreement, then the buyer does get the earnest money back so just a little bit about and how to cheat. What the trr says on the actual oklahoma residential contract and a guitar for real estate agent is going to explain the contract early and the chair are processed the treatment and repair cost in relation to termites and other wood destroying insects. So what that means is termites are part of the chair are during inspections. There is going to also be a termite inspection and that’s when they discover where I’m at home needs to be treated or not. So that’s. Why did the termite is all actually included on top of the home inspection? So once we going to contact, we have a specific time frame of when we have to have inspections done usually a lot of times. People will ask for 10 days and that you know other good Tulsa Real Estate Agents I always ask for 15 days to do any and all inspections. So when we do that, we have literally 15 days to complete our inspections and if we sit down and decide that we want to ask the buyer to repair or treat for termites, we have to send the report a written report to the buyer’s agent or to the seller’s agent within that 15 day time frame. So the trr is the actual report in them. In the meantime, you know once we send that let’s say we send the trr on day 7 and we’ve asked the seller to repair or fix something or replace something. Once we send that report over on day 7, then we actually have seven days to negotiate the repairs the seller actually has to sign off on the trr stating that they received it and that 7 days begins once the seller sign stating that they have received the report. At that point, the negotiation start 7 days after that. A good Tulsa Real Estate Agents is always going to be on top of that time frame, because it’s very crucial and critical that we do not go over the time frame as a seller’s agent. I definitely want to make sure that we’re responding and because of the fact that you know, if we don’t respond in time, pretty much. You know it was stay. The buyer does not send a tear are on day 15. Then they are saying that they’re accepting home, as is no matter what they are accepting home, as is if they do not get that report in on time. So that’s why the Tulsa Real Estate Agents has a duty to their client to be very aware of dates and times exedra. It does say on the contract that a buyer and seller shall have 7 days after delivery to the seller or the seller’s broker. Escopeta trr form to negotiate the treatments. There is a on the contract where you can actually, instead of saying 7 days, you can ask for longer, or you can ask for 3 days. That is actually going to be initially made in the initial offer, though, if you were to leave that spot blank, and it’s automatically going to default to 7 days if a written agreement is reached, the seller shall complete all agreed treatments, repairs or replacement prior to the closing date. That’s another question:i get like how long does this I’m just fix the repairs if they agree to fix it, do they have 2 days 3 days, 4 days? Now it’s before the closing date. I’m honestly, you know we always try to have all the repairs done before the buyer. Does a final walk through the final walk-through is usually done right before we close? Usually within 24 hours to 48 hours prior to the closing, so at that time during the walk-through, a good Tulsa Real Estate Agents is going to walk through that home when they’re buyer, the trr checklist weather in make sure that all repairs and replacements have been completed, because it’s not time if we don’t find or if we find that something is wrong.
Tulsa Real Estate Agents That’s when we’re going to let the seller’s agent know hey. You agreed to fix this item in this item, but we’re closing in 24 hours and that’s not fixed her the contract agreement. The seller has to fix that so, if they can’t get it fixed within the time frame before we close and then our closing is then going to be delayed. So we definitely want to make sure that our buyers are taken care of from the buyer standpoint and if we’re representing the seller in the process, we want to make sure that the sellers are taking care of making sure you know. Tulsa Real Estate Agents Guitar center real estate agent is always going to make sure that we are definitely on top of all of our deadlines. All of our time constraints and make sure that everything is done in the prop you know, I can remember going back to 2015 when the cap was in place, and you know it just seem that it was really confusing on this repair cat, because a lot of times a buyer is going to find more than $1,000 worth of items that need to be fixed. So when we put a cap in there and then in the beginning, in the end of the offer of $1,000 cap for trrs, he always wind up negotiating for more at the end of the day, and also the buyer already the sinks that well, they agree to a thousand. So we’re going to find $1,000 worth of things that are wrong in order to make the seller to pay for it. Since the seller agreed to it. It’s the end of the day. I think that remove the cap from the initial offer and taking away the predetermined repair tap was actually a really good thing and I think it just makes everybody’s life a little bit easier and I get tulsa real estate. Agent is always going to be looking out for the best interest of their buyer or seller, whoever they are representing and we’re always going to notice, negotiate the best deals for our clients and in the beginning, so going back to the trr. Let’s just do a recap: we have an inspection. Tulsa Real Estate Agents Of 15 days. The buyer’s agent will schedule the inspections that will go over the inspection report with the buyer. We will then determine what we feel would be in the best interest for the client to ask for repair wise and in really I always tell my buyers. Let’s look at the major things, because there’s always going to be something wrong with every house that we’re looking at even new construction, there’s always going to be something little. That needs to be fixed and there’s no help, that’s perfect. Tulsa Real Estate Agents So once we go over the list, we did go ahead and submit the trr with our repair request on them. We sign off. Are the fire signs off on dtr? Are we then submit it to the buyer, the seller’s agent? The seller will then sign off stating that they received it. We have 7 days at the point when the seller signs to negotiate repairs. During that time, the seller is usually getting quotes to figure out how much things are going to cost. The buyer’s agent is constantly in contact with the seller’s agent, and we get that negotiated before that. Save it 7 days is up at that point. When we, when both parties come to an agreement on the trr, the seller will then sign off on the trr and the song another they will scratch things out. Everybody has 10-1 agree on whatever is changed on the trr fight for their client and do what’s best for them. There is a little episode on tara hours, I hope that might have answered any questions you might have thanks Tulsa Real Estate Agents