Here is a very very detailed of everything I do from contract to close. I think of being under contract in 3 phases, although those phases are completely imaginary and no one else will know what you're talking about fyi :)
Initial
- meet client
- is client pre-approved? If not, email them "lender options" email template.
- narrow house criteria
- send client email template "showing tips!"
- house hunting > find *the house*
- CMA/price analysis, educate buyer on market and price
- call listing agent and establish rapport **make sure you read and follow any offer instructions written in agent remarks on MLS
- write offer, send to client for signing
- send offer to listing agent, utilize "offer template" email template
Executed: phase 1, option
- If other agent has not sent executed contract to title, do so. If you are buyer's agent, it is your job to send executed contract to lender
- email title co and copy buyer, ask how to submit earnest and option money
- send client "inspector options" email template
- send client "under contract guidelines" email template
- ask lender if they have ordered the appraisal and if they haven't yet, ask them to please do so.
- verify client knows how to submit EM/OM, knows when EM/OM is due, when OP ends
- enter transaction in SkySlope within 48 hr of executing contract
- If you did not send client required disclosures already, send them now, along with "disclosures for signing" email template
- assist buyer in scheduling inspection
- attend end of inspection with buyer, if necessary coordinate any further inspections and/or vendor repair estimates and bids
- submit any amendment to contract to listing agent prior to option ending, negotiate if necessary
- send any executed amendments to title and lender if you are the buyer's agent
- if your buyer is terminating, have buyer sign "Release of Earnest Money" and "Notice of Buyer's Term of Contract" and send to title and lender. ****It would be kind of you to let the listing agent know that you are terminating beforehand
Executed: phase 2, appraisal
- after option mostly you are waiting for appraisal to come back
- send client "closing soon" email template about 21 days from closing (right after option ends or re-negotiating is complete)
- title might send you documents to send to buyer for signing, listing agent's brokerage might want your client to sign additional disclosures: facilitate in these requests.
- if you buyer is selecting a home warranty, send them the "home warranty options" email template and send their selection to title. ****FYI title will try to bully you into selecting this very early on. They can order it the day of closing, give your client space. I mean, don't prolong until the day of closing if that can be avoided, but if that has to happen, the sky won't fall.
- Usually if you need to order a survey, title will coordinate that
- You will probably be the last to know when the appraisal comes back. Can ask client to send you report if you want.
- If appraisal is short, call listing agent immediately to discuss resolution. The only options are: terminate, adjust sales price to appraisal price, meet in the middle but buyer has to come out of pocket for the gap (you will want buyer to be discussing with lender about the financial ramifications). If you had an appraisal waiver, then follow suit with that.
- There is a 3 day notice of value federally mandated waiting period after an appraisal is performed fyi ****In the video I said it might be a 48 hr waiting period, that was incorrect. It is 3 days. That means after appraisal is performed and notice of value is given, closing can't happen for 3 days, no way around it. Your buyer needs to sign the lender's notice of value like immediately (that's a form lender will send, likely you will only know they haven't signed the form if the lender tells you they have been waiting.)
- email client "closing soon" email template **send this about 10-14 days before closing
- about 14 days or so out, i contact title for scheduling closing. Some agents do this right after executing contract, but I wait until I am pretty sure we are closing as scheduled. Better to close in morning, I prefer to close around 9 or 10 am.
Phase 3: More waiting
- Depending on how early on your appraisal was scheduled, you might have 3 days in this phase or you might have like 2 weeks
- about 3-5 days before closing, send client "final update before closing" email template
- about 5-7 days before closing touch base with lender and make sure you are on track to close on time. if you are not, alert listing agent and title asap.
- about 7 days before closing, I verify if eXp has sent me and title the CDA. If you need anything CDA-related, text 855-966-1397 and they will take care of you.
- confirm closing time with title and clients
- send clients "final update before closing" email template
- go to closing!!! :)