SELLERS TIMELINE
This is a very general guide to how Real Estate
transactions occur and in a general order of precedence.
Researches agents for qualifications
Chooses agent for job based on multiple criteria:
Personality Credentials Honesty
Knowledge Licensing Professionalism
Listing agreement is signed
Sign goes up in sellers yard
Property is listed in the: Property has a:
MLS (multiple listing service) Brokers open house
Newspaper Open houses
Internet
Buyer’s agents see property/buyer sees property and contacts agent for tour of property
B. Bid for Property
Residential Purchase Agreement with Buyer Inspection Advisory.
Check to Escrow
Agency Disclosure Minimum Buyers Costs:
Credit Approval Recurring Types
Cover letter Taxes
Possible other items: Insurance (house)
Wood destroying Pests Home Owners Association Dues
Compensation to selling agent Pre-paid Interest
Set up the following out of pocket expenses:
Appraisal Inspection- $300-$600
Home Inspection- $300-$600
Supply REAL deposit check to Escrow
Review and Negotiate the Home inspection repairs
Supply anything the Sellers agent requests: i.e.:
FICOs Loan App Bank statements
*Mortgage items:
Notify the Mortgage People & supply the following documents:
Fully executed Purchase Contract & any counter offers
Management company Address & Phone Numbers
Supply escrow with address, office and phone numbers of Lender
SELLERS TIME-LINE
Sign & return papers to Escrow
Request HOA CC&R, By-Laws, & Financials from Escrow
Exchange all disclosures:
TDS FIRPTA Flood Disclosure
Lead Paint Disc. Prop ID Nat. Hazards Disc.
Earthquake Disc. Smoke Detect. Addendums: local & company specific
Gov’t Retrofitting Water Heater Strapped Gas Shut off Valve
Keep track of Mortgage for hard loan approval
Supply all needed forms as requested
Continually call other agent & escrow:
Confirm they have their documents
Are there any others documents they need?
Inspection of property by professional.
Report supplied to buyer
Buyer requests repairs done
Negotiations of repairs
Confirm date of closure
Is it COE or COE+2days?
Do final walk through to verify property condition & repairs are done.
F. Escrow closure
Disbursement of refund /commission checks
Funding by lender
Recording of deed of trust
Give keys to buyers
File all paperwork.