2. Create a Date Sheet for your clients. A copy of mine is in DropBox. Email a copy to your clients. That way, everyone is on the same page.
3. Send a copy of the contract, counter and any other documents you may have to the lender.
4. Read through the Seller’s Property Disclosure to identify concerns, if any.
5. Ask your client to contact a Home Inspector. An updated list is in DropBox in case you need to refer a couple of people to your client. A normal inspection takes 2-3 hours.
Once all inspection items have been resolved, let the lender know it’s time to order the appraisal. The most common place a deal with fall apart is in the inspection phase. You don’t want your buyers to pay for an appraisal if they are not going forward with the purchase.
6. Title Work – Make sure the title work shows up on time. If you haven’t seen it the day before it is due, call the title company and ask them to send it to you and the buyer. Many times, you will receive the title work, but not the buyer, so send it on to him/her.
Send a copy of How to Read a Title Commitment to your clients so they will know what to expect. (DropBox)
If there are any errors, typos, wrong purchase price, etc., call the title company and have them correct it and send another copy.
7. HOA Documents – Sometimes these are available on-line. The listing agent should tell you, or ask. Otherwise, it is critical that all of the documents show up on time to be the buyer ample time to read through them.
8. Survey. If you need anything at all, you will probably need an ILC (Improvement Location Certificate). It may come with the title work, but I would check with the lender and the title company to see if one if necessary. (See DropBox for List). In Highlands Ranch, it probably won’t be necessary, in Evergreen, possibly so.
9. Appraisal – the lender orders the appraisal. Just make sure the lender has sufficient time to do this. The Appraisal
10. Schedule Closing – call the listing agent and let him/her know that your buyers would like to close at ____ time if at all possible. Get the closing time scheduled as soon after the Appraisal OK comes in.
AT THIS POINT, FILL OUT A DISBURSEMENT AUTHORIZATION (Found in DropBox) and send to me to sign. If you don’t do this, you will have to wait three days for your check. I will send it on to the title company for you, and give you a copy as well.
11. Loan Conditions. You should receive a “Clear to Close” from the lender a day or two before closing. That means everything is ready to go.
12. Final Walk-through. Choose a day or two before closing to schedule a walk-through with your clients. You can ask the sellers to be there if that would be important to your buyers. Note: the sellers can refuse, but most don’t.
Things like solar heating systems, complex watering systems, etc. could be very important to discuss with the sellers.
13. The title company will send the lender and you, and maybe your buyers, a copy of the HUD 1 Settlement Statement and/or Buyer’s Statement. YOU need to review this to make sure that all items are on the sheet. If you find an error, call the title company. Let the lender explain the charges to the buyers.
IT’S ALMOST PAYDAY!