Well, we've just signed the contract and everyone is happy...what do we do now? The seller and buyer need a "road map" to let them know what will happen next.
The Listing agent should do their paperwork and turn it into their office and the title company. The Buyer's agent does their paperwork and turns it into their office and to the lender.
In about 10 days - Inspections.....Inspection appts. are set in advance for everyone's convenience. Buyers and buyer's agent go to the inspections for approximately 3 hours. When the reports are back, they're e-mailed or faxed to the listing agent along with the "Resolving Unacceptable Conditions" form. The listing agent sits down with the sellers and they go over the "Resolving" form and at this point, we're back in negotiation again.
Many times, we have moved from a Wedding (Contract signing) to the Divorce (Inspection time). Buyer wants everything fixed and seller doesn't want to do too much. If people let their emotions get involved it can become ugly. Agents encourage business-like responses and buyers to ask for safety issues not just cosmetic. After coming together thousands of dollars apart now buyers and sellers will probably argue over $300. or $400. worth of repairs. Sometimes sellers have let their home run down and it is normal for a buyer to expect the HVAC to work and the roof to be in good shape. Then sometimes buyers just ask for way too much and they're unrealistic, trying to turn an older home into a new home - - which doesn't work.
Once buyers and sellers agree..... we're on our way again. Repairs are to be done by the seller and possibly paid receipts turned in to the listing agent. The listing agent will meet the appraiser to let them in at the house and remind the sellers to change their utilities over on the day of closing. Buyer's agent will remind their buyers about the utilities and to get insurance on the home. The agents look over the title work to see if there is anything unusual that needs attention.
At this point......I would not sell any large items of furniture or appliances if I were the seller because there's always the rare instance where the sale falls apart at the last minute and everything is cancelled. I have seen this happen when a buyer lied on his applicaiton and the underwriters didn't catch it until closing day!
Both agents keep in contact with each other and with their clients throughout the process.....Passing on any important information to the title company or lender and answering questions for the buyers and sellers. If there are problems the agents help the clients work them out. The title company e-mails the HUD 1 to the agents for their perusal prior to closing.
The listing agent reminds the sellers that they will be called about 1 week in advance of closing for their signing of "Seller's Docs." If they will be out of town the agent informs the title company in advance. The buyer's agent gets the final cashiers check amount for the buyer and attends closing with them. Keys are transferred and the SOLD sign and lock box removed. Sellers are paid their proceeds and buyer's move in!! Agents should follow up in a couple of weeks to be sure everything is going well.
(The above scenario applies when everything goes well. There are times when seller and buyer cannot agree on inspection, due to their emotions getting in the way, and the whole transaction falls apart and we then start the procedure to back out of everything.)
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