33 Steps REALTORs® do to complete a Purchase
Cheryl did a great job providing a list of some of the steps REALTORs® do to complete a purchase. She's absolutely right when she says that working with REO or Short Sales there could be many more and yes we do often do these things more than once. In the Metro Atlanta area REO properties are getting multiple offers and this sometimes requires the REALTORs® to do some of these things over and over again until our clients find the home of his or her dream.
33 Steps REALTORs® do in order to complete a purchase residential sale from start to finish. That’s right there’s at least 33 steps. Never say no one told you so. You curious on what it is WE do to earn our commission, well here it is. For us REALTORs® this is nothing new, so please bare with me, you probably have your own methods of how you do it but it’s usually all the same.
I primarily work as a Buyers agent, however there are times when I do represent a seller and that my dear, the tasks are different, so please pay attention because its a lot, but I thought it was necessary that its put out there. These are steps to a regular purchase sale, NOT if it is a Short Sale or REO purchase. There is even MORE we have to do. In real estate,TIME is of the essence so we have a time limit on when certain tasks MUST be completed. In a later blog I’ll address that and am willing to take it even further. I will tell you just how MUCH time it takes and equate that into $ for you. For my peers, if I leave anything out I need for you to jump in and add anything that you feel is important or relevant to this transaction. I’m sure I’m leaving SOMETHING out...
1. Phone and Email consult
2. Client Meet/Exclusive Representation
(Narrow down clients needs/wants, discuss expectations, company/client responsibilities and MY working hours. Buyers agreement is signed (I allow you to determine the timeframe, whether it is 1 hr or 1 day, that is totally up to the prospective client. Discuss and recommend title companies/home inspectors)
2a. Deposit Retainer Check
(Yes, I do collect a retainer fee. Once the transaction is closed my company refunds it. We don’t settle, I keep it)
3. Lender Consult, receive preapproval
4. Schedule search review
4a. Schedule Showings (I only show 3 properties at one time)
4b. Setup automated custom searches
5. Submit offer along with EMD, Contract negotiated and accepted
6. Ratified contract received (all parties have signed and agreed to terms of contract)
6a. Deposit Earnest Money
7. Order home inspection (I highly recommend anyone purchasing a home to get one, whether it is new construction or not )
8. Deliver contract to lender
8a. Deliver contact to closing attorney (title company)
9. Verify appraisal is ordered
9a. Order HOA and Condo docs if applicable
10. Call Attorney make sure title is ordered
11. Schedule settlement date and time
12. Call Lender - verify loan is processed
13. Home inspection completed
14. Termite Inspection completed
15. Remind Homeowner to purchase hazard insurance
16. Setup Home Warranty
17. Update Buyer on contract status
18. Call Lender for loan status
19. Verify appraisal is completed
20. Verify title is clear and survey is ordered
21. Verify Lender has everything that is needed for loan approval
22. Call Lender for loan status (we call more than once...just so you know, matter of fact we call more than once on a lot of things)
23. Send utility company information to buyer
24. Verify HOA/condo docs are ordered/received
25. Get copy of Well and Septic Report (if applicable)
26. Verify loan is OUT of underwriting
27. Final lender verification/clear to close
27a. Confirm settlement time and date
28. Get Pre-settlement HUD-1
28a. Buyer briefing for settlement (discuss draft HUD1-Settlement statement)
29. Final walkthrough ( I recommend final walkthrough is done day before settlement or on the way to)
30. Settlement/receive signed and final HUD-1/client survey received
31. Disburse Funds
32. Request Retainer Fee to purchaser
33. Followup/ask for referral
So there... you have it.
Serving all areas of Prince William, Fairfax, Stafford, Alexandria, Arlington and Spotyslvania Counties. Guiding you through the process of purchasing or selling residential property.
Cheryl Thomson, Realtor ® | 703.216.5635 | cheryl@buyercoach.com | Buyers Advantage Real Estate Corp | 4004 Genesee Place, Suite 113, Woodbridge, VA 22192
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