Oh boy! So many things to worry about when your client is under contract! What’s the most important stuff to focus on? Put the following on your calendar:
1. Deposit Due Date. Buyer is out of contract if funds are not placed into the escrow account.
Buyer’s agents-Get the deposit in there ASAP! This shows the buyer’s “good faith” and seriousness about purchasing.
Seller’s agents-No deposit in escrow? Contact the buyer’s agent immediately. Buyer may not have the money, is thinking about backing out, or their agent isn’t aware of the timeline.
2. Inspection Contingency Removal Due Date. Buyer is out of contract, if not removed by the due date.
Be sure the buyer has reviewed ALL reports and disclosures prior to removing this contingency.
3. Loan Contingency Removal Due Date. Buyer is out of contract, if not removed by the due date.
Ask the lender when the appraisal appointment is scheduled, when they anticipate and have loan approval, when loan docs will be ready for signing, and when will funding occur.
4. Repairs. Confirm with the seller that repair requests have been completed at least one week prior to close.
5. Closing Date-Buyer/Seller is out of contract if closing does not occur.
Confirm with the lender and escrow officer five to seven days prior to close that we are on target to close. If there are delays, then an extension to close addendum must be agreed upon and executed.
Confirm the seller is ready to move out and close.
Having an experienced Transaction Coordinator can help you keep track of important timelines! At Escrowcoord.com, we track due dates, help with paperwork, communicate with team members, solve problems and more! Contact Diana Turnbloom today!
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