Sequence of Events in Buying a Home



Sequence of Events in Buying a Home

     

Finding the Home & Getting Prepared for the Offer Process

Complete BUYER QUESTIONNAIRE Agent works with Buyer to determine Buyer needs, wants, timeframe, and financial options ___/___/___

Agent explains how the home search and buying process will work, reviews current market conditions, explains Agency and how brokerage commissions are paid, and determines the best ongoing method of communication between Agent and Buyer ___/___/___

Agent and Buyer sign Agency Disclosure and Buyer-Broker Agreement ___/___/___

Agent works with Buyer to secure loan pre-approval ___/___/___

Agent sets up systems to automatically alert Agent and Buyer to prospective properties coming on market that match Buyer’s parameters ___/___/___

Agent and Buyer tour properties: via appointment tours, broker tours, open houses ___/___/___

Agent and Buyer review benefits and drawbacks of properties ___/___/___

Property is identified that Buyer wants to purchase ___/___/___

Preparing, Writing & Presenting the Offer

Agent procures and reviews property disclosure package from Listing Agent and provides to Buyer for Buyer’s review ___/___/___

Agent queries Listing Agent on property issues, Seller situation and preferences, past offers, existence of other current offers and offer presentation guidelines ___/___/___

Agent provides comparable sales for subject property to help determine offer price. ___/___/___

At Buyer’s instruction, Agent may facilitate setting up inspection and appraisal appointments before the offer is presented or accepted, if market conditions so warrant ___/___/___

Agent alerts Loan Officer and procures loan pre-approval letter ___/___/___

Agent and Buyer review the property disclosures, the property CMA, current market conditions and CREATE the prospective offer ___/___/___

Buyer checks online Megan’s Law database, and if concerned, local crime statistics with neighborhood police station ___/___/___

Agent carefully reviews offer and negotiation strategies with Buyer, including the options for offer price, due diligence contingencies and other terms, and close of escrow ___/___/___

Offer is written and Agent collects initial Certified EARNEST MONEY check from Buyer ___/___/___

If very short contingency periods are being offered for inspections and/or financing, Agent to coordinate scheduling of tentative inspection and appraisal appointments.

Home Inspection

To be requested within 10 BUSINESS DAYS after ACCEPTANCE OF CONTRACT by Seller.

Date of Appointment Requested ___/___/___ Date Inspection Completed ___/___/___

Wood Infestation Report (CL-100)

Date of Appointment Requested ___/___/___ Date Inspection Completed ___/___/___

Heating & Air Report

Date of Appointment Requested ___/___/___ Date Letter of Inspection Received ___/___/___

Lead Based Paint Inspection Report

Date Appointment Requested ___/___/___ Date Inspection Completed ___/___/___

Due Diligence

Property Sewer System Provider __________________________________________________________________________________________________________________________________________________________________________________________

Water Source & System Provider __________________________________________________________________________________________________________________________________________________________________________________________

Flood Zone Status = □ IN THE FLOOD ZONE □ OUT OF THE FLOOD ZONE

Mandatory Association Fees $ __________________ Home Owner Association Fees $ _______________

Regime Fees $ __________________

Property Covenants & Restrictions __________________________________________________________________________________________________________________________________________________________________________________________

Sellers Decision

Seller Accepts, Rejects or Modifies Home Inspection Repair Addendum within 3 BUSINESS DAYS

Date of Sellers Decision ___/___/___

Buyers Decision

Buyer has 2 BUSINESS DAYS from receipt of Seller’s WRITTEN COUNTERPROPOSAL to provide written notice to the Seller’s Agent of ACCEPTANCE or REJECTION of the Seller’s counterproposal.

*NOTE: With each COUNTEROFFER, each party is given 2 BUSINESS DAYS to respond in writing.

Date of Buyers Acceptance ___/___/___ Date of Buyers REJECTION ___/___/___

The Presentation

Agent schedules offer presentation with Listing Agent ___/___/___

Agent prepares offer for presentation to Seller and/or Listing Agent which includes: agency disclosure, offer letter, loan pre-approval letter, copies of Buyer signed disclosures, etc. ___/___/___

Agent negotiates offer and counter-offers on Buyer’s behalf and at Buyer’s instruction ___/___/___

After the offer is accepted: Agent receives back from Listing Agent a fully executed and legible copy of the purchase contract including all addenda and counter-offers. ___/___/___

Agent carefully reviews contract documents to ensure they are executed by all parties as required. ___/___/___

Agent provides Buyer with fully executed contract copy ___/___/___

Due Diligence, Contingency Removal & Closing the Transaction

o Agent opens escrow with Escrow Agent/Attorney, delivers the initial deposit check into escrow, a copy of the executed purchase contract and a Timeline for the Removal of Contingencies and the Close of Escrow is delivered to Escrow Agent/Attorney, and Preliminary Title Report is ordered ___/___/___

o Agent provides accepted contract to Designated Broker for review and signature ___/___/___

o Agents provides escrow information and copy of accepted contract to Loan Agent ___/___/___

o Agent prepares, and delivers to Buyer and Listing Agent, a Timeline for the Removal of Contingencies and Close of Escrow ___/___/___

o Agent provides Buyer with Real Estate Resource Sheet . ___/___/___

o Agent coordinates Appraisal Appointment with Lender and Listing Agent ___/___/___

o Agent coordinates Buyer-specified inspections with Listing Agent ___/___/___

o Agent monitors the timely receipt of Seller and Listing Agent provided disclosures, reports and other documents, as statutorily or contractually required, for Agent’s review and for Buyer’s review, approval, or request for clarification ___/___/___

o Agent coordinates visits by Buyer renovation, repair or decorating professionals ___/___/___

o Preliminary Title Report is reviewed by Agent, Buyer and Loan Agent) – if any of the exceptions on the Report are unclear, Agent requests full written text of the exception from Escrow Agent for Agent’s, Buyer’s and possibly Buyer’s lawyer’s careful review. ___/___/___

o Agent attends all inspections with Buyer; Agent completes Selling Agent portion of RETDS after careful walk-through of the property and signs disclosure acknowledgement and feedback regarding the inspection. If unable or unwilling to attend, the Buyer must sign a waiver ___/___/___ VERY IMPORTANT!

o Agent and Buyer carefully review inspection reports for Buyer’s approval, further clarification, objection or rejection ___/___/___

o Agent and Buyer review county/city, natural and environmental hazard and other required reports for Buyer’s approval, further clarification, objection or rejection ___/___/___

o Agent counsels Buyer and facilitates Buyer’s collection of additional information necessary for Buyer to understand all issues pertinent to the property’s condition ___/___/___

o Agent puts any new information not already included in reports, disclosures, and additional important advisories in writing for Buyer’s approval ___/___/___

o Buyer’s Home Owners Insurance Agent contacts Escrow Officer with required policy information ___/___/___

o Buyer consults with Buyer’s accountant, attorney or escrow agent to determine how they wish to hold title to the property ___/___/___

o Agent verifies funding arrangements with Lender and Escrow Agent ___/___/___

o Agent re-negotiates the contract at Buyer’s instruction ___/___/___

o Contingencies are removed or contingency removal dates are extended as needed ___/___/___

o Agent prepares appropriate addenda or contingency removal documents ___/___/___

o Buyer increases deposit in escrow – if applicable, Agent prepares the Receipt for Increase Deposit under Liquidated Damages for Buyer and Seller signature ___/___/___

o Agent delivers any addenda to Designated Broker, Escrow Agent and Loan Agent ___/___/___

o Agent provides Buyer with information on utilities and moving ___/___/___

o Agent reviews purchase file for completeness ___/___/___

o All Seller repairs are completed and verified ___/___/___

o Agent reviews Home Warranty coverage with Buyer ___/___/___

o Agent provides final instructions to Escrow Officer, and confirms Seller’s The Foreign Investment in Real Property Tax Affidavit (FIRPTA) ___/___/___

o Agent schedules appointment for Buyer to sign loan/closing documents ___/___/___

o Agent reviews Estimated Closing Statement and provides a copy to the Buyer ___/___/___

o Agent arranges for delivery of complete loan and closing documents to Buyer prior to signing appointment for Buyer’s review. ___/___/___

o Buyer and Agent perform final walk-through of property ___/___/___

o Buyer makes arrangements for final funds to be delivered into escrow by wire or cashier’s check within 2 days BEFORE CLOSING ___/___/___

o Agent and Buyer meet Escrow Agent at Title Company for signing of closing documents ___/___/___

o Buyer makes moving arrangements, schedules change of utilities and alerts any Homeowner’s Association of pending change of ownership ___/___/___

o Buyer presents loan funds ___/___/___

o Appointment for Close of Escrow ___/___/___

After Close of Escrow

o Agent procures and delivers keys, alarm codes, garage genies to the Buyer ___/___/___

o Agent prepares Buyer for receipt of Premier Service Evaluation Survey ___/___/___

o Client enrolled in AUTOMATIC CUSTOMER RELATIONS PROGRAM = Agents follows up with Buyer regularly after closing to check in, offer help and solve any problems that might have arisen  ___/___/___

Notes: ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

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