In the real estate transaction, the squeaky wheel ALWAYS get the oil. It’s not that you want to be aggravating, but with so many different parts to the transaction and almost all of them independent of each other, making sure everyone is on top of it is your job…Also your agent’s job. You coordinate all of the pieces with your agent. So here’s what you should be interested in monitoring:
- Collecting the material the lender wants and not only getting it to them but making sure that they have what they asked for. With the volume of paperwork involved, a lot of it gets misplaced quite often. Everything that is requested of you should be on a punch list and after you have provided it to them, verify with them that they have received it. Every week, you should make a call to the lender to see if they need anything….Every week.
- After the contract has been accepted, you have 5 business days for your agent to deposit the earnest money with the title company. Make sure it was done.
- You have 10 days after acceptance to have all your inspections complete and if any negotiating needs to be done with the seller due to the inspection, you have 10 additional days to negotiate those items. Make sure you meet your time constraints or the other party can declare the contract dead.
- Make sure you get your copies of the inspection reports (termite and whole house) within the correct timeframe.
- Make sure the seller has ordered a municipal inspection if it is required.
- Follow up with your agent regularly. Once a week is sufficient.
- Schedule your closing time early in the process and try to schedule your closing in the morning, especially if you are the buyer. Closing will normally take an hour.
- Schedule your final walk-thru for a day or two before closing.
- Make sure to verify with the lender that they have everything needed at least a week before the loan commitment date and then expect that they will need something at the last moment. It’s just how it is.
- At the closing, bring your drivers license and if you’re bringing funds they have to be in the form of a cashier’s check made out to the title company.
If you are able to keep up with the above list of things, you will have a very enjoyable transaction, or at least as enjoyable as one can be. Don’t worry about all of this too much because you already picked out a good agent and they are doing all this ahead, or at least alongside of you. If you need help, email me.