Rathbun Checklist


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Rathbun Checklist

  1. 1. Lockbox Mkt plan Pricing/ CMA Showings Staging pets Motivation Improvements Expectations of agent Expectations of seller Current Market Commission & Split Security Available Documents Types of Agency Selling features Convey Mulitple Offers What happens after contract Communication desires Open Houses Negotiation strategies List of service providers Future Plans Move dates Leins Repairs legal Owners Payoff Home warranty Price Reductions purchase agreement Explain forms and disclosures Location of sign and lockbox How fast can we close
  2. 2. Explain the process Full versus limited Electricity Plat Propane Types of loans Net Proceeds Inspections Incentives Length of listing 1st right of refusal Lease with option age of home closing costs your statistics HOA Tax records vs. facts Irrigation Alarm systems Listing agreement Yours beds 4 baths 2.5 sq ft 2650 price dom
  3. 3. 1.0 2 3 4.0 4.0 4.0 2.5 2.5 2.5 2700.0 2800.0 2500.0 599000.0 610000 587500 98.0 123 145
  4. 4. Listing Action Plan Checklist Seller's Property Address Date At the Listing Appointment: (I have explained each of these documents thoroughly to sellers) Completed and signed Listing Agreement-Seller must receive copy Have them review the MLS data information, sign, and give them a copy Signed Property Disclosure or Disclaimer-Seller must receive copy Signed CMA-Seller has received copy Signed Estimated Sellers Net Sheet based on Listed Price-Sellers must receive a copy Signed Mortgage Information Request-Seller must receive copy Signed Lead Paint Forms if applicable-Seller must receive copy Signed Home Protection Application or Waiver-Seller has received copy I have reviewed with the seller the following: Explain Agency relationships Explained financing alternatives including discount points, seller assistance with closing costs, pre-paids and owner financing Explained Marketing Plan Explained Marketing Guarantee Explained property tour by office Explained how the MLS works and how appointments will be made Obtained key for lock box and explained how the lock box system works Explain and give samples of "Tell 20"- Just listed, Open House and Just sold flyers Explain Open Houses-Brokers and public Explain how to prepare their property for showing Explain advertising program Establish marketing area in property-where feature sheets, business cards, home book & guest book will be displayed. Explain showings that do not have an appointment-Leave business card holder with a supply of business cards Explain the process if they will be buying another property Discuss the advantage of leaving as much personal property as possible (window treatments, etc.). Discuss the what ifs, such as an offer with earlier possession than desired. Ask for copies of utility bills in order to prepare a "Home Book" Discuss special arrangements for pets so property can be shown Set a convenient time that you will discuss the status of their listing every week-coordinate both of your calendars for that time. Discuss when sign installation will take place Leave a video on preparing your property for marketing Have folder for sellers to keep their copies of signed documents and important papers Property Owner's Association (POA) Packet REMEMBER: The Sellers MUST be given a copy of everything they sign immediately, plus an original for the office files. Add items here that will be important to your office or area:
  5. 5. Checklist for Processing of Listings Immediately after listing is signed: Photos of property Prepare a personal folder for yourself, with a copy of all of the documents signed by the sellers. Review the MLS listing agreement and data forms and input. Add additional forms that may be required in your office. Copy payoff letter and transmit. If home owners warranty was accepted-mail and/or fax. Turn in tour request date to secretary. Prepare marketing material.Check MLS carefully for accuracy and copy sellers. Distribute your “Tell 20” Have a lender prepare financing sheets on the property. Prepare Feature Sheets-give copy to sellers. Have (2) extra keys made and check-install lock box with key (1) for office, (1) you personally keep. Get sign up - make sure it is clean. Verify septic or sewer, water and/or well, connection fees, schools, etc. Implement Personalized Marketing Plan by inserting dates, coordinating it with the sellers and your contact management program or appointment book. Prepare Home Book. Prepare display area in home with your marketing materials. Deliver all of the materials you prepared to seller and explain if they have questions. Discuss with seller the removal of items not conveying or tag them. Prepare “Highlight Feature Cards” for items that will convey Send Military Housing forms to appropriate military bases, if applicable.
  6. 6. Contract Review Checklist Make sure names are spelled correctly. Make sure legal name and address are correct. Check real and personal property that will convey against the listing agreement and computer printout to ensure conveyances are what they should be. The purchaser can ask for and the seller can agree to any other item conveying, but they must be made aware of them and avoid any surprises. VHDA contracts cannot have chattels listed in the contract. They must be addressed through a separate bill of sale. Check remarks for other items that need to be transferred to the contract, such as "storage shed in its as-is condition" or Seller or Buyer is a licensee. Review financing-Make sure it is spelled out and adds up. Earnest Money Deposit- Make sure that deposit is a check, money order or note, not cash (Ask them to get a money order). Make sure that it is clear who is to hold the earnest money deposit. On VA pre-owned homes most firms request that the $1000 deposit is to be in certified funds, in the event that closing is within 30 days. Make sure contract designates who is paying the closing costs, pre-paids, MIP, VA funding fee, etc. Make sure the type of financing and loan ratios are identified. Who will be handling the settlement? Make sure parties understand mandatory language. If seller is paying any closing costs, pre-paids, etc. make sure the maximum amount the seller is going to pay is spelled out and exactly what the money will be used for (i.e. pre-paid items, closing cost, etc.) Remember the max. contributions allowed for different financings. If the purchasers want to make additions to the property, add rooms, etc. it is important that they obtain a copy of deed restrictions and "restrictive covenants" for the neighborhood, as these may override city ordinances. They should also check to make sure there are no environmental restrictions on what they want to do. If seller is leaving some additional appliances for the benefit of the purchaser, you should consider conveying them "as is" unless you are representing the purchaser in this transaction. This protects the sellers from having to repair small appliances. Always suggest a homeowner's warranty. If contract has a "contingency clause or subject to" clause, make sure either to insert a "seller has the right to void" or "purchaser has the right to void" clause. When other contract(s) comes in on a property that has a ratified contract with a contingency clause, add: "In the event the buyers in the first contract remove the contingency, then this contract is null and void" This avoids the possibility of the seller being obligated on two contracts. In multiple offer situations, you may need to advise parties to seek legal counsel. If a prior contract on a house has fallen through, make sure all parties have signed a release. Be sure contingencies are satisfied by stating which party has the right to do what and when.
  7. 7. Make sure that the appropriate agency disclosure clause is in the contract. If it is an in-house sale with the selling agent working as a "Buyer Broker", you must have a dual agency or designated representative consent form signed. Make sure homeowner's association language or condo language is included in the contract, if applicable, or if it is not in the contract, then be sure it is spelled out on a separate addendum. If the property is on a septic tank or well water, be sure to address who will pay for costs of additional inspections and clearance letters that may be required. If city water and/or sewer are available, then address in the contract who is responsible for paying the hook-up fees that the lender will probably require. If the property has acreage, prepare the purchaser for a larger than customary expense for the survey. Make sure the proper termite clause is in the contract stating that the seller is paying for the termite inspection and the purchaser's name is on the termite letter and/or bill or request. If the seller or the buyer uses a Power of Attorney, make sure you get a certified copy for the master file and a copy for yours. If a contract of purchase is used other than the local contract, make sure proper addenda is attached for items not in unfamiliar contract. Carefully compare with your local contract for discrepancies. All contracts in Virginia must include an addendum of either a Residential Property Disclosure Statement or a Residential Property Disclaimer statement to be signed by the purchaser at time of contract ratification. If the property was built prior to 1978, make sure both the purchaser and the seller sign the appropriate forms. If working with a buyer, you are responsible to give them the booklet "Protect Your Family from Lead in Your Home." If the seller is paying any discount points, specify in the contract who is to have the authority and responsibility of locking in the discount points. Make sure the purchaser knows about the availability of home inspections. If they decline to have one as a condition in the contract, make sure they sign a statement that they do not elect to have the home inspection. If the purchaser is to move in prior to settlement or the seller is to stay in the property after settlement, make sure you get the proper possession agreement signed at time of contract ratification. Make sure purchaser understands that they will be responsible for the rent payments and often security deposit, whether they take early possession or not, once the seller has accepted the offer with rental as a condition of his acceptance.
  8. 8. Listing Agent’s Checklist-From Offer to Closing Listing Agents Responsibility in Preparing to Present Offer: Obtain all information possible on purchasers in order to humanize them. Check with selling agent, to see if the buyers have been pre-qualified by agent or lender. Set an appointment with sellers to present the offer-Do not discuss offer on phone. Invite Selling agent to go along to present offer (if local custom). Read everything in the contract thoroughly; pay careful attention to all clauses, statements, and contingencies. Develop checklist to protect everyone. Review personal property portion spelling out what will or will not convey. Review Financing portion. Type of financing, down payment, MIP, etc. Check discount points, seller concessions (i.e. pre-paid, closing costs, funding fee, etc.). Prepare Sellers net sheet based on offer. Check earnest money deposit, have a copy of check available. Prepare an updated CMA. Prepare list of Pro’s and Cons of offer prior to presenting offer. Give to Selling Agent prior to or when they give you the offer: Lead Paint Disclosure Copy of Disclosure or Disclaimer Copy of all deed restrictions, subdivision restrictions, etc. Make sure that you have the following items for seller when presenting the offer: (2) Signed copies of the offer/counter offer (2) Signed copies of estimated net sheet (2) Signed copies of all addendum’s and/or contingencies (2) Signed copies of any other items required by your local MLS or State After the Offer has been accepted… Make a copy of all documents for your personal file folder. Place originals of all documents in the master file folder. Follow office procedure in delivering to the manager or secretary. Complete MLS forms for processing pending sales, etc. If new loan, follow up to find out when loan application is to take place. After loan interview has taken place discuss, if possible, the initial opinions of the loan officer. Follow up progress with selling agent once a week and inform seller. If repairs have been promised, check regularly with seller as to progress. If contingencies, follow-up with selling agent until satisfied and you receive a signed contingency removal form. Assure the sellers you will be in touch with them at least once a week to keep them informed of process.
  9. 9. When loan has been approved Place “Sale Pending” or SOLD rider on sign. Check with selling agent on appraisal. The lender usually orders appraisals. Prepare packet for Appraiser –Update your CMA and include: • An updated CMA with photos. • A computer printout from MLS with the properties most like the subject and the comparables you used highlighted. • A copy of the purchase agreement. • A copy of the plat. • A copy of the floor plan, if available. Prepare packet for attorney or title company (explain the difference). Order Termite Inspection at least one week prior to closing Distribute “Tell 20” or send “Just Sold” flyers. One Week Prior To Closing Double check that all repairs have been completed as were agreed upon. Make sure all bills for repairs, exterminator, etc. have been forwarded to the sellers attorney or title company. Arrange property walk-through inspection three days prior to closing. Arrange with selling agent for you to be present at the walk-through. Have purchaser sign form verifying that everything is in acceptable working order. If any items need to be repaired, do another quick walk-through the day before or the day of closing to make sure all repairs have been made to buyer’s satisfaction and terms of contract. Make sure closing officer is aware of home warranty plan, if applicable. Check with sellers that they have ordered utility readings for the day of settlement. Obtain a HUD-1 closing statement from attorney or title company at least 24 hours prior to closing so you can review with seller to make sure everything is correct. Make sure there are no problems that have not been addressed, as it is important to resolve all questions, discrepancies and problems prior to the day of settlement. Double check the commission and ensure earnest money deposit is credited correctly. Purchase client gift (buyer and/or seller). Day of Settlement Obtain keys from office. Remove lockbox and key. Remove all signs, including directional signs and inform secretary. Give the keys, photos, home book to purchaser Obtain seller’s new address for office files and your data base. Remind sellers to notify their present property insurance carrier. Ask for referrals! Notify your office secretary when and where settlement will be held.
  10. 10. Attend settlement no matter who else does or does not attend. It is very important that the company be represented. Check settlement statements again. If you find an error, ask to discuss in private with attorney or closing officer. It is important to resolve all questions, discrepancies and problems before settlement is completed. Obtain a copy of signed buyer’s and seller’s settlement HUD-1 statement prior to leaving. Present a client gift to your client-seller and/or buyer. Turn in the HUD-1 with the office folder to secretary. Complete any in-house tracking forms required. Wait for the commission check. Enjoy your money, you’ve earned it!
  11. 11. The Selling Agent's Responsibilities from Presenting an Offer to Closing When a written offer has been made, and we have used the Contract checklist to make sure everything is in order…what should you do next? Do you have all of the necessary documents including, but not limited to, the following: (2) signed and initialed purchase agreements. (2) of each signed and initialed addendum's. (2) Signed Estimated Closing Cost Statement. (2) Signed Agency Disclosure. (2) Exclusive Brokerage Representation Agreement, if applicable Given EPA pamphlet "Protect Your Family from Lead in Your Home", if applicable. Home Warranty Application or Waiver if seller not providing. (2) Waiver of Home Inspection. Earnest money deposit (copy of check delivered with offer if to be held by your company). Explain the differences between using an attorney or title company. Explain the title insurance and owner's title insurance. Broker Commission Agreement. You may have to obtain the following prior to presenting the offer to the listing agent: Signed Property Disclosure or Disclaimer. Signed or Waived Lead Paint Disclosure, if built prior to 1978. Brokerage Commission Agreement, if applicable. Present Offer to Listing Agent Advise the buyer of offers, counteroffers and the importance of their best offer. Note date and time offer delivered to Listing Firm-Have someone initial receipt. Humanize the buyer-Amount of information will depend on whom you represent. Ask to accompany the listing agent to present the offer- (depends on local custom). Review offer with listing agent, point out pros and cons, including the offered price. After Ratified Contract Revise purchaser's Estimated Closing Cost Sheet. Make sure all changes are initialed and deliver revised copy immediately to listing agent. Make a copy of all documents for your personal file folder. Place originals of all documents in file folder together will all office-required documents and give to manager or secretary. Arrange appointment for loan interview as dictated in purchase agreement. Assist purchasers by giving them a list of items needed and/or by helping them complete a loan application form. Advise them of the fees they will have to pay at time of application. Prepare a packet of information for the loan officer to include: Copy of ratified purchase agreement Feature sheet Copy of plat Completed mortgage application Legal description MLS information Attend the loan interview with them unless they request you do not. Discuss with listing agent the overall interview of the loan interview. Depending on whom you represent will determine what you can disclose. Call the loan officer at least once a week to ascertain that everything is on track. Call the listing agent at least once a week to inform of progress. Call purchasers at least once a week to inform of progress. If any contingencies, follow-up with purchasers until satisfied and have them sign a contingency removal form. When Loan is Approved
  12. 12. Check with listing agent to check if they have a packet prepared for the appraiser. The lender usually orders the appraisal. Prepare Closing Packet for the title company or attorney, including but not limited to the following items: Form or letter identifying the real estate companies and agents involved (See Sample Transmittal Letter in Appendix). Who is representing the sellers? Lender, loan officer. Type of loan, amount, and terms. Copy of Purchase Agreement. Copy of deed. Purchaser's names, address, phone numbers How the purchasers will take title Follow up with listing agent on the status of required repairs, if applicable. Purchasers should make arrangements for their homeowners policy and be prepared to pay at least one year's premium to insurance agent or at settlement, plus three months to be placed in escrow at time of settlement. Preparing For Settlement (At Least One Week Before) Coordinate Settlement date with lender, other agent, attorneys, etc. Check with listing agent the status of Termite Inspection. Check with listing agent the status of certifications (i.e. water, sewer, etc.). Check with listing agent if all repairs have been completed as agreed upon. Sellers should be sure all utilities are in the name of the purchasers the day of closing. Three Days Prior To Closing Arrange for a property walk-through inspection with buyers and other agent (seller's option to attend). Walk-through. Day Before Closing If something was not correct during walk-through, do another walk-through the day before or just prior to closing. Make sure that all problems are addressed immediately or notify attorney or closing officer. It is of utmost importance, in order to have a smooth closing, that all questions, discrepancies, and problems are resolved prior to day of settlement. Obtain a HUD-1 Closing Statement from closing officer at least 24 hours prior to closing so you can review with purchasers to make sure everything is correct. Double-check the commission to make sure it is correct and that the earnest money deposits are credited correctly. Purchase buyer's closing gift. Day of Settlement Notify the office secretary when and where settlement will be held and at time. Attend settlement no matter who else does or does not attend. It is very important that the company be represented. Check settlement statements again. If you find an error, ask to discuss in private with attorney or closing officer. It is important to resolve all questions, discrepancies and problems before settlement is completed. Obtain a copy of signed buyer's and seller's HUD-1 statement prior to leaving. Present gift to buyer now or later that day. Turn in the HUD-1 statement with the office folder to secretary. Complete any in-house tracking forms required. Wait for the commission check. Enjoy your money, you've earned it!
  13. 13. Product/Service Company Telephone # Appliances new/used 1. 2. 3. Appliance service 1. 2. 3. Baths/kitchens 1. 2. 3. Carpentry 1. 2. 3. Carpet/floor coverings 1. 2. 3. Cleaning services 1. 2. 3. Decks 1. 2. 3. Doors 1. 2. 3. Drywall 1. 2. 3. Electricians 1. 2. 3. Exterior cleaning/ power washing 1. 2. 3. Fuel oil 1. 2. 3. Heating/air conditioning 1. 2. 3. Home inspections 1. 2. 3. Landscaping/lawn care 1.
  14. 14. 2. 3. Painting 1. 2. 3. Plumbing 1. 2. 3. Radon testing/ remediation 1. 2. 3. Repairs/renovations 1. 2. 3. Roofing 1. 2. 3. Settlement/title services 1. 2. 3. Siding 1. 2. 3. Swimming pools 1. 2. 3. Termite inspection/ damage repair 1. 2. 3. Windows/repair 1. 2. 3. Loan officers 1. 2. 3. Movers 1. 2. 3. Water testers 1. 2. 3. Lead inspections/ remediation 1. 2. 3.
  15. 15. Utility companies 1. 2. 3. Other 1. 2. 3. Other 1. 2. 3. Take a few minutes and fill in part of the above list with as many names and numbers as you currently have. Complete the list when you return to the office.
  16. 16. as you currently have.
  17. 17. Buyer's Checklist Pre-qualify with a loan officer Witness REALTOR®'s explanation and signature on Agency Disclosure Form Review forms and documents Write sales contract Remove all contingencies Within five (5) business days of contract ratification, attend loan application Schedule professional home inspection, per Sales Contract Receive Condo or POA documents, per Sales Contract Six weeks before settlement - turn in Change of Address Card to local Post Office Six weeks before settlement - schedule packers and movers Two weeks before settlement - arrange for utilities to be connected (gas, electric, water, trash).o Register children for school in accordance with local procedures Register to vote Purchase Homeowner's Insurance or Condo (Tenants) Insurance, whichever is applicable. Homeowner's Insurance policy and paid premium must be brought to settlement One or two days before settlement - attend final walk-through inspection One business day before settlement - obtain certified check or cashier's check (payable to closing agent); call sales associate or settlement agency for exact closing costs. Bring checkbook in case cashier's check or certified check is not sufficient Bring ID to settlement Pick up keys at settlement Call (your name) with referrals (your phone number).
  18. 18. Seller’s Moving Checklist Witness REALTOR®’s explanation and signature on Agency Disclosure Form. Review forms and documents. Show your REALTOR® the Deed(s) and Deed(s) of Trust for your property. Provide your REALTOR® with requested information for Lender’s Payoff Letter. Coordinate, with your REALTOR®, an effective Marketing Plan for your property. Obtain Condo or POA documents, as applicable. Provide your local Post Office with a Change of Address Card. Schedule packers and movers. Keep your REALTOR® informed of all people viewing the home. Notify your REALTOR® when supply of handouts begins to dwindle. Be available for Sales Contract presentation. Inform your REALTOR® when you are leaving the area (even if only a temporary absence). Arrange for utilities (gas, electric, water, trash) to be disconnected/transferred. Transfer home/auto insurance. Notify health/life insurance agent of you new address. If leaving the area, arrange for medical records to be transferred. Arrange for children’s school records to be transferred. Register children at new school in accordance with local procedures. Register vehicles in new area. Register to vote in new area. Attend settlement. Plan to pick up proceeds from the sale of this home approximately three days after settlement. Leaving your forwarding address is necessary. At settlement, give keys to purchaser(s). Bring ID to settlement. Call (your name) with referrals (your number).