Realty Group LLC

Transaction Process Checklist

118 Step System Guarantee

   

  1. Listen and absorb your priorities, concerns and timing.
  2. Transition Strategy, exploring the options, Sell then Buy, or Buy then Sell, relocate, interim moves, all to insure a smooth and professional process.   Each of these options has a drop down list of possibilities, important to map out before dashing out.
  3. Consider and maybe eliminate the option of custom architectural design building, exploring vacant land, or an extensive renovation process.
  4. Coordinate all buy or sale contracts, timing sequenced for specific contingency paragraphs, including safety valves and protections that compliment the other contract without being in conflict.
  5. When you bought your home, what made you decide on this property, features, and assets that really stood out?
  6. Research tax records to verify information available to prospective buyers  and buyer’s agents on MLS.
  7. Research property’s ownership and deed type
  8. Order Ownership & Encumbrances Report from title company.
  9. Research property’s public record information for lot size & dimensions
  10. Research property’s land use coding and deed restrictions
  11. Research property’s current zoning
  12. Verify legal name(s) of owner(s) in county’s public property records
  13. Research sales activity for past 6-18 months from MLS
  14. Research “Average Days on Market” for  property of this type, price range, subdivision and floor plan
  15. Research competitive properties: For Sale
  16. Research competitive properties: Withdrawn Status
  17. Research competitive properties: Under Contract.
  18. Research competitive properties: Sold, including recent Trends Changes
  19. Research competitive properties: Distressed Sales, Short Sale, Bank Owned
  20. Research competitive properties: Expired, did not sell during 1st listing period.
  21. Call agents, if needed, to discuss activity on the comparable properties they have listed in the area.
  22. Research the previous sales activity (if any) on your home
  23. Prepare “Comparable Market Analysis” (CMA) to establish fair market value
  24. Confirm your preferred contacts: E mail, text, phone
  25. Measure interior room sizes.
  26. Confirm lot size your copy of certified survey, if available.
  27. Obtain copy of floor plans if available
  28. Review current appraisal, if available.
  29. Identify Home Owner Association manager, contact information, pending financial status reports if applicable
  30. Verify Home Owner Association fees, if applicable
  31. Verify security system, current term of service, owned or leased.
  32. Mold Status if any, outsourced consultants available
  33. Lead-based paint research, outsourced consultants available
  34. Suggest list of repairs and maintenance items that will affect your sale proceeds
  35. Home Condition Audit: Assist in the process of professional subcontractor review and bids, connecting with proven specialists to get property in optimal condition for sale. Purpose is not perfection, but looking at property through Buyers’ Eyes to assess each project’s priority, possibly even deleting a few from your “List”.
  36. Prepare showing instructions for buyers’ agents and agree on showing time windows with you.   Note blackout time frames, typically before 9:00 am and after 7:00.
  37. Provide you with home showing guidelines to help have the home prepared for appointments.
  38. Verify all loan balances
  39. If available, we will need a copy of survey or ILC plat, copy of your title policy if current within the last 3 years, saving considerably on title policy at closing
  40. Set aside one set of keys which you will place in the lockbox.
  41. Perform Interior Décor Assessment for Staging
  42. Sketch a “Curb Appeal Assessment” and evaluate through objective eyes.
  43. CTM E Contract system, the cloud format platform for all documents, carefully walk through the E Signature process, legally binding, the convenient steps for creation of signatures, easy on your desktop, mobile device, or phone.
  44. Documents Preparation: Listing Agreement, Definitions of Agency Relationships, Lead Base Paint Disclosure (homes built before 1978), Sellers Property Disclosure, Mold Disclosure, Square Footage Disclosure
  45. Explain the use of the Seller’s Property Disclosure Statement you will complete, to be presented to the buyer.  Review for complete accuracy before uploaded.
  46. Preview the Showings feedback process and follow up, reports, trends, weekly updates and agent or buyer reviews
  47. Present Comparable Market Analysis (CMA) Results to you, including comparables, solds, current listings and expired listings.
  48. Offer pricing strategy based on professional judgment and interpretation of current market conditions.
  49. Assist you in strategically pricing home to maximize showings.
  50. Review Marketing Strategy
  51. Explore complete Pricing Strategy, including reductions within 30 days
  52. Explore all on line syndication portals, pathways, and websites
  53. Provide  a Title Company prepared Sellers Estimated Statement equity analysis, net proceeds at Closing based on all projected expenses of sale
  54. Schedule professional stager as needed prior to professional photography.
  55. Schedule professional photographer for marketing flyers, advertisements and the Internet, since 35 images can be displayed on MLS sites only.
  56. Set up possible home Warranty during listing period and 12 months after the sale.
  57. Optional wireless lockbox, recording actual showing times, code changed daily.
  58. In MLS carefully assemble  remarks both Public and Broker Only,  language and format to develop interest and generate more showings.
  59. Enter property data into MLS Listing Database.
  60. Immediately upload photos at the same time listing data is entered on market.
  61. Proof read MLS database listing for accuracy, including proper placement in mapping functions and other data fields.
  62. Provide signed E copies of Listing Agreement and MLS Profile Data
  63. Forward all feedback reports from showing agents
  64. Place regular weekly update calls or emails to you to discuss all showings, marketing, and pricing, and marketing results.
  65. Discuss feedback from showing agents to determine changes as needed.
  66. Install a customized yard arm sign as allowed by Home Owners Association.
  67. Market your home on internet sites: Realtor.com and 32 others, not controlled by MLS or listing agents, subject to their accuracy.
  68. Record all showings and marketing activity of potential purchasers. E Reports sent weekly, summarizing trends and comments.
  69. Prepare a weekly market analysis update of any activity in your neighborhood (i.e.: new homes on the market, homes that have sold etc) to keep you informed about key market conditions within your area.
  70. Notify you Immediately of any contract offers
  71. Each contract must include Buyer’s pre-qualification letter from their lender
  72. Directly contact the lender of all contract buyers, exploring the buyer’s financial strength and likelihood of truly qualifying. Most information is confidential, including credit scores, but lenders will disclose some information.
  73. Evaluate offer(s) and prepare a “net sheet” bottom line proceeds for comparison.
  74. Review merits and weakness of each component of each offer
  75. Deliver Seller’s Disclosure forms to buyer’s agent or buyer (upon request and prior to offer being made if possible)
  76. Negotiate highest price and best terms and timing for you and your situation.
  77. Prepare counteroffers, acceptance or amendments to buyer’s agent
  78. E deliver or hand deliver copies of contract and all addendums to closing title company
  79. Coordinate buyer’s earnest money check delivery to title company.
  80. Deliver E copies of all documents to you as the transaction steps develop.
  81. E copies of Offer to Purchase contract to Selling Agent
  82. E copies of Offer to Purchase contract to lenders
  83. Provide copies of signed Offer to Purchase contract to Title Agency
  84. Change MLS status to “Under Contract”
  85. Advise on additional contracts, delivered as back ups to original offer.
  86. Rural property only, order septic system inspection, and Well Permit Department of Water Resources state documents to help arrange the inspection process.
  87. Order title policy and confirm delivery to all parties
  88. Address HOA issues, if any  within the title report
  89. Address and research any and all other title issues, easements, documents of record, liens, or other lender open issues.
  90. Explore and solve clouds on title, especially those where closing could be delayed, being aware of time lines for and all solutions.
  91. Receive and review septic system report and assess any possible impact on sale
  92. Provide contractor comparative solutions as needed.
  93. Deliver copy of septic system inspection report to lender & buyer.
  94. Coordinate mold inspection, if required.  Buyer specified, not Seller offered.
  95. Coordinate home inspection preparation, contingencies and schedule time.
  96. Review home inspector’s report
  97. Analyze buyer Inspection Objection Reports, and identify sellers’ responsibilities for reasonable buyer requests.
  98.  Not allowing the Inspection process to renegotiate the purchase and sale contract
  99. Convert all Inspection Objections to a dollar solution and carefully evaluate the options, balancing the safety and functional issues from the buyer’s wish list.
  100. Prepare a written Inspection  Resolution Proposal in response to the buyer’s Inspection Objections.
  101. Evaluate the Inspection Objections and Inspection Resolution documents in light of both the Appraiser and the lender’s Underwriter who will both review and approve the final versions.   Significant repair items do affect value. Functional and safety items must be repaired before closing.
  102. Contact lender weekly to ensure processing is on track
  103. Follow up with Appraiser and Underwriter on all open ended issues, since they will delay closing unless all solutions are complete without delays. Receipts required.
  104. Schedule Appraisal
  105. Deliver to Appraiser the comparable sales used in market pricing.
  106. Follow loan processing through underwriting, the final step to prepare for closing.
  107. Relay final approval of buyer’s loan application
  108. Coordinate closing process with buyer’s agent and lender
  109. Insure all parties have all forms and information completed to close.
  110. Confirm closing date, time, details and notify all parties
  111. Schedule Buyer’s final walk-thru prior to closing, typically the day before or day of the closing.
  112. Receive & carefully review closing figures on HUD statement
  113. Circulate final closing figures from title company.
  114. Arrange Fed Ex closing for absentee sellers
  115. Provide earnest money deposit check from escrow account to closing agent
  116. Coordinate closing with your next purchase, resolving any timing requirements
  117. Arrange possession and transfer of home (keys, warranties, garage door openers, community pool keys, mail box keys, educate new owners of garbage days/recycling, mail procedures etc.).
  118. Have a “no surprises” closing and present seller’s net proceeds check at closing.

 

At least 100 steps could be added, depending on the property, since each transaction brings a detail or two, unique to the clients or the situation.  Older homes and rural properties are most likely to bring a little suspense, no real challenge, just the need to anticipate the questions and deliver solutions without delay.

 

Copyright Realty Group, LLC 2016

Light Rail Homes, LLC
A Division of Realty Group LLC
6143 South Willow Drive: Suite #101
Greenwood Village, CO, U.S.A 80111
© Copyright 2020