Buyer Under Contract Action Plan
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Buyer Under Contract Action Plan
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Offer preparation
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Provide sample copy of P&S, addendums and review. Discuss strategies.
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Confirm with lender status of pre-approval: pre qual? Fully underwritten? Etc
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Confirm buyer has copy of Law of Agency
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Provide buyer with master disclosure and place copy in file
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Perform CMA to determine offer strategy
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Call listing agent to confirm availability and find out sellers wants and needs
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Research sellers and sellers agent
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Pull tax records for mortgage history
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Confirm offer includes Legal Description
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Confirm offer includes LBP if needed (include selling agent signature)
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Confirm buyer has Form 17
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Provide Prelim Title to buyer, if available, to review with Title Co.
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Confirm with that lender can meet closing date
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Confirm pre-qualifaction letter if contingent on financing
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Get EM and provide receipt to buyer
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Prepare P&S using Transaction Desk
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Have buyer write cover letter
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Prepare offer cover letter
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Present completed offer package to seller or to listing agent (multiple copies)
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Have lender call listing agent
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Upon Mutual Acceptance
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Provide a full copy of the P&S to Buyer, Office, Lender, Escrow and your file
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Confirm completion of FIRPTA on P&S
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Provide buyer with list of important dates/deadlines
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Turn in P&S and EM to office
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Install "Sold" strip when status changes to "Pending"
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Send confirmation of EM deposit to listing agent
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Request resale cert (condo only)
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Review resale cert with buyer (condo only)
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Confirm escrow has been opened and they have all they need
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Send "Moving Guide" and "Moving Link brochure" to buyer
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Ask buyer to contact their insurance agent about specifics of move including potential possession past closing and to secure any required insurance binders
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Request that title report be sent to you and the buyer
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Review title report with buyer and address any title issues. OR direct buyer to contact Title Co to be educated about "how to read a Title report"
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Send USPS change of address website to buyers
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Email utility contact information to buyer
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Share to social media
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Inspection contingency
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Review inspection contract dates every day until contingency is waived
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Provide 41D (inspector referral disclosure)
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Coordinate inspection(s) with buyer (incl sewer scope, if appropriate)
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Confirm inspection date & time with listing agent
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Confirm with listing agent that seller will provide full access (attic/crawl space)
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Coordinate additional inspections as needed
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During inspection, review 35R to inform buyer of response options
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Negotiate final inspection response
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Provide completed 35R to office, buyer, lender and escrow
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Request copies of receipts for required repairs
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Forward copies of receipts to buyer
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Schedule walk through
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Financing Contingency
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Confirm that buyer understands that formal loan application must be completed by the date required on the P&S
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Send copy of P&S to lender
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Request that lender contact listing agent (use 22AP if appropriate)
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Prepare comps for appraiser & arrange to meet appraiser at property
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Confirm appraisal date
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Review loan status with lender every week
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If low appraisal, review options with buyer
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Other contigencies
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Confirm septic inspection has been ordered if OSS contingency (22S) is part of P&S
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Monitor 22S dates and review inspection with buyer
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Order well inspection if 22R is part of P&S
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Monitor 22R dates and review report with buyer
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Schedule special inspections and reviews as necessary
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Review same with buyer
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Other _______________________________
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Within one week of closing
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Confirm "included items" with listing agent
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Schedule and attend walkthrough
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Confirm delivery of Settlement Statements with escrow
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Review Settlement Statement with buyer
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Confirm signing appointment
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Confirm wiring instructions with escrow to avoid fraudulent activity
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Remind buyer to bring photo ID and voided check to closing
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Confirm buyer signing appointment and meet them at closing
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Explain difference between signing, closing and possession to buyer
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Confirm sellers have left ALL mailbox key, garage door openers, etc
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Arrange key transfer
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On Closing
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Congratulate clients on social media
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After closing
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Contact buyer within no more than 48 hours to address any issues
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Advise buyer to change locks and reprogram alarms and garage doors
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Deliver closing gift
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Deliver complete closing file
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Remind buyer to change drivers license and voter registration
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Update database
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Thank you note to participants: Escrow, Lender, inspector, Listing agent, etc.
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