WHAT Is my REALTOR doing for me after the offer is received?

I was attending a social event recently and during conversation someone mentioned that they would find it valuable to know what their Realtor was doing for them after an offer was received. Well, as this was a social gathering, I really did not want to go into all the details involved in managing a real estate transaction but it did get me thinking that perhaps others might find this information valuable. I have compiled a list of the very basic steps involved in managing a real estate transaction, this does not include any of the unknowns that may develop as the transaction moves forward. I hope this information is helpful!

* Receive and review all Offer to Purchase contracts submitted by buyers or buyers' agents.
* Evaluate offer(s) and prepare a "net sheet" on each for the owner for comparison purposes
   (if applicable).
* Counsel the seller on offers. Explain merits and weakness of each component of each offer.
* Contact buyers' agents to review buyer's qualifications and discuss offer.
* Email/deliver Seller's Disclosure to buyer's agent or buyer upon request and prior to offer if
   possible.
* Confirm buyer is pre-qualified by calling Loan Officer. Obtain pre-qualification letter on
   buyer from Loan Officer.
* Negotiate all offers on seller's behalf, setting time limit for loan approval and closing date.
* Prepare and convey any counteroffers, acceptance or amendments to buyer's agent.
* When Offer to Purchase Contract is accepted and signed by seller, deliver to buyer's agent.
* Fax/email copies of contract and all addendums to closing attorney or the title company.
* Record and promptly deposit buyer's earnest money in escrow account.
* Deliver copies of fully signed Offer to Purchase contract to seller. Deliver the option check
   to the seller and update the contract accordingly.
* Email/deliver copies of Offer to Purchase contract to Selling (buyer's) Agent.
* Email copies of Offer to Purchase contract to lender.
* Advise the seller how to handle additional offers to purchase submitted between contract
   and closing.
* Change status in MLS to "Option Pending".
* Verify inspection ordered. Receive, review report and assess any possible impact on sale.
* Follow Loan Processing Through To The Underwriter and make sure appraisal has been
   ordered.
* Contact lender weekly to ensure processing is on track. Coordinate closing process with
   buyer's agent and lender.
* Update closing forms & files. Ensure all parties have all forms and information needed to
   close the sale.
* Select location where closing will be held. Confirm closing date and time and notify all
   parties.
* Assist in solving any title problems (boundary disputes, easements, etc).
* Confirm buyer and buyer's agent have received title insurance commitment.
* Research all tax, HOA, utility and other applicable perorations.
* Request final closing figures from closing agent (attorney or title company). Receive &
   carefully review closing figures to ensure accuracy of preparation.
* Review all closing documents carefully for errors. Forward closing documents to seller as
   requested.
* Work with buyer's agent in scheduling and conducting buyer's Final Walk-Thru prior to
   closing.
* Coordinate this closing with seller's next purchase and resolve any timing problems.
* Have a "no surprises" closing so that seller receives a net proceeds check at closing.
* Change MLS status to Sold. Enter sale date, price, selling broker and agent's ID numbers,
   etc.
* Close out listing in transaction management program.

If you are considering the sale of your home and would like to learn more about the process please give me a call, I love to talk about Real Estate!

Thank you for reading this blog post,
Pamela Efferson, REALTOR
GRI, HRC, ASR, SRES