The Role Of The Listing Agent From Offer To The Closing Process
The Sold By Sisler Team will be very busy handling all the details during the process. Communication will be key to keeping you in the loop so that you will enjoy a smooth closing.
We will manage the following details on your behalf
using email, fax or hand delivery.
- Receive and review all offers to purchase contracts submitted by buyers or the buyers’ agent.
- Evaluate offer(s) and prepare a “net sheet” on each for the seller for comparison purposes
- Counsel seller on all offers. Explain merits and weakness of each component of each offer
- Contact buyers’ agents to review buyer’s qualifications and discuss offer
- Fax/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 buyers’ mortgage lender
- Review the buyer’s financial qualifications with the lender in an effort to confirm the lender has “properly” done his/her homework and to help insure that the buyer will secure their loan.
- Request a Financial Information Sheet on the buyer’s capabilities to qualify to purchase the home.
- Obtain pre-qualification letter on buyer from mortgage lender.
- Negotiate all offers on seller’s behalf, setting time limit for loan approval and closing date
- Prepare and deliver any counteroffers, acceptance or amendments to buyer’s agent
- Insure the buyer’s agent fax copies of contract and all addendums to closing attorney or Title Company
- When Offer to Purchase Contract is accepted and signed by seller, deliver to buyer’s agent. Ensure contract is signed by all parties
- Insure the buyer’s agent records and promptly deposits the buyer’s earnest money in escrow account.
- Deliver copies of fully signed Offer to Purchase contract to seller
- Fax/deliver copies of Offer to Purchase contract to Buyers’ Agent
- Fax copies of Offer to Purchase contract to lender
- Provide copies of signed Offer to Purchase contract for office file
- Advise seller in handling additional offers to purchase submitted between contract and closing when the contract is contingent on the sale of the buyer’s home (not a regular occurrence)
- Change the status in MLS to “Sale Pending”
- Update transaction management program to show “Sale Pending”
- Insure the buyer’s credit report results allow for the buyer to purchase the home before the seller reviews the offer — Advise seller of worst and best case scenarios
- Assist buyer with obtaining financing, if applicable and follow-up as necessary
- Order septic system inspection (if applicable)
- Receive and review septic system report and assess any possible impact on sale
- Deliver copy of septic system inspection report lender & buyer
- Deliver Well Flow Test Report copies to lender & buyer and property listing file (if applicable)
- Verify termite inspection ordered
- Tracking the loan process and confirm verifications of deposit & buyer’s employment have been returned
- Follow loan processing through to the underwriter
- Track the progress of the transaction
- Contact lender weekly to ensure processing is on track
- Relay final approval of buyer’s loan application to seller
- Coordinate buyer’s professional home inspection with seller
- Review home inspector’s report
- Enter completion into transaction management tracking software program
- Ensure seller’s compliance with Home Inspection Clause requirements
- Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform any required repairs
- Negotiate payment and oversee completion of all required repairs on seller’s behalf, if needed
- Attempt to clarify and resolve any conflicts or questions about repairs if buyer is not satisfied
- Schedule appraisal
- Provide comparable sales used in market pricing to Appraiser
- Follow-up on appraisal
- Enter completion into transaction management program
- Assist seller in questioning appraisal report if it seems too low
Closing Preparations and Duties
- Coordinate closing process with buyer’s agent, lender and settlement company
- Update closing forms & files
- Ensure all parties have all forms and information needed to close the sale
- Buyer selects location where closing will be held and the Sold by Sisler Team communicates this to the seller
- Confirm closing date and time and notify all parties
- Assist in solving any title problems (boundary disputes, easements, etc) or in obtaining death certificates
- Work with buyer’s agent in scheduling and conducting buyer’s Final Walk-Thru prior to closing
- Insure the settlement company researches all tax, HOA, utility and other applicable prorations
- Request final closing figures from closing agent (attorney or title company)
- Receive & carefully review closing figures to ensure accuracy of preparation
- Forward verified closing figures to buyer’s agent
- Insure the settlement company has requested all copies of the closing documents
- Insure the settlement company and confirm buyer and buyer’s agent have received title insurance commitment
- Provide “Home Owners Warranty” for availability at closing
- Provide earnest money deposit check from escrow account to closing agent
- 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 (**In Northern Virginia, no money is released until deed goes on record – usually next day.)
- Refer sellers to one of the best agents at their destination, if applicable
- Change MLS status to Sold. Enter sale date, price, selling broker and agent’s ID numbers, etc.
- Close out listing in transaction management program
Follow Up After Closing
The Sold By Sisler Team will answer all questions about filing claims with Home Owner Warranty Company if requested. We respond to any follow-on calls and provide any additional information required from office files.
Handling every detail and coordinating the process on your behalf to your complete satisfaction is our primary concern. Our mission is to allow you to encounter less stress and even enjoy the home selling experience with the Sold By Sisler Team.
Congratulations on the sale of your home!
Ready to list your home with the Sold By Sisler Team? Click here to schedule your no-obligation prelisting appointment today!