Here are some helpful tips we would like our Realtor partners to look over.
Funding Approval Prior to Being “Closed” – There are many things that need to be completed before a deal is officially “closed.” Sometimes we have all the signed paperwork, all the money has come in, and it seems like the deal is done – but there is one exception. The Lender has a requirement to review signed documents before they will issue a Funding Number. That means although we have received their wire, we do not have their permission to disburse the loan proceeds yet. If the buyer’s lender has a requirement like this, we should schedule your closing earlier in the day to ensure we receive funding approval from the Lender before they go home for the evening.
Contact Information – Please provide us with the sellers, buyers and lenders contact information. Phone numbers and e-mail addresses early on can help expedite the closing process with proactive communication.
Tenants Occupying the Property – Please let us know if the property is currently leased to a tenant.
Home Warranty – If the contract calls for one party to pay for a home warranty, please let us know ahead of time and have the invoice faxed to Benefit Title Services at 866-307-1334 so we can properly collect this at closing.
Complete Contract – We’ll need a complete copy of the fully executed contract. If an addendum is signed, we’ll also need a copy (as will the lender).
Commissions – Please provide us with all written, signed commission agreements. Sometimes the contract spells out the commission payable to each broker; other times the contract refers to the MLS; and even other times we find pieces in the Listing Agreement.