Working with a Buyer/Accepted Offer

• Meet with buyer , qualify and do needs analysis

• Verify they are pre approved or send to lender

• Create a loop under the Buyers name and have all required docs signed 

  • • Required Buy side docs MA

    • Required Buy side docs CT

    • Required Buy side docs FL (TBA)

• Show properties 

• Submit offer

Click HERE to download a checklist on what to do after getting an accepted Offer 

(Note: You will need to save a personal copy to your own Google Drive to make edits)

1. The transaction in Dotloop must have the Fully Executed Offer and all additional required FE documents from the Buyer Packet in Dotloop. (When first creating your dotloop template, the required documents from the Packet should have been preloaded into the loop and signed prior to submitting the offer).

            MAKE SURE TO CHANGE THE BUYER LOOP NAME TO THE PROPERTY ADDRESS 

Once you have a Fully Executed Offer, immediately add the mortgage contingency and inspection contingency deadlines into your personal calendar. The TC will do this as well, but it is your responsibility as an agent to protect your client. If these deadlines are not watched and met, the client can lose their deposit. 

2. The Agent must add all participants (clients, lenders, attorneys, etc) to the “People Section” and added TC as “on my team”. Agent must also add the client source to the details section of the loop.

3. The agent must send 2 separate Intro emails - one to the other agent, and one to the client, with the TC copied on both emails 

Intro Email Templates can be found in the preloaded agent task list in dotloop. Copy and Paste and use gmail to send them out. 

You can also send your “client intro to TC email” directly through the email template in FUB, just type your TC’s name in templates and it will auto populate the template. Don’t forget to cc the TC.

Subject line for both emails should be “Accepted Offer on ‘insert address’ Intro to TC”

Add the TC as a collaborator on your client's FUB profile

If you have pre scheduled inspections please let the TC know at this time through one or both of the intro emails.

Make sure to check off what you have completed in the task list

4. Inspections / Deposits - The TC will send out instructional emails to the client in regards to scheduling their inspection and dropping off their deposit. These conversations can, and should be had with your client, once the offer is accepted even though the TC is sending out the instructional emails.

The deposit can be delivered in two parts, a personal check for the binder as soon as possible, and a bank certified check for the remainder of the deposit prior to the deadline on offer (usually when the p&s is fully executed). The client can also opt to do one bank certified check for the full amount. The check typically gets written out to the listing agent's brokerage and dropped off at their office.

As the agent, you can schedule the inspection for your client with their permission. The client can also schedule it themselves if they prefer to. Agent must add the inspector's name to the loop once the inspection has been scheduled.

5. Check the "Transaction Coordinator Tasks" page in Zendesk to see what the TC will and will not help with and how to best utilize your TC throughout the transaction

6. Attend Inspection - Check out this tips and tricks guide

• Set the expectation - Make sure your buyer is aware that an inspection report can be a lot of pages. The inspector will document everything! This can be scary to first time buyers. Remind them that they should be mainly focused on items that are healthy /safety or structural 

• You will need to be present for your clients inspection

• Encourage your client to ask questions - Their time with the inspector is important to help them understand what is going on with the property and how to run the systems 

• When inspection is complete you will review recommended repair with your Buyer , They will decide what repairs if any they would like completed 

Use THIS format when sending repair to your TC for them to formally write up for you

• Review formal repair requests before allowing TC to send for signature 

• The seller can either agree to  all repairs , some repair or no repairs

• If you do not have your inspection completed and repairs have not been requested prior to your Inspection contingency date  -YOU MUST EXTEND 

• Once repairs have been agreed upon , notify lender to order appraisal 

• You will want to reach out to the buyers attorney at this time and verify they have ordered title - It can take weeks for a title search to be complete. Some attorneys will not order title until mortgage commitment  - You should ask the attorney what their practices are as soon as you know who will be representing your Buyer. 

Appraisal

• Once both parties have come to an agreement on repair requests, it is time to ask the lender to order the appraisal. In some instances, the appraisal may be ordered sooner if the timeline is tight. Typically we wait to order the appraisal until an agreement has been made on repair requests due to the buyer having to pay for the appraisal out of pocket. 

Mortgage Commitment 

1. Touch base with the lender periodically throughout the transaction to ensure your buyer is on track to meet their mortgage contingency deadline

2. Verify with the lender that mortgage commitment without conditions will be in on time at least a week prior to the mortgage commitment deadline. If not, have the TC write up an extension based on the lender’s recommendation. 

3. Once the loan is Clear to Close (CTC) full commitment has been issued and the lender and attorney will work together to get the closing documents situated.

4. Make sure the Closing Disclosure (CD) gets sent out by the lender and acknowledged by the buyer at least 3 days prior to closing as per Federal TRID guidelines . If this doesn’t happen, the buyer cannot close on time and closing will need to be extended.

Final Details 

1. TC will send an email verifying that all repair receipts have been received. If you have not received all repair receipts, reach out to the listing agent again to obtain.

2. TC will send an email verifying that the Smoke Inspection was completed. If you have not received confirmation, reach out to the listing agent again to obtain the certificate. 

3. Schedule final walkthrough with client prior to closing. Find out how the listing agent wants to handle the transfer of the keys.

4. Clients will meet with their attorney to sign closing documents. Once the attorney has recorded the sale (usually within a few hours) the client can start moving in. You do not have to attend the closing in MA.