Does the buyer have an agent?
At this point your biggest concern should be possible liabilities during and after the sale. Please hire an agent asap.
Oggi Kashi - 415.690.3792 direct
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
Get a proof of funds from your buyers, and pre-approval letter (if they need a mortgage) from their lender. Call their lender and find out if these buyers will actually get a mortgage.
Hope this helps,
Beachfront Realty, Inc.
___ AUTOMATED UNDERWRITING APPROVAL
___CREDIT REPORT DATED WITHIN 60 DAYS WITH CLEAR OFAC
___CURRENT PAYOFF STATEMENT FOR ALL LIENS ON TITLE (IF REFI)
___CREDIT EXPLANATION LETTER, BK OR DIVORCE PAPERS IF NEEDED
___LOX FOR CREDIT INQUIRIES IN LAST 90 DAYS
___VOR/VOM LAST 12 MONTHS IF NOT ON CREDIT REPORT
___1003- FINAL TYPED 1003 WITH ALL CORRECT INFORMATION
___LDP/GSA FOR ALL PARTIES
___INCOME DOCUMENTIATION REQUIRED BASED ON AUS FINDINGS
___ASSET DOCUMENTATION REQUIRED BASED ON AUS FINDINGS
___COPY OF FULLY EXECUTED PURCHASE CONTRACT (ALL PAGES) SIGNED BY ALL PARTIES, IF PURCHASE
___APPRAISAL AND APPRAISERâ€™S LICENSE (IF REQUIRED, BASED ON AUS FINDINGS)
___HOA QUESTIONNAIRE FOR ALL CONDO PROJECTS
___TITLE WITH VESTING AND 12 MONTH CHAIN OF TITLE, PROPOSED ENSURED: ___INSURANCE WITH DWELLING COVERAGE TO COVER LOAN AMOUNT, PREMIUM, EFFECTIVE DATE AND CORRECT MORTGAGEE CLAUSE TO: lender's name and address, loan #
___ATTORNEYâ€™S FEE SHEET, E & O INSURANCE POLICY, CPL, WIRING INSTRUCTIONS
___COPY OF INITIAL 1003 SIGNED BY ALL BORROWERS AND L/Oâ€™s
___COPY OF ALL SIGNED AND DATED DISCLOSURES (GFE, TIL, 4506T, ETC.)
___TERMITE INSPECTION OR WAIVER
If you don't have a buyer yet, might be a good idea to get a Realtor, the above steps are just on the lending side, you would need to do the rest of the things the Realtors does for both parties, good luck,
NMLS # 6395
Financing Kentucky One Home at a Time.
You are definitely saving on the broker's commission but hopefully you will do everything just right not to get into any financial trouble.
Get an attorney.
2)Have an attorney draft a contract on your behalf.
3) buyer needs to apply for the mortgage and they will have an appraiser, appraise the home.
4) buyer finishes up mortgage process.
5) Title comes back clear
Here are a few whys:
When working with a Realtor, you feel know for a fact that you are getting the best price and terms (throught he study of the market trends, comparable sales etc.)
The realtor would also be able to find out if the buyer is qualified to buy the house.
For cash transactions, you'll need a proof of funds.
For financed transactions, pre-approval from a reputable lender (not a pre-qualification).
Then, the inspections have to be done, proper disclosures, required in your state, have to be made.
After that the contract has to be prepared, negotiated and signed by buyer and seller.
The contract is normally prepared by realtor/attorney combo (depends on state requirements).
Who pays what is spelled in the contract (there are fees that paid by buyers and sellers).
Then, all the deadlines in the contract have to be handled properly and timely.
The title needs to be checked, survey, lien searches, home and flood (if applicable) insurances handled, preliminary HUD1 settlement statements checked.
Hope this helps,
Irina Karan 305-904-2355
Beachfront Realty, Inc.
If you do not already have an accepted offer on your home please do your self a favor and at least talk with Realtors. Doing a FSBO can be dangerous for you and your family, you never know who is walking through your door, Realtors already have their clients pre-qualified, You have to know all the legal terms so you do not get sued after the closing in which a lot of FSBO'S do, We are trained and schooled for all of this, We know who to contact for closings, we know who to contact, all inspections, sure you might say our fee is high but we earn every bit of it and plus there are numerous cases where we actually get you more money that will pay our commission and most of your fees are tax deductible, But the biggest thing is yours and your family safety, Also we put your home in front of millions of people and you have to depend on drive bys:
If you have a contract already you need to find a title company and take the fully executed contract to them to process and do the title work, find a termite inspector and do a Termite inspection.
I f I can Help Please Contact Me
If the thought of paying an agent to successfully navigate you though legal paperwork, negotiations and inspections turns you off, I highly recommending that you seek an attorney who can help you draw up the contract and provide you advice for your protection. Please don't let a title agent go beyond their scope and provide you with legal advice. I wish you all the best.