The duties of a listing agent after contract ratification.
1) Copy of contracts, lender letter and EMD: Save on your computer.
2) Ratified Contracts: All parties should receive a copy of the ratified contracts, addendums, copy of EMD and lender letter. List side, buy side, mortgage, and settlement companies and of course your Broker using case processing sheet found at www.nat22.com,
3) Update MLS status: Update status in MLS to avoid the $100 fine. If contingent only on financing, it is considered either:
- a) Active / Under Contract (seller allows showings and back up offers)
- b) Pending (seller does not need back up offers)
4) If you have a post sign, change the sign rider to “Under Contract”. Upon all contingencies being removed change to Sold. Schedule the post sign to be removed prior to settlement date.
5) Leave the lock box on the door for home inspectors or appraisers to use with appointments.
6) Seller to order Condo or HOA documents immediately if applicable. Get them to the buyer agent asap as they have 3 days to review and cancel the contract if they don’t like them. If 3 days comes and goes after they receive them, this cancellation potential is gone.
7) Confirm with other agent earnest money check deposited and confirm the buyer is scheduled to make a formal loan application.
8) If Well / Septic house, tell seller to order inspections.
9) If Home inspection. Arrange time and date with inspector buyer and listing agent.
10)Upon Home Inspection completion. Buyer agent will provide a Removal of Home Inspection addendum, “contingent on seller repairing / replacing the following items.” Hopefully a short list or none at all. Sign bottom or counteroffer by crossing thru and initial to side items not being corrected.
11) Pest Inspection: This is optional for conventional loans but required for VA or FHA loans. Who orders this inspection is indicated in the contract. The Pest company will send a paid receipt to the settlement company to be handled at settlement.
12)Buyer Loan application: Check occasionally the progress of the loan with other agent. If concerned, get lender’s number and inquire.
13)Settlement date: Arrange with all parties a place, date and time.
14)Home Warranty: If its America’s Preferred Home Warranty contact Phil Lyles / phyles@aphw.com or call him at 571-283-9066.
15)Utilities: Seller to call and tell utility companies they are selling and on date of settlement they would like to transfer them to the new buyer. Tell them buyer will call with their info, then inform buyer agent to do so. Utilities effective transfer date will be settlement date. Transferred. Not disconnected. Nice to provide Listing agent with utility companies and phone numbers to pass on to buyer’s agent.
16)Homeowners Insurance: Alert current Homeowners insurance company your day of settlement, so billing can be terminated. Also let Settlement company know this is done.
17) Ask your seller if you can help them find their next home? If out of state, you can get them a good referral.
18)Settlement:-Tell sellers to bring ID and blank check in case of small overage. Agent attending a settlement is traditional, but not required. Bring a closing gift, like a bottle of wine or champagne. Tell your sellers you appreciate referrals Remember today is the day to change MLS status to “Sold.” Remove the lockbox.
19)One week after Settlement: Call or email client to see if all is ok. (an excuse to again ask for referrals)
20)Add to your Sphere of Influence: If the seller is staying local, keep in touch with them with your email sphere list giving interesting information about Real Estate. (Find short good news on the Internet, MLS or Google good news northern va and put news in your own working. Do not plagiarize. It’s a great excuse to remind them that you’re a Realtor and appreciate referrals.
This has been another exciting “Training in a Minute”.