Don’t let anyone tell you that high producing realtors have it all easy.  Getting the house photos shot, the description written, and the sign pounded in are just the beginning steps on the rails to a successful sale. After that golden offer is negotiated, accepted, and safely in escrow it might be heard in some circles, “What exactly is my realtor up to now?”  In reality, this is where an agent morphs into a transaction engineer to keep the train of escrow moving on track and on course in a timely manner. Here’s a complete list of what a top realtor does to make a successful sale happen.  

Buyer Escrow Timeline

Buyer Escrow Day 1 – 3

  • Ensure contracts are fully executed with counter offers and addendums.
  • Submit prequalification letter or verification of funds within 3 days from the date of acceptance, if necessary.
  • Provide Buyer with Estimated Closing Costs Sheet estimating expenses and calculating the cost of the transaction.
  • Send Buyer information to escrow company.
  • Send executed contracts to Buyers lender. Assure Closing Estimate has been sent to Buyer.
  • Make sure Buyer submits earnest money deposit within 3 days from the date of acceptance.
  • Order Buyer inspections such as whole house, sewer, fireplace/chimney, etc.
  • Send Buyer receipt of Home Warranty order information, if applicable.
  • Ensure all Seller disclosures are fully executed and review with Buyer for approval and signature.

Buyer Escrow Day 4 – 14 (Weeks 1-2)

  • Complete Agent Visual Inspection Disclosure form and get Buyers approval and signature. Send to Sellers agent.
  • Check status and completion of inspection reports; Discuss with Buyer and coordinate remedies, if necessary.
  • Schedule any re-inspections that are necessary.
  • Review Preliminary Title Report and National Hazards Disclosure report. Advise Buyer of any discrepancies and arrange for additional underlying documents, if necessary.
  • Ensure appraisal has been ordered by lender. Find out from Sellers agent who is assigned to the appraisal and when it will occur.
  • Coordinate and ensure completion of Escrow Packet with escrow company and Buyer.

Buyer Escrow Day 15 – 21 (Week 3)

  • Prepare Request for Repairs for Buyer and discuss options for negotiation. Acquire a Seller Response to Buyers Request for Repair, if necessary, and send to Buyer.
  • Acquire all receipts & invoices for repairs agreed upon between Buyer and Seller.
  • Ensure Loan Contingency, Inspection Contingency, etc. are all completed within timeframe per contract. Have a Buyers Inspection Waiver executed by the Buyer if necessary. 
  • Check on appraisal status to be completed by Appraisal Contingency timeframe.
  • Remediate any issues that may arise due to a low appraisal.
  • Ensure Seller disclosures have been signed and returned by Buyer.
  • Execute a Contingency Removal form to be signed by the Buyer after confirming all repairs to be made and contingency timelines are met.
  • Verify final moving date with Buyer.

Buyer Escrow Day 22 – 28 (Week 4)

  • Determine status and ensure completion of repairs per contract.
  • Ensure escrow company and lender have everything they need to close.
  • Send all applicable invoices to escrow company per contract to be deducted from Buyers expenses through escrow.
  • Acquire Agent Visual Inspection Disclosure from Seller’s agent and send to Buyer for signature.
  • Verify Seller is to be out of the property in time and that property will be in the same condition as it was on the date of acceptance.

Buyer Escrow Day 29 – 45 (Weeks 5-6)

  • Contact escrow company and lender for confirmation of ability to fund & close by closing date.
  • Ensure that Closing Disclosure will be signed with Buyers lender within 3 days of close of escrow.
  • Verify all bills in escrow including, but not limited to, the home warranty, NHD report and all inspections upon receipt of Final Master Closing Statement (Per HUD guidelines).
  • Complete Final Walkthrough with Buyer within 5 days of close of escrow.
  • Execute final Verification of Condition form and receive signatures from both Buyer and Seller.
  • Check with escrow company 3 days before close of escrow when funding and recording is to be completed. Inform Buyer when either occurs.
  • Compile all necessary documents for a completed file and electronically file for safe keeping.
  • Provide Buyer with useful documentation such as utility contact list.
  • CONGRATULATIONS!

 

Seller Escrow Timeline

Seller Escrow Day 1 – 3

  • Ensure contracts are fully executed with counter offers and addendums.
  • Acquire prequalification letter or verification of funds within 3 days from the date of acceptance, if necessary.
  • Provide Seller with Net Proceeds Sheet estimating expenses and calculating proceeds.
  • Open escrow by sending contracts and Seller information to escrow company.
  • Make sure earnest money deposit has been submitted to escrow from Buyer within 3 days from the date of acceptance.
  • Update MLS information to reflect “In Escrow” status.
  • Order inspections per contract such as roof, termite, septic and well. Make sure utilities are on.
  • Order Home Warranty per contract.
  • Ensure all Seller disclosures are fully executed and send to Buyer for approval and signature.

Seller Escrow Day 4 – 14 (Weeks 1-2)

  • Complete Agent Visual Inspection Disclosure form and send to Buyer for approval and signature.
  • Check status and completion of inspection reports; Discuss with Seller and send to Buyer for review.
  • Schedule any re-inspections that are necessary.
  • Review Preliminary Title Report and National Hazards Disclosure report. Advise Seller of any discrepancies and arrange for additional underlying documents, if necessary.
  • Ensure appraisal has been ordered by lender. Find out who is assigned to the appraisal and when it will occur. Inform Seller and Buyers agent.
  • Coordinate and ensure completion of Escrow Packet with escrow company and Seller.

Seller Escrow Day 15 – 21 (Week 3)

  • Acquire Request for Repairs from Buyer and discuss options with Seller. Execute a Seller Response to Buyers Request for Repair, if necessary, and send to Buyer.
  • Schedule appropriate repairs agreed upon between Buyer and Seller.
  • Ensure Loan Contingency, Inspection Contingency, etc. are all completed within timeframe per contract. Have a Buyers Inspection Waiver executed by the Buyer if necessary.
  • Check on appraisal status to be completed by Appraisal Contingency timeframe.
  • Remediate any issues that may arise due to a low appraisal.
  • Ensure Seller disclosures have been signed and returned by Buyer.
  • Request a Contingency Removal form signed by the Buyer after confirming all repairs to be made and    contingency timelines are met.

Seller Escrow Day 22 – 28 (Week 4)

  • Determine status and ensure completion of repairs per contract.
  • Send all applicable invoices to escrow company per contract to be deducted from Sellers expenses through escrow. Send to Buyers agent.
  • Acquire Agent Visual Inspection Disclosure from Buyer’s agent and send to Seller for signature.
  • Verify Seller is to be out of the property in time and that property will be in the same condition as it was on the date of acceptance.

Seller Escrow Day 29 – 45 (Weeks 5-6)

  • Contact escrow for confirmation of ability to fund & close by closing date.
  • Ensure that Closing Disclosure will be signed with Buyers lender within 3 days of close of escrow.
  • Verify all bills in escrow including, but not limited to, the home warranty, NHD report and all inspections upon receipt of Final Master Closing Statement (Per HUD guidelines).
  • Check that Final Walkthrough for Buyer will be completed within 5 days of close of escrow.
  • Check with escrow company 3 days before close of escrow when funding and recording is to be completed. Inform Seller when either occurs.
  • Request final Verification of Condition form from Buyer and receive signatures from both Seller and Buyer.
  • Compile all necessary documents for a completed file and electronically file for safe keeping.
  • CONGRATULATIONS!

          Keeping the escrow on track means being a shrewd overseer of the transaction. Every file can have over 200—400 pages of documents, requiring up to 50 to 150 initials and signatures. Each transaction may have up to 100 phone calls and emails.  Every one of them are extremely critical.  Every “i” has got to be dotted and every “t” needs to be crossed because if you, I, or another party make a mistake it could be very costly.  In the days and weeks ahead, I hope you’ll come to appreciate this very critical role a realtor will take on for you.   

Have more questions? Call me, Clint Freeman, at (760) 382-1082 and let's talk about what it will take for your success!