In the Beginning

What happens at the very start of the buyer transaction

Hello realtors. I want to go over what happens at the beginning of a transaction. 

Buyers are so focused on getting pre-approved, finding the house, and negotiating the contract that they’re confused about what happens the first week of the transaction. So, of course, the most important thing is to send the contract as soon as it’s signed and talk to the buyer about earnest money and escrow.

And for your communication with us, the lender, please be clear about the inspection timing. These past several years, we have become used to pre-inspections. So now that inspections are happening more often,  please reach out if you need a specific date for the appraiser to come out. 

When talking to buyers, I will always prep a calendar for them. So, for example, if this was the transaction, and they got under contract today, we’d be sending Locking Options to the buyer right after they get under contract, so the rate will stop changing. And then, we’ll send them a bunch of disclosures to E sign and let them know what documents need to be updated. 

Remind the buyers that even though they’re pre-approved, even fully underwritten, once they go under contract, there are going to be more documents needed. That first week they are signed, we’ll update pay stubs and bank statements, show the earnest money, check clearing, and get insurance. 

So that’s the beginning of the transaction, and reach out with any questions. Talk to you soon.