Get involved in the community, associations, gyms, book clubs etc
Open Houses
Ask other agents if they need assistance with sitting any of their open houses to potentially meet some buyers
Social Media
Get in touch with friends, relatives, relatives, etc to let them know that you started a new career or moved to a new office
Create business profiles for yourself or make sure your personal pages are cleaned up & ready for business use
Online Presence/Website
Login into BullseyePlus.com and start building your own Client Relationship Management (CRM) and website provided by United Real Estate. Everything is drag & drop and easy to do. After logging in, there are also training videos and in-app chat with the technology team to support you. Example: www.maryanglinrealestate.com
You will want to get your own domain URL to help with branding to put on your business cards & other collateral
It is important to pre-qualify your buyer BEFORE you write the offer. They may resist, but you must maintain your stance that this is an imperative step to the buying process and a requirement to work with you as a professional.
How to find a lender?
Association, networking events, classes, referrals from other agents, open houses, online reviews, etc
Get Pre-Approval Letter
Gather your buyer’s proof of funds, pre-approval letter in advance
Writing an Offer/Residential Purchase Agreement/RPA for your clients
Must use our "Premium" Transaction Coordination service to help with offers if this is the first offer you have written with United Real Estate. All sales files must utilize a TC. Even if you are experienced, you must email your offer to support@urelosangeles.com for our review.
When offer is accepted & negotiations are done, TC services must be ordered within the first 3 days after execution of offer so that our TC's can begin to upload & organize your transaction into Paperless Pipeline.
If you will be having your client pay for the TC service, you must let us know early so that we can send an invoice to escrow to make sure they add it to the buyer closing costs.
Have Lender order Appraisal ASAP (if Financed Transaction)
If your deal is financed, be sure to keep your lender in the loop and notify them right away to order the appraisal – you may not get an appointment right away, and it can take several days to approve once it is completed.
Wires their Ernest Money Deposit (EMD) within 3 business days
When escrow has received your buyers EMD they will then issue their opening documents that should be filled out & returned in a timely manner to avoid any delays in closing:
If your buyer has any questions regarding any escrow documents, be sure to refer them to their escrow officer, tax professional or legal attorney. You are legally not allowed to give any tax or legal advice.
Ask for Disclosures from Seller/Listing
Listing Agent should provide you & your buyer seller-completed disclosures early so that your buyer has plenty of time to review.
Best practice is to go over them carefully before or during the physical inspection appointment so you can also bring up any issues to the physical inspector.
Standard time frame for inspection contingency is 17 days BUT may be shortened depending on the negotiations in the offer so you must pay close attention to what are the actual contingency timelines.
Provide 5 mandatory booklets to buyer
When you order TC services, your TC's can send links to these booklets directly to your client for you.
Order Inspections
You will want to schedule your inspections as soon as possible and inspectors can book up very quickly so make sure you give yourself enough time to schedule all necessary inspections.
If buyer is waiving termite or physical inspection, they MUST fill out BIW (Buyer Inspection Waiver).
Make sure you bring the following items with you to the inspection. Your TC can also send these to you beforehand so you are prepared:
BIE (Buyer Inspection Elections): If the buyer will be doing any other inspections (such as termite, retrofit, chimney, sewer, roof, mold, etc), you need to make sure to coordinate any other inspections with listing agent and mark them down on the BIE.
Once all inspections and appraisal are completed, discuss with your buyer if they would like to request any repairs, credits, or reductions in price. Sellers do NOT have to respond to RR but they usually do answer in some fashion.
Common repairs would include Section 1 termite repairs, plumbing, retrofit, electrical, pool safety, and other safety hazards.
It is NOT APPROPRIATE to ask for cosmetic, or preferential upgrades such as new appliances if they are operational, paint, flooring, etc.
Credits would apply to larger more time consuming jobs that would need to be completed post-closing, or repairs that your buyer would prefer to hire their own contractor to complete. Examples may be roof repairs, electrical and plumbing, or handyman work.
Reductions in price are most appropriate when the property does not appraise at the contract price, and the buyer is unable to come up with the difference. Be sure to consult with your lender regarding appraisals and credits to ensure that you are acting within the lending guidelines.
Be sure to NEVER send your lender the inspection report or request for repairs. This could cause problems with your loan or funding down the line. Repairs should never be disclosed to the lender. Prepare an addendum to outline any credits or price reductions.
There are 7 possible contingencies: loan, appraisal, physical inspection, HOA documents, reports and seller disclosures, title report and the sale of the buyer’s property.
Make sure to consult your lender when removing loan contingencies, it is very important that they know and give the approval.
Once contingencies are removed, your buyer will be all in and neither party can cancel the transaction without becoming subject to liquidated damages.
Once contingencies are removed, seller can start working on fulfilling the request for repairs if any, and termite completion if it is include in the contract.
Keep updated with the Lender
Oftentimes closing of escrow can be held up by loan financing so stay in communication with your buyer's lender to make sure everything is proceeding smoothly.
Closing of Escrow
Final funds will need to be wired into escrow.
If there is a loan involved, the buyers will need to set up an appointment to sign loan docs, usually in-person in the escrow office.
If it is all cash, final funds will need to be wired in three days before closing date.
Seller should have their documents already signed with escrow and the grant deed notarized.
Listing agent and seller should be arranging transfer of keys, utilities, services and any other final details.
Buyer and buyer’s agent should also be doing a final walk through a couple days prior to the close of escrow to verify that all request for repairs were taken care of and to make sure the property is still as expected.
Usually when the grant deed is in and final funds have been received, the next day, the grant deed will be sent to the county recorder’s office to be officially recorded.
Escrow is Closed
When we receive recording confirmation, the buyer is officially the new owner.
Escrow will disburse closing packages to all parties:
Hard copies and/or PDF's will be sent of executed escrow documents, closing statements, checks, copies of invoices etc.
After we receive the commission check from escrow, we deposit the check into our bank account same day. We also scan the check and any other closing package documents into your Paperless Pipeline transaction for you.
Our Compliance Manager reviews all documents related to your file for final approval. It is imperative for you to have all your documents sent to our TC team in a timely manner so we can organize & audit them. If there are items missing, emails will be sent notifying you what is still missing.
After the commission check has cleared our bank account & the Compliance Manager has sent you a Congratulations email approving your paperwork, your commission funds will be scheduled as a direct deposit to the bank account you have on file with us. It takes 2 standard business days to process.
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