Buyer (Tenant) Order of Events From Showing to Closing:
Appointment with Buyer & Agent-Evaluate Buyer’s wants & needs.
Ensure that Buyer is pre-qualified with a mortgage consultant, if not give the Buyer 3 names & phone numbers of mortgage consultants.
Analyze Buyer’s segment-make sure that there is inventory that matches Buyer’s needs.
Set up a Matrix search to find inventory that matches Buyer’s needs, either as an auto-email or Concierge.
Prepare Segment-specific Comparative Market Value Analysis (CMA). Teach your buyer the values in their desired market segment.
Sign Exclusive Representation Agreement & Agency Disclosure Form & Lead Paint Disclosure Form (if applicable).
Look at properties.
Choose a property to buy.
Get all information on property, including correct taxes (from the Receiver of Taxes), legal square footage (from the Assessor), Certificates of Occupancy (from the Building Department), check to see if there is a buried oil tank on the property, get the septic drawing & information from the Board of Health (if applicable-For Westchester County: https://health.westchestergov.com/foil-request), etc.
Prepare office file with all paperwork (see GLR website’s list of file requirements).
Prepare property-specific Comparative Market Value Analysis (CMA).
Obtain pre-approval letter.
Make offer-must be in writing & include a pre-approval letter in the amount of the offer (see Offer Sheet in Our Forms).
For a rental, obtain a Credit Report & Background Check for your tenant. You should use the Credit Report Authorization Form on our Forms page to get permission from the tenant. You’ll need the tenant’s: name, address, DOB, & SSN. You can use MyRental, provided by CoreLogic on HGAR’s website (https://myrental.net/m/hgmls). You can also use a free Credit Reporting Agency like: CreditKarma or FreeCreditReport.com, etc.
One of the companies we use a lot for Credit Reporting is called National Tenant Network or NTN. You can go to the following website: https://secure.ntnonline.com/securelease/applicantdetails.cfm?propcode=GLR428&unit=14899. The tenant should pay with their cc. For the NTN Forms call them: 800-422-8299 X4.
Negotiate-must be in writing.
Receive Acceptable Offer-must be in writing.
Prepare Memorandum of Agreement & distribute to all the parties-Buyer’s agent sends buyer’s side info to Listing agent so Listing agent can prepare the Memorandum of Agreement on their letterhead. Be sure to include Broker’s & Agent’s Unique ID#.
Schedule buyer’s inspection (if necessary).
Seller’s attorney writes the Contract & sends it to Buyer’s attorney.
Buyers sign the Contract & prepare Earnest Money Check & Buyer’s attorney sends to Seller’s attorney.
Contracts fully executed.
Listing Agent changes MLS status to: Contract-print out for the file.
Schedule Bank appraisal.
Receive Buyer’s Commitment Letter.
Underwriting.
Schedule Closing.
Send Commission Invoice to Seller’s Attorney.
Buyer should contact all utilities including: Electric, Cable, Oil/Propane, etc. to transfer billing as of the date of the Closing. You do not want these utilities turned off on the date of the Closing. Sometimes the Buyer & the Seller can get on the phone together with the utility & transfer the ownership. It’s a good idea to get a final reading of any meters during the final walk-through. Take a photo of the meter reading with your cell phone. Make sure you can read the numbers.
Go to Closing, get any additional paperwork signed (if necessary), pick up commission check, bring to office. Take a copy of the HUD Document & put it in the file so you can send it to the Buyer after January 1 for their taxes.
Listing Agent changes MLS status to: Sold-print for file.
Bring completed file to office & get paid!