Archive for the ‘property transactions’ Category

Property Transactions: Up Until Closing Step by Step

Monday, May 26th, 2008

From mortgage lenders for refinancing homes to the purchase transaction, please see the process below.

As a real estate agent, I have a steps to success for a typical transaction I do.  Here they are, basically in this order, I could add more steps in between, but this will give you the idea of up until Closing

Credit Score
Down Payment Source?
Reserves?
2 years personal tax returns
2 years business tax returns
Business P&L
1 Full month of Paystubs
2 years of W-2’s
2 Months checking & Savings
IRA/401k/mutual/Stocks Quarterly
Copy of Divorce Decree
Bankruptcy Papers
Home Owners Insurance
Mortgage Statements ALL loans
Lease Agreements ALL rentals
Property Tax Statement All rentals
Copy of Drivers license or ID
Pre-Approval or D/U(dekstop underwriting)

Handling Process:

Date verbally want the house?
Date PA written?
Date PA faxed to Buyer?
Date PA signed by Buyer?
Date PA faxed to List Agent
Date PA signed/Seller?
Date showing contract, or facilitator signed?
Date PA back signed for Buyer’s Agent
Date PA faxed to Loan Officer?
Date Processor starts on file
Date loan package was submitted?
Date Are Conditions received from u/w?
Date Title Commitment is ordered?
Date builder Orders c/o if needed
Date Appraisal will be ordered
Date PA faxed from L/O to appraiser
Date Appraiser can view property
Date Appraiser gives L/O appraisal
Date Appraisal sent to u/w
Date in Appraisal Review
Date Sworn/Payoffs in from seller?
Date Copy of c/o to title person
Date All Invoices Sent to closer?
Date All Conditions are in to u/w?
Date In U/W for review
Date CTC(Clear to Close) Given?
Date In closing department
TIME Closing Package received?
TIME for HUD review?
TIME of Buyer’s signatures all paperwork?
TIME Down Payment given to title company same day?
TIME Seller signatures same day?
TIME Final HUD is approved by lender
TIME Wire comes In, or is and funds released?
TIME Loan Funded, and Disbursement of all monies, wires and checks?


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