Santa Fe Real Estate – Buyer #3
Mr. Buyer, you are now in Escrow and here is an abbreviated list of activities we will process before you take possession of your property. Start a file and keep copies of all documents. Buyer Broker sends signed copies of contract and related documents to: buyer, seller, title company, finance underwriter. Contract and all other docs required – finance letter, counter, addendums, amendments, extensions, occupancy, lead paint, well agreement, septic permit, mold disclosure, deed, tax disclosure, et. al.
Buyer Broker makes earnest deposit, sends receipt to: title, buyer, underwriter. Review Property Disclosure and buyer sign off.
Order Inspections – general inspection first & review report. If inspection specialists required, order additional inspections for: plumbing, lead paint, mold, structure, et al.
Order preliminary title binder, review for: liens, legal ownership, covenants. Decide which additional coverage Mr. Buyer desires. Pull tax report on property. Make sure data is correct and up to date.
Finance – Buyer Broker provides finance referrals. Mr. Buyer should interview three financial sources to understand how best to finance the new property. Then pick one banker or broker and quickly provide all documents required for underwriting the loan. Be prepared for stricter credit standards.
Review Inspection Report – Look for major repairs required. Do these items require additional expert analysis and repair bid? Order additional inspections or respond to seller in writing with your repair list via the Waivers & Resolution process. Upon signed agreement repairs are made or a repair credit to the buyer is a added to the closing HUD as a price change. Insurance – Buyer Broker will provide referrals to Buyer. Buyer to contact and arrange for insurance directly with agency. Agency will work with title company to assure an efficient closing.
Appraisal – The buyer's financial underwriter orders the property appraisal. If the solds support the purchase price, parties move onto closing. If there are appraisal issues, both parties renegotiate price or walk away from contract without penalty and buyer's earnest deposit is refunded to buyer.
Packing & Moving – Start packing once the appraisal is approved. This Broker highly recommends you pack your prized possessions, then have a professional move your home.
Survey – Title Company orders property survey, ILR. Title officer and Buyer Broker review survey for potential boundary and covenant issues.
Utilities – Buyer Broker provides a list of utilities that buyer must notify and setup new accounts.
Mail – Buyer to setup transfer.
Rental agreement – sometimes closings and moving dates do not match. Setup a rental agreement between buyer and seller for the days required.
Final Walk Through – Buyer has option for a final walk through the property before closing.
Closing – Closings can be held at the title company or processed long distance. Be sure and bring your license and checkbook to the closing. The buyer's title officer and buyer broker will be there to explain the closing documents.
Recording and Funding – signed closing documents must then be recorded by title company at the Santa Fe County Courthouse. Then funding from underwriter transfers to title company, then title company disperses funds and final HUD. Then and only then can Mr. Buyer take possession of the property. Keys, final instructions, remove sign & lock box, close out escrow, thanks!
Now you are done Mr. Buyer. I bet you are tired and relieved you made it to Santa Fe. Congratulations!
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Comments
That’s a pretty good account of the buying process… in fact, that’s a really good account of the buying process. I wonder how often the process runs this smoothly!
Thanks for your comments. I close 95% of my escrows, most deals run smoothly as the buyer and I work in tandem.
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