How Complicated Can Selling My House Be?

Sally & Eric Martell © 2008

To help us manage transactions, we have developed a checklist to give us an edge in pinpointing possible trouble spots.  A copy of it is provided below

1) Copies

a) Distribute copies of fully signed contracts to:

b) Originals to Buyer's Lender

c) Copy for Buyer including Buyer's Estimated Expense Sheet

d) Copy to Seller including Seller's Estimated Net Sheet

e) Copy for any Cooperating Real Estate Broker

f) Copy to Title Company

2) Loan Application

a) Be sure to monitor number of days provided for in contract

b) Loan Application made by buyers on:

c) Lending Company:

d) Loan Officer:

e) Processor:

f) Phone:

g) Fax:

3) Appraisal

a) Appraisal ordered by

b) Appraiser name:

c) Phone:

d) Scheduled Date:

e) Access instructions:

f) Appraisal Amount:

4) Home Inspection

a) Home Inspector Name:

b) Phone:

c) Date Scheduled:

d) Copy to Seller:

e) Copy to Buyer

f) Copy to all Realtors

g) Repairs required per contract clauses D and N:

h) Additional repairs as contractually agreed

5) Repairs Progress

a) Repair people needed:

b) Repair estimates for seller (2 or more)

c) Repairs Scheduled Date:

d) Repairs Completed Date:

e) Received repair invoices:

f) Seller paid repair invoices:

g) Repair invoices to be paid from proceeds of sale:

6) Title work

a) Title Company:

b) Closing Agent:

c) Assistant:

d) Phone:

e) Fax:

f) Address:

g) Contract/Information sheet sent to Title Company:

h) Previous Title Insurance:

i) Liens or other encumbrances found?

j) Resolution steps required:

k) Liens resolved date:

l) Loan #, address of lender, lender phone, all to title company

m) Mortgage Payoff ordered and received:

n) Escrow account balances

7) Termite Inspection

a) Termite Company:

b) Scheduled Inspection Date:

c) Time:

d) Access Instructions:

e) Scheduled by:

f) Repairs/Treatment required:

g) Estimate of repairs

h) Repairs/Treatment Scheduled with:

i) Repair Date Scheduled:

j) Repairs Completed:

k) Re-treatment required?

l) Re-inspect needed:

m) Ordered by:

n) Clear report: Y/N

8) Any additional inspections required

a) Well, septic, roof, radon, environmental, HVAC, electrician, plumbing, etc?

b) Estimates needed?

c) Scheduled date:

d) Inspector name:

e) Phone:

f) Completed:

g) Invoiced and paid:

9) Survey

a) Survey Company:

b) Phone:

c) Contact person:

d) Ordered by:

e) Date Scheduled:

f) Completed Survey to Title Company:

10) Final Buyer walk-thru prior to closing

a) Scheduled Date:

b) Received Copy of Bills for Buyer:

c) Unexpected Damage:

d) Possible Resolution:

e) Buyer's Approval form signed:

11) Loan Status

a) All documents required by Loan Officer received date:

b) Additional or Missing documents description and due date:

c) Gift letter required?

d) Loan ready for underwriting date:

e) Loan submitted to underwriting

f) Loan in underwriting:

g) Additional requirements from underwriter:

h) Loan process through underwriting:

i) Loan approved by underwriting

j) Appraisal received and Okayed:

k) Loan package prepared:

l) Loan package forwarded to Title Company:

m) Loan Denied:

n) Reason:

o) Possible Resolution:

p) Loan approved:

12) Closing

a) Scheduled with Title Company for (date and time):

b) Will sellers and buyers be present or will documents need to be sent overnight?

c) Buyers scheduled (time and date):

d) Sellers scheduled (time and date):

e) Where will closing occur?

f) Driving Directions:

g) Phone:

h) Title work ready:

i) HUD-1 available:

j) Buyer and Seller receive copy of HUD-1 prior to closing:

k) HUD-1 reviewed for accuracy including pro-rations:

l) Warrantee document prepared & copies to buyer with account # & payment made?

m) Escrow check ready and made out to Title Company:

n) Buyer's funds ready and made out to Title Company

o) If money is to be wired instructions sent to Buyer's bank at least 48 hours prior to closing:

p) Wiring instructions, accounts, etc:

13) Unexpected problems:

a) Problem: No matter how many houses we sell, we keep finding more problems!

b) Possible resolutions: Experience pays off here!

Please note that this list covers only the most common pitfalls.  We have a full-time closing transaction manager who spends all of her time resolving issues and scheduling.  So, be prepared for some work.  Sure, you can just kick back and relax, but you’re taking a big chance that the sale won’t close.  Our goal is to leave nothing to chance and your goal should be the same.  To increase our level of control, we have purchased a small ownership interest in a title company.  While this does make some money for us, we feel that it is important to our clients since it gives a measure of control that might otherwise be missing.  In our opinion, it insures that our clients get better service than is normal in the title industry.