1. List house with realtor or put up for sale by owner.
2. Receive an offer and negotiate sales price. Realtor will advise and direct this process.
3. Sign a purchase/sales contract, listing a target closing date in the future, the good faith deposit amount, any and all conditions of the sale.
4. Provide payoff information to the title company, for any and all liens you have against you and/or the property. Name of creditor, account numbers, phone numbers, your full social security numbers if you have common names, and a Borrowers Authorization – see attached
***Have one of these BA forms easily downloadable from our website.
5. You or your realtor must open the home for
a. the appraiser to do an appraisal,
b. the pest control company to do a termite inspection, and a for
c. a home inspector to do a home inspection (a several hour process where they go thru your home with a fine-toothed come to try to identify anything that is in need of repair or replacement.
6. Respond to the home inspection
a.&nnbsp; You negotiate with the buyer the repair or replacement of the items found by the home inspector – What will be done, by what contractors, at what price, by what date, and who will pay for it…then
b. See that these items are carried out and completed accordingly.
7. Be prepared to respond to the title company if they call you to request assistance
a. Identifying liens (mortgages, judgment liens, tax liens, etc.) that are still of record that possibly should not be.
i. Pull out your home purchase and refinance files/records
ii. Have the settlement statement handy from when you bought the house, AND from any time you refinanced the house or any time you got a second mortgage or a home equity line of credit on the house.
iii. A settlement statement (“HUD-1” or “HUD” or “HUD 1-A”) is the summary of the transaction, it lists all the numbers on the buyer-side and seller-side. It is a legal-size, multi-page document, and is typically the very first document reviewed in any closing, and its signature page has both buyers and sellers on it. A HUD from a refinance may be only one page, but it is commonly more.
b. Regarding bankruptcy you may have filed in the last 10 years, pull out those records and be ready to provide them to the title company to evidence liens that were made invalid.
c. Providing any Final Divorce Decrees and Property Settlement Agreements
8. Notify the title company ASAP of any pending marital status changes that you may experience prior to closing.
9. Notify the title company ASAP if you got married or divorced since you bought the property.
10. Await the buyer’s final approval of their loan.
11. Your realtor (or settlement agent if a cash-sale) will call you to schedule the closing.
a. What to bring: Show up at closing with your photo-ID AND your legal spouse AND all keys, garage door openers and entry codes.
b. How long it lasts: Jett Title purchase cosings last an average of 45 minutes. Sellers will sign an average of 10 signatures, depending. Whereas the buyer will sign from 50-70 times, depending on the lender and loan type.
c. If you cannot attend closing,
&nbsnbsp; i. POA: Please inform the title company as far in advance as possible, and the title co. will prepare a power of attorney (POA) for you, that is specific to the transaction.
1. Title co will email the POA to you with very specific and simple instructions of how to sign, get notarized and return the POA to the title co.
ii. If a POA will not work, then we can have a notary closer come to you, where ever you are in the U.S. and close with you.
iii. Your sales proceeds: Give the title co. instructions on how you wish to receive your sales proceeds – an address at which to FedEx you a check, or wire instructions for electronic delivery of your funds. Send the folowing wire instructions to the title company:
1. Bank name
2. Bank’s phone number
3. Bank’s wire-specific routing number (Many times banks routing numbers for checks and wires are different!)
4. Account name
5. Account number
13. Leave the closing with a check and a smile.