How a REALTOR® Markets a Property

Phase One

1. Listing agent makes seller contact.
2. Listing agent compiles market statistics for Comparative Market Analysis (CMA).
3. Listing agent obtains pertinent public record information.
4. Agreement on listing price and terms.
5. Seller completes property disclosure form.
6. Listing agent prepares listing agreement. Homeowner warranty is applied for.
7. Listing agent establishes a marketing strategy with seller’s approval.
8. Listing agreement is submitted to MLS.
9. Listing agent begins marketing: (.e. print media, networking, tour, Internet, direct mail, etc.)
10. Abstract location verified with agent.
11. Purchase agreement written.
12. Listing and sales agent participate in negotiations.

Phase Two

1. Listing agent checks for clarity on all forms and proper use of forms.
2. Purchase agreement accepted.
3. Purchase agreement reviewed by manager.
4. Administrative assistant enters information in computer and forwards originals to closer.
5. Closer verifies placement of loan application.
6. Closer verifies loan processing status.
7. Closer coordinates scheduling termite inspection.
8. Closer verifies receipt of verifications, appraisal, and credit report and lender is ready to submit to loan committee for approval. Without approval, transaction cannot proceed.
9. Closer verifies loan approval and notifies seller and listing agent.
10. Closer orders abstract updated and sends to attorney for title opinion.
11. Closer receives title opinion; reviews for title problems.
12. Closer requests attorney to prepare necessary documents to clear title.
13. Closer prepares Declaration of Value, Ground Water Statement, Tax Pro-ration for buyer’s and seller’s signatures.
14. Closer requests, receives and reviews HUD statement.
15. Closer prepares closing statement for seller signature.

Lender

1. Lender takes buyer’s loan application.
2. Lender orders job verification; verifies checking and savings accounts; orders credit report and appraisal.
3. Lender checks all verifications for accuracy and completeness.
4. Lender submits buyer’s documents and appraisal to Underwriter for loan approval.
5. Buyer’s sign note and mortgage lender collects money due.
6. Lender sends abstract and documents to be recorded to Abstractor.

Phase Three

Final Step: Buyers take possession and are now the new title holders!