Checking Your List Twice

By
Real Estate Agent with Coldwell Banker United Realtors CBURE#0406046

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Santa has come and gone for 2009.  He is now making his list to see who is naughty or nice in 2010 with some new rules to play by and he will be watching.  Both you and your buyer will need to learn the ropes, so here is a recommended "checklist" during the Financing Period to ensure compliance with the new GFE/HUD (and MDIA) requirements and prevent delays in closing (and keep Santa happy).  They are not hard just time consuming and must be followed:

Buyer should:

  • Send loan disclosures/package back
  • Lock in interest rate
  • Finalize down-payment/loan amount
  • Confirm loan program (e.g. 30-yr fixed)
  • Send in all income documentation (i.e., pay stubs, tax returns, W2s)
  • Decide whether or not to escrow taxes and insurance
  • Select insurance provider
  • Make no changes that could affect credit

Agent should:

  • Check appraisal value and approval status
  • Verify if survey needed
  • Make sure repairs are complete (if needed)
  • Make sure Loan Officer has title contract information
  • Send in fully executed contract and any amendments
  • Finalize sales price and any seller contributions (3 days before closing if changes)

 

 

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Topic:
ActiveRain Community
Groups:
Addicted to Active Rain
Dedicated Bloggers
Lone Star Real Estate Professionals
Realtors®
Texas Real Estate
Tags:
home loans
gfehud
mdia
home buyers
interest rates
surveys
loan officers
home repairs
financing period

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Rainmaker
1,517,474
Dorie Dillard
Realtor-Canyon Creek- NW, Austin TX Homes For Sale
Coldwell Banker United Realtors

Hi Jane,

You just won't get a stocking!!

January 07, 2010 03:47 PM
Rainmaker
1,517,474
Dorie Dillard
Realtor-Canyon Creek- NW, Austin TX Homes For Sale
Coldwell Banker United Realtors

Hi Craig,

You got that right! If you don't follow things to the letter..no ticket..no laundry!

January 07, 2010 03:49 PM
Rainmaker
1,517,474
Dorie Dillard
Realtor-Canyon Creek- NW, Austin TX Homes For Sale
Coldwell Banker United Realtors

Dee,

That is for sure a big one!! We have the initial and signature police officer in our office on all our paper work..we are use to getting it right the first time!

January 07, 2010 03:52 PM
Rainmaker
500,737
Mary Douglas
REALTOR, Red Feather Lakes, Colorado
United Country Ponderosa Realty

Hi Dorie, I'm looking forward to the first loan to see how it goes, I hope I will be good so Santa comes again :-)

January 07, 2010 08:48 PM
Rainmaker
1,517,474
Dorie Dillard
Realtor-Canyon Creek- NW, Austin TX Homes For Sale
Coldwell Banker United Realtors

Hi Mary,

We are to be closing one on the 21st and it's going to be interesting! The appraiser just got out and was to have had the appraisal in before New Years!!

January 07, 2010 09:29 PM
Anonymous
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Rainmaker
1,517,474

Dorie Dillard

Realtor-Canyon Creek- NW, Austin TX Homes For Sale
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Additional Information

Author Bio: I was once a school teacher and still like the learning process. Only now I enjoy learning what dreams my clients have and what I can do to help them. I am a firm believer in asking the right questions. It is the only way to get answers that have helped me build an impressive business over the past 21 years and leave a trail of happy clients

Welcome to my ActiveRain real estate blog and profile. I'm a Realtor with Coldwell Banker United and specialize in NW Austin. Once a school teacher I still like the learning process. Only now I enjoy learning what dreams my clients have and what I can do to help them. Dorie Dillard, Real Estate Professional in Austin, TX

Dorie Dillard

Dorie Dillard on Zillow