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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Dorie Dillard is the most frequently hired Realtor® in the Canyon Creek Subdivision.    “YOUR PERFECT PARTNER”

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Tags:
home loans
gfehud
mdia
home buyers
interest rates
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home repairs
financing period

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Ambassador
1,590,893
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth
Dorie, good points from Santa. We all need to be NICE in 2010!
Jan 07, 2010 12:55 PM #1
Rainmaker
920,123
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Do we get coal in our stockings at the end of the year if we don't comply or is it worse?  :)

Jan 07, 2010 01:34 PM #2
Ambassador
1,025,185
Craig Rutman
Helping people in transition - Cary, NC
Raleigh, Cary, Apex area Realtor

Gotta keep Santa happy if we expect to be rewarded by going to a closing table!

Jan 07, 2010 01:42 PM #3
Rainmaker
229,723
Dee Mayers
Covina, CA
San Gabriel Valley, CA

Dorie,
Here is a biggie: Make sure all documents are properly signed sometimes easily overlooked.

Jan 07, 2010 03:05 PM #4
Rainmaker
1,782,630
Dorie Dillard
Coldwell Banker United Realtors - Austin, TX
Realtor-Canyon Creek- NW, Austin TX Homes For Sale

Hi Gary,

We will need to play nice for sure!!

Jan 07, 2010 03:47 PM #5
Rainmaker
1,782,630
Dorie Dillard
Coldwell Banker United Realtors - Austin, TX
Realtor-Canyon Creek- NW, Austin TX Homes For Sale

Hi Jane,

You just won't get a stocking!!

Jan 07, 2010 03:47 PM #6
Rainmaker
1,782,630
Dorie Dillard
Coldwell Banker United Realtors - Austin, TX
Realtor-Canyon Creek- NW, Austin TX Homes For Sale

Hi Craig,

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

Jan 07, 2010 03:49 PM #7
Rainmaker
1,782,630
Dorie Dillard
Coldwell Banker United Realtors - Austin, TX
Realtor-Canyon Creek- NW, Austin TX Homes For Sale

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!

Jan 07, 2010 03:52 PM #8
Rainmaker
522,293
Mary Douglas
United Country Ponderosa Realty - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

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 :-)

Jan 07, 2010 08:48 PM #9
Rainmaker
1,782,630
Dorie Dillard
Coldwell Banker United Realtors - Austin, TX
Realtor-Canyon Creek- NW, Austin TX Homes For Sale

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!!

Jan 07, 2010 09:29 PM #10
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Rainmaker
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Dorie Dillard

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