Objectives
- Promote the development of documented systems for each brokerage activity.
- Develop skills; practice, turn at bat….
- Promote interact………………………….. “street, street, street”
- Shall we play?…your participation…interact creatively?
- Management of “Olympic cold” or “stage fright”.
- Browse several of the documents associated with Close
Definition
What is closing?
Closing is the process or set of activities or events that are carried out or take place, with the objective of carrying out the purchase and sale of a real estate property, which upon completion:
- The seller transfers the title of the real estate to the buyer
- The purchaser becomes the legal owner of the property.
This process has several stages:
- Prospect
- Initial Contact-Qualification-Requalization-Requalization-Make Appointment
- “Showing”
- Option or Offer Management
- Sale and Purchase Option Documentation
- Origination
- Process
- Closing
- Tracking – Sphere
Prospect
- Sign … Eye on condominiums
- Loose leaf in neighborhood … blocks
- If condominium … loose leaf on bulletin board
- Electronic Portals … visual … visual … visual … visual
- “Mailing” … postal … electronic
- Sphere of Influences
- Current customers
- Past customers
- Past buyers
- Family, friends, suppliers, exchange
- Realtors, brokers
Initial Contact-Qualify-Qualify-Prequalify-Make Appointment
Qualify VS Prequalify
What is Qualify?
Educate … orient … guide … recruit … impact … infect … “mirror effect”.
- Understanding the buyer’s needs … creating affinity … empathy
- Determine if the prospect is emotionally prepared … motivation
- Begin to establish the “relationship” … establish credibility
- Initiate the “Preconditioning” process …. confidence
Qualify
- Affective, emotional involvement … in the reality of the prospective buyer.
What is Prequalify?
- Mechanical aspects of transportation … calculations … employment … CP … CD … Initial Investment … Credit
=
“
Positive Attitude of Service”
“APS”
Initial Contact-Qualification
On initial contact
Solid Qualification
- Reason to buy
- Motivation to buy
- Urgency-Time
- Capacity
- Interest
Initial Contact-Prequalification
To a Customer or Consumer
- Pre-qualify at initial contact
- Employment
- CP
- CD
- Initial Investment
- Credit
Co-Broke
- Pre-qualify at initial contact
- Employment
- CP
- CD
- Initial Investment
- Credit
Co-Broke Agreement
(Stipulates cooperation, compensation received, commission agreed with owner)
“Showing”
- Coordinate with listing agent or seller
- Coordinate with buyer
- “Setting the “rules of the game”.
- Perform “showing”.
- Documenting “showing
Option or Offer Management
- All in writing, with a Good Faith Deposit (DBF – Earnest Money).
- Objective-Function and quantity
- Presented to the seller by the listing agent
- Handling of bids and counter-bids
- Pre-qualification form completed and signed by all parties
Put Option Documentation
- Sample purchase and sale option contract
- Additional clauses
- Addendum
- Property Condition Information Sheet
- Authorization for disclosure of loan information
- Lead-based paint disclosure sheet
(Before 1978. 29 years old or older)
- Pre-qualification form
Origination
- Origin
- Request
- “TILS” Initial
- “GFE”
- Transfer of Service Report
- Process
- Documents associated with the seller and the property
- Documents associated with the buyer
- Analysis
- Analyze and ensure compliance with all institutional and secondary market requirements.
- Make a decision:
- Approve
- Counteroffer
- Return to correct or complete
- Deny
- Closing
- Seller Proceed” seller surplus
- “Settlement Statement
- “TILS” Final
- Deed of sale
- Mortgage note
- Income tax and CRIM forms
- Request for change of ownership CRIM
- Application for exoneration and/or CRIM Exemption
- Service
- Process payments
- Resolving backlogs and delinquency cases
- Payment of property taxes
- Pay insurance in escrow
- Transfer mortgage to new owner
- Transfer to new service agent
- Pay off mortgage
- Handling all types of mortgage documents
Process
- Origin
- Request
- “TILS” Initial
- “GFE”
- Transfer of Service Report
- Process
- Documents associated with the seller and the property
- Documents associated with the buyer
- Analysis
- Analyze and ensure compliance with all institutional and secondary market requirements.
- Make a decision:
- Approve
- Counteroffer
- Return to correct or complete
- Deny
- Closing
- Seller Proceed” seller surplus
- “Settlement Statement
- “TILS” Final
- Deed of sale
- Mortgage note
- Income tax and CRIM forms
- Request for change of ownership CRIM
- Application for exoneration and/or CRIM Exemption
- Service
- Process payments
- Resolving backlogs and delinquency cases
- Payment of property taxes
- Pay insurance in escrow
- Transfer mortgage to new owner
- Transfer to new service agent
- Pay off mortgage
- Handling all types of mortgage documents
Closing
- Origin
- Request
- “TILS” Initial
- “GFE”
- Transfer of Service Report
- Process
- Documents associated with the seller and the property
- Documents associated with the buyer
- Analysis
- Analyze and ensure compliance with all institutional and secondary market requirements.
- Make a decision:
- Approve
- Counteroffer
- Return to correct or complete
- Deny
- Closing
- Seller Proceed” seller surplus
- “Settlement Statement
- “TILS” Final
- Deed of sale
- Mortgage note
- Income tax and CRIM forms
- Request for change of ownership CRIM
- Application for exoneration and/or CRIM Exemption
- Service
- Process payments
- Resolving backlogs and delinquency cases
- Payment of property taxes
- Pay insurance in escrow
- Transfer mortgage to new owner
- Transfer to new service agent
- Pay off mortgage
- Handling all types of mortgage documents
Tracking – Sphere
To the sphere or to the sapphire?
- Reconcile case and verify documents … lessons learned.
- “Settlement Statement
- Valuation
- Writing
- Modification of database … relocate relevant parts in sphere of influence
- The Numbers
- “Monday” after closing … make phone calls … email
