Your broker or lawyer will furnish duplicate originals of the final purchase agreement, which has now become a binding contract to you, the buyer, the lending institution, and the escrow agent or other parties involved.
When a new mortgage is being placed, the agent should make him or herself available to assist your buyer with lender recommendations. If the buyers have already been prequalified or approved by their own lender, the certificate of preapproval or letter of prequalification should already be in your or your agent’s hands. If no agent is involved, you should check to see that prompt application is being made (your purchase agreement should already have given a date for this to be accomplished).
Unless you already know that the deposit is safely tucked into an escrow account, you are entitled to a report on its progress. If you are not notified when the check clears or the promissory note is made good, do not hesitate to inquire.
Merely finding a buyer for the property will not ensure a successful sale. You and your agent must be on top of the mortgage application process. You’ll want to hear as soon as possible that the buyers’ credit checked out well and the house appraised at a satisfactory figure. A status check should be performed weekly, or the lender should be asked to fax the status of the loan periodically.
You may hear about snags in the paperwork: the verification of employment form has not been returned, or a required inspection has not been documented. It may be necessary to arrange appointments for an appraiser, a home inspector, a termite inspector, or a surveyor |
