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BUYERTRANSACTIONMANAGEMENTCHECKLISTFORTALLEYHESS042113

Addendums,CommissionCredits,andReleases CommencingJanuary1,2013,onlyAddendums,CommissionCredits,andReleasesrequiringaBroker'ssignaturemay besentelectronicallyforBrokerSignature. SUBJECTLINEINDOCUSIGNBUYERS:MARYANDJOHNJONESTALLEYHESS ItistheresponsibilityoftheAgenttobesurealldocumentssignedbytheBrokerbereturnedtotheclient.

CONDO/HOA 1.CONDO/HOAVerifywithlistingagentthatDocshavebeenOrdered.IncludedinIntro lettertoListingagent.(14daysforCondoAssociationtodeliver docs) 2.Uponverificationofdocsordered,sendHOA/CondoDocNoticetoBuyeremailtobuyer 3.Buyeracknowledgedreceiptofemail 4.CONDO/HOADOCSUponreceiptofdocs,formfromZipforms:Purchasers AcknowledgmentofReceiptofPropertyOwnersAssociation DisclosurePacket(NVARK1126)ORCondoDoc.Acknowledgment (NVARK1025) 5.CONDO/HOADOCSAcknowledgmentFormreturnedbybuyer 6.CopyofHOAacknowledgementtoJillandtoListingAgent. 7.CONDO/HOADOCSContingencytimeframeexpired? CONDO/HOAAGENTREVIEWFORM 1.HOA/CondoDocumentAgentReviewformsenttoagentwith ResaleDisclosure/Certificate 2.Agentacknowledgedreceipt 3.Agentreturnedform 4.VerifyTalleycopiedonotheragentsReviewform. CONDO/HOAResalecertificatetolender/titlecompany 1.SendResaleDisclosure/Certificatetoalltitlecompaniesandlender. 2.ReceiptofDisclosure/Certificate/informationacknowledgedbyLender 3.ReceiptofDisclosure/CertificateinformationacknowledgedbyallTitlecompanies. GOOGLESPREADSHEET 1. Active Clients: Enter all clients that have a signed Buyer Broker Agreement, Tenant Agreement, Listing Agreement or Contract. Task for one day after start or purchase date. (A signed lease would get updated to the Closed Transactions immediately. ) https://docs.google.com/a/erealtyteam.com/spreadsheet/ccc?key=0AlHSIEd7TdsQdDRDTlF1RG hEd0hlSURlbjhDR2xTOGc#gid=0

2. Once the transaction closes, it will be deleted from this spread sheet and added to the Closed Transaction Spread sheet.-task for one day after closing 3. Closed Transactions: Once a transaction is closed, task to update the Closed Transaction Spread sheet. https://docs.google.com/a/erealtyteam.com/spreadsheet/ccc?key=0AlHSIEd7TdsQdGhrcXBGZG g3UEVvdkhVdGZGSHcyeFE#gid=1

INSPECTIONSAdditionalInspections 1.INSPECTIONSAdditionalInspectionScheduled.Allpartiesadvisedoftimeanddate. 2.INSPECTIONSAdditionalInspectionrepairaddendumsenttosellersagentand acknowledged 3.INSPECTIONSAdditionalInspectionContingencyagreedtobysellerandsigned addendumreturned 4.SignedaddendumsenttoBuyersandacknowledged 5.SignedaddendumsenttoJillandacknowledged. 6.INSPECTIONSAdditionalinspectionsellercoordinatedvendorsforanyrequired repairs? 7.INSPECTIONSAdditionalInspectionverifyRequiredrepairscompleted 8.INSPECTIONSAdditionalInspectionrepairreceiptsreceived? 9.Receiptssenttobuyerandacknowledged. INSPECTIONSAGENTEMAILREMINDER 1.SendInspectionremindertemplate(below)toagentuponsendingcasesheetand contracttobroker. 2.Acknowledgementofreminderfromagent. Template: Dear(agentname) Thisisaremindertoorderthebelowinspection(s)toadheretothecontractdeadlines: HomeInspectionDeadlinewithin???daysofratification.Dueby:DayDate (Addifneededordelete RadonInspectionDeadlinewithin???daysofratification.Dueby:DayDate anyotherinspections:Deadlinewithin???daysofratification.Dueby:DayDate) PleaseletmeknowwhenscheduledsoIcanupdatethefileforfollowup. INSPECTIONSHomeInspection 1.INSPECTIONSHomeInspectionScheduled.Allpartiesadvisedoftimeanddate.

2.INSPECTIONSHomeInspectionrepairaddendumsenttolistingagentand acknowledged. 3.WalkThruNoticeform(K1334)needed? 4.WalkThruNoticeformsenttolistingagentandacknowledged. 5.HomeInspectionaddendumandwalkthruformsignedandreturnedbySeller. 6.SignedAddendumandwalkthruformsenttoBuyerandacknowledged. 7.SignedAddendumandwalkthruformsenttoJillandacknowledged. 8.INSPECTIONSHomeinspectionlistingagentcoordinatedvendorsforanyrepairs 9.INSPECTIONSHomeInspectionverifyrepairscompleted 10.INSPECTIONSHomeInspectionrepairreceiptsreceived? 11.Receiptssenttobuyerandacknowledged. Notes:Pleasesendallhomeinspectionaddendatomyofficeonly,Jill.Idonotwantany repairaddendumtogotothelenders,thiscouldbearedflagtothem andbeproblematic.Thetitlecompanydoesnotneedit.Theagents willhaveacopyintheirfiletoensuretherepairsarecompleted. INSPECTIONSLeadPaintInspection 1.INSPECTIONSLeadPaintInspectionScheduled.Allpartiesadvisedoftimeanddate. 2.INSPECTIONSLeadPaintInspectionrepairaddendumsentto listingagent 3.INSPECTIONSLeadPaintInspectionContingencyreleased 4.INSPECTIONSLeadPaintinspectionlistingagentcoordinated vendors 5.INSPECTIONSLeadPaintInspectionverifyrequiredrepairscompleted 6.INSPECTIONSLeadPaintInspectionrepairreceiptsreceived? 7.Receiptssenttobuyerandacknowledged. INSPECTIONSRadonInspection 1. INSPECTIONSRadonInspectionScheduled.Allpartiesadvisedoftimeanddate. 2. Radoncanisterpickuparranged. 3. Radonresultsreceived. 4. INSPECTIONSRadonInspectionrepairaddendumrequestsenttolistingagentand acknowledged. 5. Signedaddendumreturnedfromseller 6. SignedaddendumsenttoBuyerandacknowledged 7. SignedaddendumsenttoJillandacknowledged. INSPECTIONRADONREMEDIATION(REPAIR) 1. Ifrepairsareneededlistingagentcoordinatedvendors 2. Verifyrequiredrepairscompleted 3. Repairreceiptsreceived? 4. Receiptssenttobuyerandacknowledged. INSPECTIONSTermiteInspection(30daysbeforeclosing)

MODIFYASNEEDEDBASEDONBUYERORSELLERRESPONSIBILITY 1.INSPECTIONSTermiteinspectionordered Ordernomorethan30daysinadvance http://www.connorspest.com/realtor.html (703)3210400 AddreminderforConnortoprovideuswithcopyofcompletedreport 2.INSPECTIONSTermiteinspectionorderconfirmedbycallingConnorsandconfirmed withseller 3.INSPECTIONSTermiteinspectionreceivedandsenttosellingagentforreview 5.Reportclearedbyagent(ifinfestationwasfoundagentwillcallthepartiestodiscuss) 6.INSPECTIONSClearedTermitereporttoallpartiesusingfollowinglanguage: communicatethat"Noevidenceoftermiteinfestationwasfound", (Termitereportsenttoclient,cobroker,titleco.,lender,lenders processor,andanyrequired3rdparties.Changenameofpdf attachmentbeforesending) 5.INSPECTIONSTermiteinspectionreportacknowledgedbyallparties (Itisfinewithmetosendajointemailtoall3partiesatthesametime,showingallemails soeveryoneknowsthatallpartieshavebeendeliveredacopy.We canmakethisthenormalSOPforalltermitereportsonall transactions.) INSPECTIONSWell&SepticInspections 1.INSPECTIONSWell&SepticInspectionsOrderedandscheduledwithseller 2.INSPECTIONSWell&SepticInspectionsreceivedandclear 3.INSPECTIONSWell&Septicsenttoallparties(toclient, cobroker,titleco.,lender,lendersprocessor,andanyrequired3rd parties.Changenameofpdfattachmentbeforesending) 4INSPECTIONSWell&Septicreportacknowledgedbyallparties LENDERFINANCINGCONTINGENCYREMINDERTOAGENT 1. Emailagent7dayspriortofinancialcontingencyexpiration 2. Agentacknowledged LENDERAppraisal Includedeadlinedatesinemailcorrespondence 1.LENDERVerifylenderOrderedappraisal(includedinintroemail) 2.LENDERAppraisalscheduledwithseller 3.LENDERAppraisalreportcompletedatsalesprice,any conditions?SeeNotesBelow(Typicallytakesabout5to7daysto receivecompletedappraisal) 4.LENDERAppraisalifanyissueswithappraisal,requestcopyof reportsoTalleycannegotiateandprepareaddendum. 5.LENDERAppraisal,sendAPPRAISALCONTINGENCYNOTICE releaseoraddendumtoallparties.

6.Acknowledgementreceivedfromallparties? ThewayIliketohandletheappraisalistowaituntilithasbeenapprovedbyunderwriting andIhavereviewedit.Then,Iwillhavethebuyersignoffonthe appraisaladdendumanditgetssenttothelistingagent. Justasareminder,iftheappraisedvalueishigherthancontractsalesprice,wedonot communicatetheappraisalpricetothelistingagentorseller.Ifthe agentinquiresabouttheactualappraisedvalueIsimplystate"The appraisalhasmetvalueandthebuyerisremovingthecontingency." Sincethebuyerpaidfortheappraisal,theyarenotobligatedtoshare theappraisalortheamountwithany3rdparty. LENDERAPPRAISALREMINDERTOAGENT Emailagent7dayspriortoappraisalcontingencyexpiration LENDERMonitorLoanProcess Includedeadlinedatesinemailcorrespondence:Appraisal,financing,settlementdate 1.LENDERIntrolettertolender,sendcopyofcontractwithmlslistingandtaxrecord 2.LENDERIntroletter/contractreceiptacknowledgedbylenderwith processorsnameprovidedandaddedtoRelay 3.LENDERMonitorloanprocess(weekly)sendanemailtotheloanofficerweekly: a.Inquiringifthebuyerhaslockedtherate. b.Submittedtounderwriting? c.Requiredunderwritingconditionsmet? 4.LENDERFinalloanapprovalreceived?Standardcontractrequiresfinancing contingencyremoval21daysfromratification(ForConventional financingseepage4,section10) 8.Sendform100tolistingagentonlyifTalleydirects LENDERRATELOCKIN 7DAYSAFTERRATIFICATION 1. SendanLenderRateLockemailtothebuyer(besuretoincludeanemailtoall buyers).SeeTemplate 2. Buyeracknowledgedreceipt 3. NotificationofRateLock NEWCONTRACTBuyerTimelineLetter 1.NEWCONTRACTDraftBuyerTimelineletterforTalley'sapproval(seetemplate) 2.NEWCONTRACTBuyerTimelinelettersenttobuyer 3.NEWCONTRACTBuyerTimelineletteracknowledgedbybuyer NEWCONTRACTContractCaseSheet FivebusinessdaysfordeliveryofContractsw/oearnestmoneydepositsandBuyerBroker

AgreementsandListings.ThreebusinessdaysforContractswith earnestmoneydepositstobedeliveredtotheofficeinordertoget theearnestmoneyinbythe5thbusinessbankingday.Ourofficehas5 daysfromthedateofratificationtodepositinescrow. Jillrequirestohavethecheck2daysbeforethatdate 1. CompleteCaseSheetinZiplogic,saveasPDF,uploadtoRELAY.


2. Aswemovedeeperintotheelectonicage,pleasebesureyourCaseSheetscontainemailsforallparties. 3. Checklistofdocumentstocheckoff.HomeWarrantyisaselection. 4. Withateamagent,fillouttheagentsplitasindicatedbelow.Thesplitsmay

changeonacasebycasebasis,butIwillletyouknowwhenthatoccurs. CheckyesboxforINTERNALAGENTSPLIT NAME: AddagentnameandTalleyHess5050split. TalleypaysAdminandCMNfee 4.Checkthemlslistingandseewhattheofferedbuyeragentcompensationis.Ifitisless thanwhatisinbuyersagreement,askagentifthebuyer isexpectingtopaythedifferenceincommissionorhaveyou agreedtoacceptthelowercommission? Wemakedecisionslikethisonaclientcasebycasedetermination....soeachtransaction willbedifferent. 5.SendcontractwithcasesheettoJill(TEMPLATEBELOW) 6.EarnestmoneydepositsenttoJillorcopyofEMDcheckwithcontacttoJill? 7.ContractreceiptacknowledgedbyJill 8.IfpostoccupancyinplacenotifyRosannaLinneburRosannaLinnebur@gmail.comso sheknowswheretosendtheCMN. HiJill Attachedisthecasesheetandcontractforthereferencedproperty. PLEASEREPLYTOTHISEMAILTOCONFIRMRECEIPT NEWCONTRACT:Casesheetinstructionsrelatedtoreferralfees: 1. DisbursementInstructionsaretobefilledinwhenthereferralgoestoanotheragent outsideofmybrokerageRemaxPremier. 2. WhenwehaveaReloreferralonthecasesheetlistthereferralcompanyandamount $TBDcallagent. 3. Whenwehavearegularreferralandweknowtheamount,wewillfillthatamountin,if thereisareferralbeingpaidfromRemaxinwhichRemaxneedstoactuallycutacheck toanotherparty. 4. RemaxPremierreferralsusetheInternalAgentSplitwhenthereferralisfromagentto agent. 5. Whenit'saleadfromRemaxtomethanusetheOfficeleadsplit.(happensrarely)

NEWCONTRACTCopyofContracttoBuyer 1.NEWCONTRACTCopyofContracttobuyer,usetemplate 2.NEWCONTRACTReceiptofcontractacknowledgedbybuyer NEWCONTRACTEarnestMoneyDepositVerification 1.IfRe/MaxPremieristoholdthedeposit,verifyJillreceivedtheEMDcheck 2.Iftheotherbrokerortitlecompanyisholdingthedeposit,verifydepositwas received


1. 2.

3. 4.

5. 6.

NEWCONTRACTDOCUMENTREVIEW NEWCONTRACTReviewalldocsforRATIFICATIONdate,initials,signaturesand pages BesureTalleysignsallpaperworkbeforesubmittingtoofficeforprocessingincluding herownpaperwork.Note:Justbesuretocheckallthepaperworkforeithermy signatureifits'mineormyinitialsifit'smyteammembers MakesurethatCindy'spropertieshaveTalleyasthesellingagentintheMLSTalleys ID86036 CompareResidentialContractFormsChecklisttoprovideddocuments: Formisrequiredtobefilledoutbyallagentsbeforeeveryofferissubmitted.Itdoesnot getsubmittedtothelistingagent/cobrokeortoRe/Maxoffice.Documentsshouldnot dribbleinwhenthechecklistisused.DONOTPROCESSFILEWITHOUTTHIS FORM TheNewHomeInspectorListformthatIcreateddoesnotgetsenttomyoffice..itisusedbymy teamonlyandshouldbesavedinRelay.Pleasemakeanoteofthis. TheNewHomeInspectorListformthatIcreateddoesnotgetsenttomyoffice..itis usedbymyteamonlyandshouldbesavedinRelay.Pleasemakeanoteofthis.

NEWCONTRACTFileSetUpinRELAY 1.NEWCONTRACTCompleteTransactionDetailinRELAY 2.NEWCONTRACTCompleteContactsInfoinRELAY 3.NEWCONTRACTUploadDocstoRELAY 4.NEWCONTRACTSettaskdatesonchecklist 5.NEWCONTRACTPreorPostsettlementoccupancy? NEWCONTRACTFinalClosingInstructionCheckListforAgent 1. SendtotheagentafterContractissubmittedtotheTC,thatwaytheagentswill haveitintheirfiletoaddnotestoinordertoprepareforclosingearlyinthe transaction.(seetemplate) 2. Confirmationofreceiptfromagent. Agentdoesnotneedtosendbackwhencompleted.It'stheirticklersheet.

NEWCONTRACTIntroLettertoCoopAgent 1.NEWCONTRACTIntrolettertocoopagentwithcopyofcontract 2NEWCONTRACTIntroletter/contractreceiptacknowledgedby coopagent NEWCONTRACTPAYPAL 1.NEWCONTRACTdepositinvoicesentviaPayPal 2.NEWCONTRACTinvoicepaidviaPayPal NEWCONTRACTSURVEYORDER 1.Sendsurveyordertemplatetoagentverifyingbuyerssurveychoice(template) 2.ADVISETITLECO.OFBUYERSPREFERENCE(template) 3.TITLECO.CONFIRMEDORDERREQUEST NEWCONTRACTThirdPartyForRELO,REOORSHORTSALEPROPERTIES 1.SendIntroletterwithcopyofcontracttothirdpartyandthirdpartytitlecompany? 2.Receiptofcontractacknowledged. 3.Thirdpartyapprovalreceived 4.Allpartiesadvisedofthirdpartyapproval NEWCONTRACTVAFINANCING WithVAfinancing,thebuyercannotpaythe$295RemaxCommission. Note:VAstrictlyforbidsaVeterandoingaVAloanfrompayinganycommissionshortfall, feesoranycommissionwhatsoeveretc. NEWCONTRACTVerifyMLSforContractStatus 1.UploadMLStoRELAY 2.TaskforContingencydatesverification POSTCLOSINGCOMMISSION 7daysafterclosingVerifyagentreceivedcommissionfrombroker. POSTCLOSINGFILEDETAILS(1DAYAFTERCLOSING) 1.Agenttoprovidethefollowing4documents HUD1signedbyallparties WalkThruForm CommissionForminitialedbyTalley AgentFinalClosingForm 2.POSTCLOSINGAssistclientwithformsneededforanyrebateprograms 3.POSTCLOSINGAddressChangeUpdateclientcurrentaddress,enteroldaddressto contactnotes.

4.POSTCLOSINGConductfinalexaminationoffiletoensurealldocsrequiredareinfile POSTCLOSINGHUD1(1dayafterclosing) 1.FINALHUD1UploadedtoRELAY 2.ComparecommissioninformationonoriginalcasesheetwithfinalHUD1tobesureitis stillaccurate.SeeCommissionDisbursementform.Ifthe commissionhaschanged,pleaseupdatethecasesheettoreflectthe changesandsendtoJillwiththesignedHUD1forprocessing. PleasedonotsubmittheHUD1tomyofficeuntilyouhavereceived theformsignedandapprovedbyme.ThisformisnotsenttoRemax Office. 3.NotifyJillandrosannalinnebur@gmail.comofalternateaddressforChildrensMiracleNetwork ifbuyerisnotoccupyingproperty 4.SendFINALHUD1toJill 5.HUD1receiptacknowledgedbyJill POSTCLOSINGPayPal(1DAYAFTERCLOSING) 1.POSTCLOSINGinvoicesentviaPayPal 2.POSTCLOSINGinvoicepaidviaPayPal POSTCLOSINGVerifyMLS(1DAYAFTERCLOSING) 1VerifyMRISforclosinginformation,usefinalHUD1toverifyinformation 2.UploadMRISsheettoRELAY 3.SendMRISsheettoTalley PRESETTLEMENTClosing"ToDo"Letter(22daysbeforeclosing) 1. PRESETTLEMENTUsetemplatetodraftClosing"ToDo"letterwithPDFattached forapprovalbyTalley,sendtoclient3weekspriortoclosing 2.PRESETTLEMENTClosing"ToDo"letterwithPDFattachedsenttobuyer 3.PRESETTLEMENTClosing"ToDo"letteracknowledgedbybuyer PRESETTLEMENTClosingGiftReminder(14DAYSBEFORECLOSING) 1. ClosingGiftRemindertoagent2weeksbeforeclosingseetemplate 2. Agentacknowledged 3. Afterclosingplaceorderperbelowinstructions 4. Sendorderconfirmationtoagent 5. (fyiTheteampicksuptheexpenseofthegift,nottheagent.) ORDERPROCESS: http://www.harryanddavid.com/gifts/store/home___ Login:admin@homesbytalley.compw:talleyteamsecurityanswer:tomdonegan OrderSignatureFruitoftheMonthClubCollectionsforthreemonths$99 Fruitofthemonthmedley3mos1409B

MypersonalbusinesswillsayonLabelmessage: ANewHome!Congratulations! TalleyHess&TheHomesByTalleyTeam OtheragentbusinesswillsayonLabelmessage: ANewHome!Congratulations! CindyLyman&TheHomesByTalleyTeam (creditcardinfoonfilewithERT) PRESETTLEMENTClosingTimeandWalkThruScheduled 1.Requestavailabletimesfromtitlecoondateofsettlementincontract. 2.Requestdesiredsettlementandwalkthrutimeswithagent 3.Confirmbuyersavailabilityforrequestedsettlementandwalkthrutimes. 4.Closingtimeconfirmedwithtitlecompany 5.ClosingtimeandfinalwalkthruconfirmedwithlistingagentNOTE:Sellercanalways signearlierinthedayorthedaybeforeiftheychooseaslongasthe Titlecompanycanaccommodatethetiming...thatpartisuptothe listingagenttoschedule. 6.Confirmifsellersareusingsametitlecompanyordoingasplitsettlement.IfSplit settlement,provideothertitleco.infotobuyerstitleco. 7.Notifythelenderonallbuyertransactionstheclosingdayinfo,date,timeandlocation andinquireiftheywillbeattending. 8.Closingtimeconfirmedwithanythirdparties PRESETTLEMENTCOMMISSIONDISBURSEMENTFORM 7DAYSBEFORECLOSING 1. Sendformtoagent.Theagentwillfillitoutrightafterclosingtoconfirmthatthe commissiondistributionhasnotchanged.Theagentisrequiredtosendtometo approvethecommission. 2. Agentacknowledgedreceiptofform 3. Aftersettlement,receiveformfromTalley 4. Checktoseeifcommissiononformisthesameatthecasesheet.Ifitis,then nothingistobedone. 5. Ifthecommissionhaschanged,pleaseupdatethecasesheettoreflectthechanges andsendtoJillwiththesignedHUD1forprocessing.Pleasedonotsubmitthe HUD1tomyofficeuntilyouhavereceivedtheformsignedandapprovedbyme. ThisformisnotsenttoRemaxOffice. PRESETTLEMENTEarnestMoneyOverageCheckRequiredforClosingby RemaxPremier 1. Emailtitleco.andalertthentotheoveragecheckandaskthemwhotheoverage

checkispayabletoandwhenitisneeded? 2. Sendemailwithaboveinfoto:RoseannaLinneburinouraccountingoffice. rosannalinnebur@gmail.comalerthertotheoverageandthatwemaynotknowuntil 2daysbeforeclosingoftheexactamount.Askherifshecanworkwiththatshort timeframe.

PRESETTLEMENTFinalWalkThru(5daysbeforeclosing) 1.EmailTalleythe"WalkThroughInspectionForm"5daysbeforeclosing It'sFormNVARK1210 2.Signedformreturnedforfile 3.eMaillistingagent: Asafollowupontheclosingtransactionfor:(listpropertyaddressandbuyernames) Willthelockboxbeonforthefinalwalkthrough?ShouldTalleybringthekeytoclosing? Willyoubeattendingclosing? Canyoutelluswhenthesignremovalwillbeordered? 4.SendlistingagentsresponsetoTalley. PRESETTLEMENTHomeWarranty 10daysbeforeclosing IFSELLERTOPAY: 1. Ifsellerordering,requestacopyofthebrochure,invoiceandaccount#fromthe listingagent 2. Ifsellerhasnotorderedyet,offertoorderforthem. IFBUYERTOPAY: 1. Order10daysbeforeclosingifbeingpaidforbybuyer.Checkforcoupon.Obtain updatedbrochurefromwebsite 2. Homewarrantyconfirmation/invoicereceived? 3. Sendacopyoftheinvoicewithorder#tothebuyer,titlecompany,andbothagents (seeattachedtemplates) UsuallythewebsitefororderingHWasksfortheTitleCocontactinfoandwillsendthema copy,butbechecktobesure. IforderingforTalleysclienttypicallyuse: https://homewarranty.firstam.com/FARealEstate/spring/login Login:talleyhess@gmail.com PW:homesbytalley TalleyprefersnottouseHMSorhavemybuyerreceiveapolicyfromasellerfromHMS

again.TheydonotcoverpreexistingconditionsalltheotherHW companiesdo.ButifusingHMS,whenordering,donotenterthe sellersemailaddresssowecanforwardwithtemplate. PRESETTLEMENTUtilityReminder(7DAYSBEFORECLOSING) 1.Sendutilityremindertobuyer7daysinadvanceofclosing(template) 2.PRESETTLEMENTOiltankreadandinfototitlecompanyforHUD1 3.AskTalleyifweshouldorderapreinspectionforpropane

SHORTSALESAMPLETIMELINE FYIBelowisaverygeneraloverviewoftheprocess,howeverkeepinmindthateach shortsaleisuniqueandtimingisdependentonthethecaseloadof thebank'sinternalprocessing,numberoftrusts,negotiators assertiveness...etc.Itisadaptedfrominformationfromalocal attorneyandfromtheweb.


Theshortsaleprocess,fromsubmissiontoshortsaleapproval,isgenerally asfollows:

Submissionofofferandcompleteshortsalepackagefromtheseller. Bankacknowledgesreceipt10to30days. BankordersaBPOorappraisal30to60days. Fileisreviewed30to60days. Negotiatorisassigned30to60days. LevelIInegotiatormaybeassigned30to90days. Fileisapprovedorrejected30to120days. Ifyou'rerunningpast120days,it'spossiblethatthelistingagentora thirdpartynegotiatorisnotontheballandislaxaboutcallingthe bank.Callingthebankmeanswaitingonholdanywherefrom10 minutestoanhourorlonger.Or,alengthyshortsaleperiodcanalso meanthebankhasinternalproblems,notenoughstafforhaslostthe fileafewtimes,promptingthelistingagenttoresendthepackage overandover.Unfortunately,youcan'talwaysavoidproblemsona shortsale.Patienceiskey.Yourbestbetistostickitoutandwait, providingyoutrulywantthehome.

SHORTSALETASKS Ifthisisashortsale,notethefollowingTaskrequirements:

1.TITLECO.:Includethislanguagewhensendingcopyofcontracttotitleco.Also,no needtoschedulesettlementtimeuntilwehaveapproval: PLEASENOTE:Thisisashortsaleawaitingapproval.Pleasedonotorder anythingyet,justopenthefile. 2.LENDER:Letthelenderknownottoordertheappraisaluntilafterwereceiveshort saleapproval.Languageforintroemailwithcontract: PLEASEDONOTORDERTHEAPPRAISALUNTILWERECEIVESHORTSALEAPPROVAL. 3.TypicallyalldeadlinedatespreprintedincontractwillnotapplyuntilwereceiveShort Saleapproval.RefertoShortSaleaddendumsforappropriatedates tobenotedontasksandontimelineletters. 4.TimeLineLetters:PleasenoteontheContractTimeLinewhenShortSaleapprovalis due. 5.NoteTalleysenttobuyerforshortsale.Shealsosaidwecouldcheckaswellandone websiteis:www.realtytrac.com Thereisonethingyoucanactivelyassistwith....ifthebuyerstopsmakingtheirmortgage payments(wewon'tknowthis)thentheproperty"could"gointo preforeclosurestatus...quiteoftenonedepartmentofthebankmay notbeawarethatthereisapendingshortsale(classiclefthandnot knowingwhattherighthandisdoingsyndrome)andmayissuea NODNoticeofDefaulttotheseller.Youcangoogletheproperty addressweeklyandseeifitcomesupasapreforeclosure.Istayon topofthisaswellandkeepinweeklytouchwiththelistingagent. Unfortunately,sometimesthelistingagentdoesn'tknowifthe propertyispreforeclosureastheirseller'smaynotcommunicatethe status. 6.Typicallythelistingagentshouldinitiateweeklycallstothebankandcontactwiththe attorney'sofficewhoisnegotiatingtheshortsaleonbehalfofthe seller.

TITLESURVEYREQUESTCOPYFORAGENTREVIEW 2WEEKSPRIORTOSETTLEMENT 1.Requestcopyofsurveyfromtitlecompany(template) 2.Sendcopyofsurveytoagentforreview(template) 3.Uponapprovalofsurveyfromagent,sendcopytobuyer(template)

TITLEConfirmTitleisClear(21daysbeforeclosing) 1.ConfirmTitleisClear,usetemplatesend21daysbeforeclosing 2.ReceivedresponsefromTitlecompany?Settaskfor2daysafter sendinginquiry TITLEFollowUponTitleWork Allcorrespondencetotitlecompanyshouldincludeclosingdate(andtimewhen availablefollowuptemplate) 1.TITLEIntrolettertotitlecompany,sendcopyofcontractwithmlslistingandtaxrecord (template) 2.TITLEIntroletter/contractreceiptacknowledgedbytitlecompany 3.TITLEFollowupontitlework(weekly)(template) 4.TITLEontrackforclosing14DaysBeforeClosing:Ontrackfor closing?Seefollowuptemplate 5.TITLE7dayspriortosettlement,confirmclosingdateandTIMEwithtitlecompanysee followuptemplate.

TITLEHUD1REQUEST 1.HUD1itemsprovidedtotitleco 2.HUD1PreliminaryHUD1requestedforagentreview10daysbeforeclosing (template:PleaseforwardpreliminaryHUD1soTalleymayreviewit) 3.HUD1PreliminaryHUD1senttobuyer 4.HUD1PreliminaryHUD1acknowledgedbybuyer 5.ThirdPartyApprovaloftheHUD1 NOTEONCOMMISSION: 1. Checkthemlslistingandseewhattheofferedbuyeragentcompensationis.Ifitis lessthanwhatisinbuyersagreement,askagentifthebuyerisexpectingtopay thedifferenceincommissionorhaveyouagreedtoacceptthelower commission? 2. Wemakedecisionslikethisonaclientcasebycasedetermination....soeach transactionwillbedifferent. 3. Wheneverwearegivingthebuyeracommissioncreditthecompensationonthe buyerbrokerdoesnotapply.Weareinfactrenegotiatingourcompensation.We areacceptingthecommissionpaidbythecobrokeandwearewaivingthe$295 adminfee.(doublecheckthiswithTalleyeachtime) 4. NOTEONSELLERSUBSIDY:Ifthebuyer'sclosingcostsaremorethanthe sellerssubsidy,thenthebuyerisresponsibleforthedifference.Iftheclosingcosts arelessthanthesellerssubsidy,thesubsidyisreduced.Thebuyerisnotallowedto walkawayfromclosingwithcashcreditintheirpocket...ie:theyhavetousethefull subsidyorlosetheportionnotused.IfRemaxwasalsoprovidingacredit,their

creditwouldbereducedfirst,thenthesellerssubsidywouldbereducedif appropriate.

TitleInformationForm (ReferenceHUD1CommissionInfo) Note:VestaformsareontheirwebsiteforLeesburglocation. 1. CompleteagentformandsendtoTalley/agentforapproval. 2. Sendapprovedagentformtotitlecompany. 3. Acknowledgementfromtitleco? 4.Sendbelowtemplatewithbuyer/sellerformtobuyer/sellerforcompletion: Attachedisaninformationformfrom_____________whichneedscompletion.Please completethetopportionuptoandincludingyoursocialsecurity numberandreturntomeviafaxoremailasindicatedbelow.Iwill completetheremainingportionsoftheformandreturndirectlytothe titlecompany.Letmeknowifyouhaveanyquestions. 5.Buyer/sellerconfirmedreceipt? 6.Uponreturnbybuyer/seller,completeremainderofformandsendtoTalley/agentfor approval 7.Uponapproval,forwardtotitleco. 8.Titleco.confirmedreceipt. 9.IfbuyerisusingaPOA,havethemcheckwithloanofficertoconfirmthatthelenderwill acceptaPOAfortheclosingdocuments.

TITLEKEYTITLEONLY DanielleatKeyTitleclarifiedaprocess.SeeTitleCoIntrolettertemplateforKeyTitle BUYERS(ifitisTalleysbuyer):WhenwesendoverthecontracttoKeyTitle,includethe mailingaddressforthebuyerintheemailandinstructthemto sendthebuyerintroductionandinformationlettertothebuyeratthat address.Thebuyershomeaddressisusuallynotinthecontract, unlesstheyarereceivingnoticesthere,butusuallyit'sonlytheiremail listedinthecontract.ThenKeyTitlewillmailtheBuyerinformation formsdirectlytothem,savingustheprocessing SELLER(ifitisTalleysseller):Ifsellerdoesnotoccupyproperty,provideselleraddress toKeyTitle. BUYERSANDSELLERS:Also,intheemailremindKeyTitletoemailyoutheAgent infoform. TITLERequestReissueRate

1. Asklistingagentifsellercanprovidecopyofcurrenttitleinsurancepolicysoitcan

besubmittedtoTitleCo.forpossiblereissuerate.
2. SendsellerstitleinsurancepolicyinfotoTitleCo,requestingifareissuerateis

availableforsavingstothebuyer. TOPPRODUCERUPDATE Addclient'scontactinformationtoTopProducerDatabase.

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