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hey it's your tc josie in this video i will be discussing the real estate process for buyers from beginning to end this video is for new agents learning the ropes uh experienced agents looking to see how a tc can help their business or transaction coordinators researching to understand how we do things in georgia i do have time stamps in the description box so feel free to jump forward to whatever matters most to you and make sure to like if you like subscribe to see more tips and tricks from me and call me for your transaction coordination needs let's hop in so first things first we need to break this down there are two phases of the real estate transaction the sales and the contract to close uh phases so the sales process starts when you get a hot lead and the contract close process starts when you've executed the real estate contract or in georgia bound the contract so let's go ahead and explore the sales process so when you get a new buyer lead the first thing you're going to want to do is schedule a buyer presentation there are so many real estate groups uh that you can join on facebook that have uploaded their presentation in the files section also youtube has a bunch of videos of agents that have literally kind of shown you exactly what they do so you can start there when it comes to the buyer presentation now uh during this buyer presentation you'll want to have them sign a buyer brokerage agreement this cements your relationship with the buyer the last thing you want is for the buyer to go visit an open house and accidentally write an offer with the listing agent this basically protects you from missing out on the commission that you've earned and i've heard so many horror stories of agents that have lost out on deals because they didn't establish this early on so the next step that you'd want to do after that is uh have them talk to a lender before you show them any homes you'll want to have them pre-approved or at least pre-qualified for a loan the lender can be someone that you work closely with or the buyer can choose who they want to work with as their lender just make sure that they're pre-approved before showing them a property most times they end up falling in love and they don't have a pre-approval they can't submit an offer and by the time they are pre-approved the home has gone under contract so just make sure that happens also with this pre-approval letter a lot of agents um have actually chosen to not show properties without a pre-approval letter especially when it's occupied so i would make sure to have that done if you're working with a cash buyer you'll want proof of funds and if you're working with someone that's purchasing under an llc or a company you'll want something called an operating agreement and that basically shows um who is uh able or legally able to um sign on behalf of this company so once um you've gone ahead and got the pre-approval then you can start setting up listing alerts the mls is an amazing tool to keep you and your clients on the same page you can send them properties uh that meet their criteria with items as specific as architectural uh styles so um through the portal uh that you can send to them they can like and love properties so that you're both uh so that you're both on the same page and when you are ready to start showing homes you have an easily accessible list of the homes they've already chosen out also let me know if you want some help with that i'd be happy to kind of run through it with you so that you get a little more comfortable so once they've picked out properties that they like you'll go ahead and start scheduling the showings now in the mls you can route your showings in order and schedule them perfectly so that you're not going out and showing a property on this side of town the next property at this side of town and then going back to this side of town they actually let you write it excuse me route it out pretty nicely so that um you're saving time and not running back and forth don't look like an organized mess and you can also print the mls listings um so that you can take it to the showing so that if your buyers do have any specific questions about the property you can have it right then and there with you now when they've found a property that they love you will uh first things first call the listing agent let them know something as easy as hey i have a buyer that's interested in submitting an offer on 123 main street i was just calling to see if you've had any offers on the table also if they haven't submitted the exhibits like the seller's property disclosure on the mls listing you'll want to get those up front as well hey would you mind sending me the seller's property disclosure so that my buyer can review that and they'll send it to you and you can get everything signed and filled in all at the same time next you'll want to do a comparative market analysis or cma for short you can do this pretty easily in the mls as well by searching the properties with similar rooms square footage in a 0.5 to 2 mile radius of the subject property and this all depends on the area i say 0.5 because if it's in a heavily populated neighborhood you'll probably find a lot of like homes uh in in that vicinity you can stretch it out to two miles if it is a unique neighborhood with houses from two hundred thousand to seven hundred thousand um so you can stretch it out to kind of find properties exactly like the one your clients want to write an offer on um and another tip is looking at the days on market when coming up with an offer price the days on market will let you know if the this is a price for the market you know if it's it's been sitting on the market for 90 days without any offers that's a tell sign that um it's probably overpriced so when you're submitting an offer as well i would just attach those comps if it is something that's lower with a market as hot as today's um you would definitely you know want to back up a lower offer by attaching those cops uh to the email with the offer so once you've sent those comps over to your buyer and they decide yeah let's go with this price that you're saying it should be um you'll want to start writing the offer now so uh most offers have an earnest money amount of one percent to be deposited between three to five days after binding the due diligence period or inspection period is usually around seven to ten days in georgia uh georgia is an attorney state and the attorney represents the lender so the buyer usually chooses who uh to close with when it comes to the attorney so you'll write that on the contract as well um earnest money is either held by your broker and depending on the location you may choose to have the earnest money held by the attorney let's say it's an hour away from your brokerage you would rather just do the walk through and go straight to the uh attorney that's nearest to the property so that is another option when it comes to earnest money holder so you will want to understand the contract i would read it from top to bottom um but to narrow it in for you on the first page and the second to last page are the fields that you'll need to fill in and the last page is for the signatures and um you'll also want to fill in uh you and your broker's information uh to its entirety really the important ones are the um broker's mls code the broker's license number and your license number i have seen those kicked back for those not being there and of course names and the company name would probably help so once you have filled those in um you'll want to put in the signature boxes uh in the contract as well as the exhibits and send it to your buyer to review and sign once you've received them back signed um you'll go ahead and send it to the listing agent who will present it to the seller so this is where we jump into the negotiations so um the seller can either accept counter or outright decline it if it's too low of an offer they might just say hey listen no thanks this isn't even worth trying to negotiate so if an offer is accepted the seller and the agent um will sign and send back to the buyer's agent to bind it's important to understand that in georgia the last signature isn't the contract date it's the date um that uh that the receiving agent puts on the bottom of the purchase and sale agreement but if it's countered the listing agent will draft a counter offer and normally they would add only the changes made to the original offer on this counter but i have seen agents copy over the original terms and add the new terms so don't be alarmed either way both ways work and are perfectly fine so um the selling agent then signs and sends to the buying agent to have signed um by the buyers and then send it back to the listing agent so that they can bind so just so you kind of understand the binding happens by the uh the binding happens by the agent receiving a fully executed contract um and there is a little bit of confusion that i've seen you know in in my experience of who binds it's the person that's receiving a fully signed uh contract so let's get into the contract to close process so i like to break this down by transaction deadlines and milestones so um the first one would be the earnest money due which is three to five days after binding and then the due diligence which is seven two days it's seven to ten days after binding and then you can go on to the uh appraisal financial contingency uh which would be um usually around 21 days i've seen it 18 i've seen it 25 so it really depends on the lender as well and then closing of course um so during the earnest money due uh date so the three to five days after it's gone under contract when you have a transaction coordinator these are the only things that that you would be responsible for so with my process you submit a transaction from either your computer your phone uh to my website and it's a super easy form and really the important information is the client's contact information that way i can shoot off the emails when i need to um and then you'll schedule the home inspection and text me to the date so that i can log in in my system as well you'll coordinate the earnest money deposit with the buyer usually that's meeting at the office all you would do is send a scanned copy to me and i'll send it out to all the necessary parties and they can also wire the uh earnest money deposit and usually i see them wiring it to the attorney when the attorney's the earnest money holder so um once the uh earnest money deposit is submitted i just need that receipt and i will send it off to all the parties so my role once it goes under contract is review all the contract documents for completion and compliance i make sure that everything's correct on there and send out for initials and signatures if i do need to make any corrections i send out intros to the co-op attorney lender and your buyer i also invite you and your buyer to a client portal which they are able to see um everything that's going on all of the milestones as we approach them or as i complete them and on your portal you'll actually be able to see all of my tasks so you know what's been done what needs to be done and you can keep track of my progress and the progress of the transaction through there so it's a super easy link you can click onto it also stores all of the contract docs so if the client needs any documents you can say oh yeah she's uploaded it to the client portal so it really helps us kind of work together and stay on the same page and save us some time downloading and sending things that are already you know all in one place so i'll send out the calendar invites and for keller williams which a lot of my work has been with keller williams agents i'll create an opportunity in command i'll submit the contract docs uh complete the offer and the commissions tab as well i will send the notice of contract to the fmls and verify that the listing agent has changed it changed the listing in the mls to active under contract i'll send out the earnest money deposit to all the parties and upload it to command and then by then we probably approach the uh due diligence end date so you'll attend that inspection you'll negotiate those repairs and then you'll send me the amendment to address concerns that's when i step in i send um the atac to all the parties i upload it to command i send out a what's next email to your buyer which goes in detail on what to expect from here to closing i send a survive due diligence email to the lender as well um and then i ask and make sure that uh they've ordered the appraisal and kind of see where we are there to the attorney um where i make sure the title was ordered um and uh to the co-op as well and in that email i basically uh request the utility disclosure the instructions the closing attorney i will coordinate the scheduling on the uh closing and the final walk through with the co-op and the attorney i'll verify it's pending in the mls and i coordinate with the lender and attorney throughout the process making sure that we're on track now um a week before closing is when i will send out a closing invitation with the attorney's address and phone number everything that they would need and i'll submit the da requests so the disbursement authorization request so that you get paid at closing and i'll request the repair receipts i'll send out a transaction docs email with all the transaction documents that haven't gone out to everyone make sure that everyone has everything and then um i'll confirm with the lender that the closing disclosure was sent to the buyer and confirmed that we're clear to close i'll send the da and request the preliminary settlement statement from the attorney i'll review it make sure that it's accurate i'll send it out to you and your client so that you guys can review uh for accuracy and once everything is confirmed to look good i will confirm with the attorney so my job doesn't stop there once we close um i'll request the final settlement statement from the attorney i'll send it i'll upload it to command for keller williams i'll send it to your broker i'll do a final docs email to the client and ask for a review this is basically all of the documents uh in one place so that they have everything in an email including the final settlement statement i will um submit the notice of closing to fmls um and i will close out any e-signature platform and clean it up i'll confirm with your buyer about three days after closing and make sure that the sign and lock box was removed from by the listing agent and then uh verify that it's it was marked sold in the mls i'll print out all the emails to a pdf and save it in your your files whatever files you use or i usually have a google drive folder that i share with my agents that have has all of the um all of the contract docs including these emails all right well that is a little bit um a lot a bit of what it is to go through the real estate process so if you do want some more ideas on what else that i might take care of throughout the process you can go to mlh transactions.com forward slash tc and you can get a nice detailed list there of what i do throughout the transaction please make sure to like if you found this useful subscribe if this is your first time here and i look forward to seeing you next time have a great day