YOUR CLOSING JOURNEY

3051 CREEKBEND CIRCLE, GRAPEVINE, TX

There’s a lot that happens between the time you have a signed contract and the day you no longer own the property. The ‘closing process ’ is the 2nd half of getting a home sold. It is complex and can get difficult at times with a lot of moving parts with many people working behind the scenes. It is our goal for you to know what to expect, lower your stress level and have a smooth, successful closing.  

 

To help you better understand what happens, below are the basic steps that occur until your closing date. We have highlighted in red the items you need to be aware of and/or do. 

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First, let’s look at all the deadlines that need to be met based on your contract. All deadlines are based on the contract Execution Date which is 08/26/22. We will gray out each item once they are passed.

 

 

We have highlighted in RED the items you need to be aware of and/or do.

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3.  Escrow and Earnest Money

First, the process is kicked off by going into escrow. This starts when the buyer submits their earnest money and option fee which is held by Title Company.

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4.  Preparing for the Buyer’s Home Inspection

The first critical deadline for the Buyer to ‘Opt-Out’ (or terminate contract) is the Option Period. We would like for you to continue showing your home as if it was not under contract until all deadlines have passed with the intention of getting you a ‘back-up’ contract.

     A. Your home should look its ‘BEST’ during this time. How the home looks (clean and staged) gives the inspector (and buyer) the impression of how well-maintained it has been. Your Checklist To Be Prepared For The Home Inspection.

     B. It is important that you are not there during this time. The inspection could take up to 4 hours and usually the buyer and their agent are there at the home with the Inspector. 

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5.  Amendment & Repairs

If during the Option Period, the buyer submits an amendment for repairs based on the inspection report, you have three options: 

Option #1:
Agree to do all repairs

Option #2:
Don’t do any repairs

Option #3:
Negotiate the repairs

If there is no ‘Back-Up’ contract at this time, in Geni’s experience, it would be best for you to try and work it out with the Buyers for the following reasons:

If the buyer chooses to ‘Terminate,’ and their agent sends the inspection report (which they normally do with the amendment) you will be required by law, to show the inspection report to all future buyers and attach it to an updated Seller’s Disclosure.    

However, if another agent asks for the inspection report, this puts you at a disadvantage with future buyers, even if the repairs have been done or were not a valid problem (inspectors make mistakes). You would need a professional, within that specific trade, to verify in writing that the repairs were properly made, or were not needed, to show future buyers. However, in many cases the agents look at the Seller's Disclosure on MLS and discuss it with the buyer to determine whether to make an offer or not…or what price to offer. This is your worst situation to be in. We always let the Buyer’s Agent know that we don’t want the inspection report for this reason--however, sometimes they send it anyway.  

Here are another three OPTIONS if you want to save the contract and agree to take care of some or all the repairs: 

Option
#1:
Do the repairs before closing. This is not what Geni recommends. The risk is that the buyer may not like the finished work. Geni has seen a buyer lose their earnest money and walk away for this reason the day of closing.

Option
#2:
Reduce your sales price for the estimated cost of repairs (if it’s a large $$ amount).

Option
#3:
Give an allowance to the buyer in the form of closing cost in lieu of doing repairs.  This is what Geni recommends, so they will have the funds to do the repairs. 

Options #2 and #3 are less complicated and stressful for you (with no out of pocket expense), but not all Buyers agree with these options.

If you have a reasonable handyman or contractor that can do the smaller repairs, you may want to go ahead and do those. Here is our Preferred Vendor List.

 

Repair Deadline: 

1. You will have up to two days before the closing day to get the repairs done and provide receipts. 
2. Buyers will come back for a ‘Final Walk-Through Inspection’ the day before or day of closing to make sure the required repairs are done--their agent will make an appointment through the showing service.

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6.  Hurdles & Back-up Contract

Congratulations for getting past the MOST critical deadline--the Option Period! 

 

* Repair Deadline:

1. As mentioned in the previous email 'Amendment & Repairs,' you will have up to two days before the closing day to get the repairs done and provide receipts.
2. Buyers will come back for a ‘Final Walk-Through Inspection’ the day before or day of closing to make sure the required repairs are done their agent will make an appointment through the showing service.

 

* Other Hurdles: 

Unfortunately, we still have other critical deadlines to get through before closing. Buyers have rights in the contract to object to documents and terminate over the following: 

1. Financing Approval
2. Lender's Appraisal
3. Survey
4. HOA Documents - not applicable 
5. Title Commitment & Exception Documents
6. Homeowners Insurance  

**Be Prepared - Title company will be calling you soon to get payment for the HOA Resale Certificate (Seller Fee) in order to get the documents to the Buyer.  OPTIONAL! ONLY IF HOA!

For these reasons, Geni always wants to have a ‘Back-Up’ contract! This means she would like to keep showing the house (as if it were not sold as long as I can). I know she has spoken to you about this but I just wanted to include this as a reminder should a showing request come up. 

See chart above for critical dates and items completed. This chart is maintained up-to-date so you can always come back to this chart for status. Please confirm that you received this email.

 

 7.  Important Packing Information & Moving Tips

 

As mentioned, Geni would like you to continue showing your home for a Back-Up contract. However, we know you are itching to start packing! It is IMPORTANT that you are strategic in your order of packing. 

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Geni negotiated 15 days AFTER funding of the buyers mortgage for you to do your major packing and moving -- Please wait till after closing to start packing the big items. Remember, we are planning on showing the house and moving boxes sitting around give the impression that you are anxious to move, clearly not conducive to getting a good backup offer.  Remember, the current Buyer still has many options to opt out of the contract--and you never know what crazy unfortunate situation may occur.

 

Real Life Stories:

 

• Buyer passed away and the spouse could not qualify on her own--contract dead.
• Buyer took out a loan for a refrigerator and changed her income to debt ratio, which caused her to be denied for a loan--contract dead.  I have seen others do the same thing with furniture and a car.
• 911 happened and freaked a Buyer out.  The HOA documents were one day late and that was his ‘Out’ to back out of the deal--contract dead.

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You never know what might happen! We hope you understand why this is so important to you..

Below is a strategic packing plan for you, tips and links to make your packing and moving experience less stressful. You may have already done some of these things after your ‘Staging’ meeting with Geni or while you were preparing your home for sale. It is best to pack in this order.

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1. Unwanted Items: Start by getting rid of everything you aren’t taking to your new home (clothes, dishes, household items, garage and attic items). Either take them to your favorite charity or have the Salvation Army  pick up. 

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2. Out of Season & Misc. Items: Pack items you will not be using until after you have moved into your next home (Clothes, Movie & Music disc/cd, Christmas/holiday items, games, sports equipment). Pack one box at a time and store it away (in the garage or preferably a storage unit). 

 

Below are a few links that may be helpful: 

• Moving Tips and Checklist: Printable Movng Checklist

• Extensive Moving Checklist: Extensive Moving Checklist

• Moving Companies: The Best 10 Movers in Collin County According to Yelp

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8. Lender's Appraisal Ordered & Instructions

 

I wanted to let you know the appraisal was ordered or will be in the next few days.  Watch for the appointment with CSS and be prepared. This is another very critical point in the closing process since this contract is ‘contingent’ on the appraisal.  

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Please make sure the home is looking it’s best as you would for any showing (we have to sell the Appraiser on your value).  ‘Appraised Value’ must be met for the Buyer to get the loan they are hoping for or the buyer can terminate if they cannot increase the down payment or negotiate with you for a lesser price.

 

It normally takes 7-10 days to get results turned in. We will let you know when we receive notice that the appraisal is finalized and I will be updating the chart above.

 

9.  HOA Documents Delivered - DOES NOT APPLY

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The title company has delivered the HOA documents to the Buyer.  They have __ days to object. If you don’t hear from us, this means they have ‘accepted’ the documents or their time to object has expired and in either case we have passed this important milestone. I’ll be updating the table above also.

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10.  Utility Concierge & Address Change

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We have set you up with our complimentary Utility Concierge Service.  This is a free service and they can assist you with the utility and home service companies that service your new area, their rates, and assist in getting services set up.  

 

This can include TV, Internet, Security, Smart Home Automation, yard service, pool service and other miscellaneous services, in addition to your electric and gas utilities.

 

Some utility companies will not allow the concierge to set up services for you, and in that case, the concierge will provide you with instructions of who to call and what to do to set up service.

 

Possession Date: You will need to schedule them to be turned OFF the day you give ‘Possession’ to the Buyers (according to your Seller’s Temporary Lease).  Make sure you give them your new address for them to return your deposits.

 

The concierge service representative should contact you within the next 24 hours or so either by email or phone.  You may still choose to pursue and set up services yourself, without the assistance of the service.  Just let them know your preference when they contact you.

 

For your convenience, below is their contact information: Jessica O'Brien 469-329-0911 or  jessica.obrien@utilityconcierge.com.

 

Address Change: As simple as this seems, we often forget to send our address change to important people we have little contact with.  This might help to jog your memory:  Guide To Changing Your Address

 

This link has FREE change of Address postcards and E-cards: Change of Address Cards. You can also do the change of address with the U.S. Postal Service online for a small charge. 

 

Please let me know if you have any questions, or if I can assist you in any other way.

 

Our goal is to make sure you are completely satisfied throughout your home selling process. If at any time we are not meeting your expectations please let me or Geni (RealEstate@GeniManning.com) know and we will do everything we can to resolve any concerns.

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11.  Buyers Approved & Final Walk-Through Inspection

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I have reserved a time for your closing that fits Geni’s schedule so she can be there at the title company. If this time is a conflict for you, please let me know so I can reschedule it. The signing of the papers should only take 30 minutes.

 

Below is the schedule and contact information for the title company.

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Closing Date:  September 30, 2022

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Buyer’s Appointment: __________

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Your Appointment:  1:00pm

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Location:  

 

5977 Preston Rd Suite 700, Frisco, TX 75034, see below for map to this location.

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File No. 1757414   Escrow Officer Katrina Van Syckle kvansyck@stewart.com (972) 731-5554 phone (469) 633-0483 fax Escrow Assistant Elynor Sandoval Elynor.Sandoval@stewart.com (972) 731-5554 phone (469) 633-0483 fax

Click here for map to Stewart Title - Frisco

If you have any questions please don’t hesitate to call.

 

 

 

12.  Settlement Statement

 

We are close to the end of the ‘Closing Process’ -- YAY!

 

The title company prepared a settlement statement for your review.  If you have any questions about anything on the statement, call Geni at 469-556-1185.

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13.  Items Needed for Closing, Keys & Survey

 

Your closing day is close! We want to remind you that your appointment is at 1:00 PM at Stewart Title - 5977 Preston Rd, Suite 700, Frisco, TX 75034 and should last approximately 30 minutes. Geni will be there to greet you.

 

 What To Bring to Closing:

 

1. Driver’s license: This is needed for the Escrow Officer/Notary to validate all paperwork.

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2. Deposit slip or canceled check: This will be needed if you want your proceeds wired directly to your bank (instead of coming back to the title company later after funding occurs).

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3. Power of Attorney (or any other document pertinent to this transaction if applicable) 

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4. Clear Lucite flyer holder:  The item holding your flyers on your kitchen counter. 

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5. Key to the house: Bring one key. Leave all your other keys and garage door openers on the kitchen counter the LAST day you possess the property.  Geni will pick up the lockbox and sign the day you are to give possession, if not sooner. 

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6. Performance Survey: This form is a way for you to grade our service. This is very important to us so that we know of any area that we need improvement--and a way to encourage and congratulate our Team. You may send it back now by emailing it to me (preferably) or bring it to closing.

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Settlement Statement: Generally, the lender approved Closing Disclosure is sent to the title company 3 business days prior to closing. Once they receive it, they will send you and Geni the Settlement Statement for review and acceptance. This document shows your exact and final proceeds.  

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Directions to Title Company:

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For your convenience again, Click here for map to Stewart Title - Frisco

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By the way, if we have given you a ‘SOLD’ sign rider, today is the time you can put it on the big sign …YAY! (Just told them to pull the sign out of the yard - this should be done on the day of closing especially if there’s a lease for 15 days or so I think.)

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14.  Insurance notice to change to rental property

 

Since we have a lease back on this contract, I wanted to remind you to change your homeowners insurance to ‘rental’ to be applied the day after closing.

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15.  Thank You For Your Business!

 

We want to thank you for the privilege to have served you during this real estate transaction. If you know of anyone else that is thinking of buying or selling now or in the near future, please let us know--our business depends on referrals!

 

I want to remind you that our service does not end here. We will be in contact with you throughout the coming year to provide reminders to you of what needs to be done to finalize the sale of this home and future homes (escrow account, homestead filings, CMA for tax valuation purposes, etc.). This is an added benefit to you absolutely at NO cost to you as our client!

 

Just a reminder, the level of service we provide is very important to everyone on the Team. If it is possible to send the ‘Performance Survey’ back today before you get busy packing and moving, that would be appreciated! This will allow us to close the file.

 

https://www.stewart.com/en/customer-type/real-estate-closing-title-services/closing-journey.html

If you have any questions, don’t hesitate to ask.