Table of Contents
- What Is Transaction Coordination for Real Estate?
- The Benefits of Hiring a Transaction Coordinator
- Hire a Transaction Coordinator With AgentUp
- Trust AgentUp for Real Estate Marketing Solutions
Transaction coordination refers to the work and steps needed to close real estate sales deals.
Processing the mortgage, title work, and inspections are some of the necessary steps to fulfill the purchase agreement. Transaction coordination is managing these and related tasks.
In this post, we will examine the various tasks involved in real estate transaction coordination.
Let’s get started!
What Is Transaction Coordination for Real Estate?
Real estate sales can often border on the chaotic. Every deal has dozens of moving parts and pieces, and the timing of tasks is vital.
Here’s an overview of the transaction coordination process.
1. Preparing Key Documents
Preparing and assembling documents is an initial crucial phase in getting a transaction ready for finalizing. Assuming a purchase agreement is already in place, what additional paperwork is essential for closing?
Though specific requirements may differ depending on the state, the following documents are typically needed to guide the transaction process and proceed to closing:
- Agency disclosure forms
- Pre-approval letter
- Agency contracts, such as a listing agreement or buyer’s agency agreement
- Seller disclosure form
- Lead-based paint disclosure
Ensuring all the necessary documents are in order leads to a seamless and smooth closing process.
2. Transaction Coordination – The Title Exam
In numerous states, title companies are engaged to oversee the closing process. Moreover, arranging for a title search and obtaining a title insurance policy is crucial.
Be sure to forward a copy of the purchase agreement and promptly follow up with the title company.
Additionally, take note of the name and contact details of the escrow officer or title company personnel managing your transaction.
3. Monitor the Mortgage Process
Whether you’re representing the seller or the buyer, it’s essential to contact the mortgage lender personally.
During your initial contact, ensure to address the following points:
- Verify the pre-approval status
- Inquire about any foreseen issues or complications
- Discuss the projected closing date
- Confirm the scheduling of the appraisal
As a rule of thumb, maintain regular communication with the mortgage lender, checking in approximately once a week to offer assistance and monitor progress.
4. The Home Inspection
If a home inspection is stipulated as a contingency in the purchase contract, scheduling it quickly is imperative.
Ideally, you should aim to have the buyer present during the inspection, necessitating coordination of schedules.
Given that home inspections are allowed for only a few days, prompt action is essential.
Following the inspection, a report will be generated. You’ll also need to arrange a time for the agent to discuss the inspection findings with the buyers.
Lastly, if the inspection uncovers any issues, negotiations for repairs may be required. It’s crucial to factor in this possibility when evaluating the closing schedule.
5. Transaction Coordination – The Appraisal
In most mortgage transactions, an independent appraisal is necessary. This step assures the lender that the property’s value aligns with the proposed funding level.
Typically, the appraisal occurs approximately 10 to 14 days after signing the purchase agreement in many regions.
Although the lender is responsible for hiring the appraiser, the transaction coordinator needs to monitor the appraisal’s progress.
If the appraisal confirms or exceeds the sales price, the transaction proceeds smoothly toward closing. However, negotiations for the price difference ensue if the appraisal values the property below the agreed-upon price.
Should mutually satisfactory terms be reached, the sale progresses. Failure to agree on terms may lead to the dissolution of the deal.
6. Follow-Up Communications
Additional inspections or surveys might be necessary depending on the terms outlined in the sales contract.
Once the appraisal is finalized, the remaining task usually revolves around mortgage processing, a procedure that typically spans about a month in most regions.
On any comprehensive real estate transaction coordination checklist you’ll find tasks for a transaction coordinator to maintain regular communication with the mortgage lender to ensure smooth progress.
Furthermore, it’s important to keep clients updated on the advancement of each stage, address inquiries, and gather and share pertinent information.
7. Scheduling the Closing
As the closing approaches, the mortgage lender will notify all parties that they are “clear to close,” arguably three of the most joyous words in real estate.
Upon receiving this notification, the title company is contacted to arrange a date and time for the closing.
At this stage, coordination among attorneys (if necessary), clients, agents, and other involved parties is essential to ensure a seamless closing process.
The Benefits of Hiring a Transaction Coordinator
Closing real estate sales transactions requires significant time and effort.
Following the signing of the purchase agreement, there are typically about a month’s worth of tasks to navigate before reaching the closing.
By delegating these responsibilities to a virtual transaction coordinator, agents can reclaim valuable time to concentrate on essential business activities like client acquisition.
A virtual real estate transaction coordinator manages all the administrative aspects, paperwork, and communications. Their duties start post-deal agreement and signing of the purchase agreement, involving tasks such as:
- Coordinating appointments and managing schedules
- Diligently monitoring deadlines and ensuring task completion
- Organizing documents efficiently and overseeing contract and disclosure execution
- Addressing inquiries from involved parties throughout the transaction
Equally pivotal is their role as communicators, ensuring all stakeholders remain informed and facilitating a smooth deal progression. This communication responsibility includes maintaining regular updates with the following:
- The mortgage lender
- Home inspectors
- Title company personnel
- Agents representing the other side of the deal
- Clients
Moreover, they handle routine yet time-consuming administrative tasks, including:
- Managing email and text communications
- Scheduling meetings
- Handling incoming calls
Learn more ways a transaction coordinator can save you time.
With all the benefits considered, the only remaining question is how to hire a transaction coordinator.
Hire a Transaction Coordinator With AgentUp
Finding a virtual real estate transaction coordinator to manage to close your sales has never been easier.
AgentUp has a team of highly trained virtual transaction coordinators ready to handle your transactions and help you stay on track.
Our transaction coordinators specialize in the US real estate market and undergo thorough training encompassing all facets of the real estate business, including contracts, inspections, and closings.
Our website has all the information on our transaction coordination services. But we would also prefer to talk with you personally to learn about your business needs.
So, schedule a free call today. We’ll walk you through the process, cover all the details, listen to your needs, and explain the costs. Moreover, we’re not into sales gimmicks or high-pressure tactics.
AgentUp offers more than virtual transaction coordinators and real estate assistants. We can provide everything you need to market your listings and agent services.
Trust AgentUp for Real Estate Marketing Solutions
AgentUp offers a wide range of the latest real estate marketing tools and solutions. Many of our marketing tools are AI-enhanced to add effectiveness.
You’ll be amazed at how affordable these marketing solutions are and how fast the turnaround times are, too.
Take a look at all we offer, including the following:
- Real estate photo editing
- Virtual Staging
- Virtual Tours
- Single property websites
- Custom House Portraits
Let AgentUp start to improve your real estate marketing game today.
Sign up for a free AgentUp account and take a look for yourself! We’re here to help you expand your business.
We appreciate your taking the time to read this article and hope it helped you better understand transaction coordination in real estate. If you liked this post, take a look at these other related articles:
- 4 Benefits of Real Estate Transaction Coordinators for Agents
- 5 Ways a Transaction Coordinator Can Save You Time
- Real Estate Coordinator Checklist (Ultimate Guide)
- How to Use a Real Estate Virtual Assistant to Grow Your Business
- How to Sell More Homes With a Virtual Real Estate Transaction Coordinator
