MANAGING THE SETTLMENT IS THE FINAL AND VERY IMPORTANT STEP IN SELLING A FSBO, Chapter 8.
* * * * HARD CORE REAL ESTATE TALK * * * *
LENN IS PAID FOR WHAT SHE KNOWS, NOT FOR WHAT SHE DOES!
Reference is made to the recent posts of Gary Bolen and comments thereto by Bob Stewart about agents getting the message out describing [justifying] the services provided to home buyers.
Specifically, Bob Stewart suggested that we write about the duties outlined in my post of November 11, 2006:
1. Make the appointment
2. Show the home
3. Provide the required disclosures
4. Write the contract and escrow
5. Manage financing for the buyer
6. Manage inspections
7. Manage the title work
8. Schedule the settlement and manage settlement services
Today's chapter describes the Buyer's Agent's duties in connection with the final walk-through and attending the settlement meeting when selling FSBO listings.
THE PRE-SETTLEMENT WALK-THROUGH. Most Contracts of Sale will provide a time frame for the Buyer and their agent to visit the property and walk-through to make sure that the property meets the "Property Condition" paragraph in the Contract of Sale. It's a good idea to bring a list of items to check. This is an important meeting because it's the Buyers final opportunity to test the appliances and systems where possible and observe that the Seller has completed any items agreed to be repaired or replaced if agreed to in the Contract of Sale.
Once the Buyer has tested the systems and appliances, walked the property generally to make sure that the property is being conveyed in "substantially the same condition as when first visited, the Buyer needs to sign a Walk-Through Inspection Sheet. This document is important for the Buyer's Agent's file and verifies that the appliances and heating, cooling systems, where tested are in working order. If the Buyer is receiving a Home Warranty (recommended), this document will verify that the property conveyed with the systems in working order.
If any of the systems are not in operating condition at the walk-through, this notation will be made on the Walk-Through Inspection sheet. The Buyer's Agent will notice the title company that there is a walk-through item that must be either paid at settlement by the Seller to the Buyer an amount of money to cover repair or replacement. It's important that the title company be noticed quickly because the value of the repair or replacement will have to be credited to the Buyer by the Seller on the HUD-1 or money escrowed to cover repair or replacement. The title company will prepare the documents.
Selling FSBO homes means that the Seller is not represented and the Buyer's Agent does not advise the Seller in any matter. If there is a walk-through matter, the title company will advise the Seller of the credit to the Buyer for the item not in operating condition as a requirement of settlement. FSBO Sellers often do not understand that settlement is at risk if they do not agree to the credit or escrow for payment. However, unless the Buyer agrees to negotiate an acceptable amount or agrees to accept the item "as is", settlement should not take place. Most Sellers understand this matter, but the risk of a walk-through problem is most likely to occur with FSBO Sellers rather than with represented Sellers.
The New Deed. The title company will prepare the new Deed in conformance with the agreement of the parties to the Contract of Sale and in compliance with local and state laws. Most states require that deeds be prepared by licensed attorneys.
Closing Meeting. Depending on local custom, the title company or attorney will conduct a scheduled meeting for the Buyer to sign the Buyer's documents and pay the money required based on their agreement and loan. The seller will attend either at the same meeting or a separate meeting to sign the deed which transfers the title to the new owner.
The Buyers Agent will prepare the Home Warranty, if any, and make sure that the title company file includes a copy of the application and payment.
Title Company Duties After Settlement. The title company will record the new deed in the local land records office. They will also make the required pay-off, if any, for the Seller to the Seller's mortgage company.
Notary Closing Agents. If your buyer has determined that they wish to have settlement conducted by a Notary, the Buyer's Agent will, by necessity, have to be in communication with the lender and the closing entity in far greater detail than with a conventional title company. The Buyer's Agent will provide the location for closing and give a very careful review of the documents before and after settlement. The Notary closing agent will not be able to answer any questions or explain any documents as would a conventional title attorney or title company officer. The saving involved in using a Notary for settlement, are a few hundred dollars.
There's a lot to do and the Buyer's Agent, as the only agent involved in the transaction will make sure that everything is completed timely and that all contingencies are removed as required by the Contract of Sale.
We will deal with the seller honestly and truthfully.
We will advocate for our buyer/client.
PURCELLVILLE VIRGINIA RELOCATION PACKAGE, Issue 5 OF 20. 
This incident occurred at the beginning of Deer hunting season. We always have a lot of Deer movement in November at the beginning of hunting season. Early November also happens to be rutting season for Deer in this area. The deer have things on their mind other than avoiding big silver vehicles. Fortunately, I wasn't going very fast, about 45 mph. I was actually watching for a place to pull over and let the cars behind me that aren't satisfied with the 50 mph speed limit get around me. They get right on my back bumper thinking it will make me speed up. It won't. I just let them go by from time to time and keep chugging along. Thank goodness the air bag didn't activate. The Deer went flying off my front bumper, so I just drove on home. No place to pull over there and it was dark. The damage to my vehicle was significant but it looked like it was all body work. 
d was in Maryland. Wait, come to think of it I backed into a tree in Avenel in Potomac Maryland about 2003 and a body shop made those repairs. Different vehicle. When you spend as much time on the road as some agents do, these things are likely to happen. Fortunately, I've never had an accident involving another vehicle or person. Deer and trees are my speciality. 
RELOCATING TO NORTHERN VIRGINIA? Consider living in Northern Virginia's horse country. Loudoun County offers new home sites and existing homes in communities and towns with beauty, convenience and opportunity to grow with a county that is known for growth. Popular public schools attract families with school age children. Proximity to the Dulles International Airport offers business prime locations for high tech and other employment opportunities. 
LOUDOUN COUNTY REAL ESTATE, LOCATED IN THE BEAUTIFUL RURAL COUNTRYSIDE OF NORTHERN VIRGINIA. New Homes in Loudoun County are convenient to Loudoun County employment centers in Sterling, Ashburn, Leesburg and South Riding. The Dulles International Airport is located centrally and just minutes from all areas of Loudoun County. Dulles is one of the attractions for businesses and employment in Loudoun County.
NEW HOMES IN LOUDOUN COUNTY. New Home builders in Loudoun County are offering homes at their best price in four years. Builders are offering wonderful value for your new home dollar and are working hard to help you buy these homes with generous incentives, closing help and advantageous mortgage financing. New home communities in Loudoun County are located in Aldie, Ashburn, Broadlands, Chantilly, Hamilton, Leesburg, Lovettsville, Middleburg, Purcellville, Round Hill, South Riding, Sterling and Waterford. Ask about the Homefinders new home 
NEW HOMES READY FOR QUICK DELIVERY. Many new home builders in Loudoun County have homes ready for quick delivery and these homes are offered at very good prices. Many are upgraded with Brick Front Exteriors, Kitchens with Granite Counter Tops, Hardwood Flooring in many rooms, Sun Rooms, Finished Basements and beautiful trims and other amenities. Many new homes are located on 1-3 acre lots offering privacy and wonderful views of the Blue Ridge Mountain Range to the West. 
EASTERN LOUDOUN COUNTY REAL ESTATE. Many communities in the Eastern areas of Aldie, Ashburn Broadlands, Sterling and South Riding offer amenities such as community centers with swimming pools, tennis courts, walking trails, sidewalks, shopping and local elementary schools. Commuting from the towns in Eastern Loudoun County is just minutes to the Dulles International Airport and a quick drive to the Washington Beltway. 
WESTERN LOUDOUN COUNTY REAL ESTATE. A view of the Blue Ridge Mountains welcomes folks driving through Western Loudoun County. Known as "Horse Country", Western Loudoun County towns of Hamilton, Lovettsville, Middleburg, Purcellville, Round Hill and Waterford. Small lot home sites are also available in the towns of Purcellville and Lovettsville. 
POPULAR LOCATIONS FOR HORSE LOVERS