For the Book of Knowledge, I email this to the listing agent on every marketing assistance listing.
CONGRATULATIONS ON YOUR NEW RELOCATION LISTING!
There are now 4 parties involved – you as the Listing Agent, myself as Relocation Director, the Sellers (the ) and the Relocation Company (). And we all need to work in concert. This is a general ‘cheat sheet’, there will be specific instructions from the Relocation Company and there is more detail in your Relocation Certification Training manual.
COMMUNICATION:
You will stay in communication with both the Sellers and with me (###-###-####). I will keep the Relocation Company updated and forward any necessary paperwork. Our challenge will be that your listing file and my relocation file should mirror each other.
GENERAL PROCEDURES:
Listing Presentation:
Present the market plan to the homeowner at the return visit.
Read all Relocation Company listing and sale instructions before listing.
Copy all listing agreements and completed seller’s disclosures to our Relocation Department. Be sure to enclose the provided EXCLUSION clause signed by you and by the Seller.
Marketing:
Provide updates to our Relocation Department verbally weekly and on the relocation forms provided while marketing. Timely reporting is the key to retaining relocation clients.
The Relocation Company will provide a Contract Addendum and Disclosure forms. Keep copies in the office file and in the property. (These can be very thick, you may want to put a few in a binder or envelope marked “for offers” rather than attaching to every listing sheet.)
Be sure to make the property a featured home on our website and to send full color copies of the marketing package to our Relocation Department.
Offers:
When an offer is made, please present to the Sellers and copy our Relocation Department. I will also present it to the Relocation Company. Your Sellers will handle the negotiations but the Relocation Company will be taking over the transaction. Give potential buyers copies of all inspections and disclosures provided by the Relocation Company. Your Sellers will not sign any contracts or letters with the buyers.
The buyers must provide a pre-approval letter, and if they have a home under agreement we must have copies of that contract and that pre-approval as well. All contingencies and 2nd deposits need to have a date attached to them.
Once there is a verbal agreement, new contracts need to be prepared and signed by Buyer(s) with the Relocation Company as the Seller and with the Relocation Company’s addendums.
Supply the original & legible P&S signed by the buyers, with all the Relo Co. addendums, to me in the Relocation Department.
Please explain to the buyers and their agent that once the contracts have been FedEx’d to the Relocation Company, their verbal agreement is in place and all other offers are backups. It may take 3 - 6 business days to receive the signed originals back. Why? Shortest possible scenario is that the Relo Co. receives the contracts on the 2nd day, signs and overnights back, so we get them on the 3rd day. More common scenario is that the Relo Co. receives the contracts on the 2nd day, overnights documents to your seller (so Relo Co. can take title), receives their required documents (frequently requiring notarization and the spouses may be in two different states) from the homeowners on the 3rd or 4th day – then the Relo Co. signs and overnights the buyer’s contracts so that we get them on day 5 or so. The more the selling agent and the buyers and their lender understand the process the more you can ease their anxiety about the necessary delay.
Under Agreement:
Attend the inspection(s) and appraisal. Inspections are negotiated like the contract – the homeowner agrees verbally and the relocation company signs. All requests must be written and copies of the inspection report attached and sent to our Relocation Dept. If the buyers are satisfied with inspection results, they must sign off on the contingency. In order for your homeowners to turn the house over to the Relo Co. we need to document all contingencies as they are cleared.
Notify Seller and our Relocation Department of transaction progress and closing schedule.
Notify our Relocation Dept. when the homeowners will vacate.
Once all contingencies have been met (inspection, financing, etc.), the Relocation Company may take title to the home. At that point, our Relocation Department will coordinate utility switchovers, which we will call to verify with you.
Vacant properties must be inspected by you, the listing Agent, weekly and following severe weather conditions. Send the initial inspection condition report to our Relocation Department.
Our Relocation Department must handle all repairs, services, invoicing and reporting to third party. Refer title/attorney requests to our Relocation Department.
Preparing for the Closing:
Communicate to the selling agent, the lender and the bank’s title company that the Seller’s side of the HUD must be provided 3 days prior to closing. The Relo Co. doesn’t have the deed package prepared locally and it won’t be overnighted for closing until those figures are approved.
Attend the walkthrough and closing. Schedule a walkthrough 1-2 days before, if there are any issues at that time, we need time to resolve them with long distance calls, etc. There will be an attorney to represent the Relo Co.
We will prepare the commission statement and verify it with you. Referral fees will be paid from the gross commission on the listing side which has been referred to us.
No occupancy, repairs, storage, etc. of the house until the closing is complete and the seller has been funded.
Call with ANY questions. If we don’t know the answer, we will find out for you. Thank you for your professional assistance during this process.
Jennifer Frost
Director of Relocation Services
Prudential Verani Realty
603-845-2116
877-787-RELO
Rock SolidSM in the GraniteState
Submitted by Prudential Verani Realty
May 2005