Transaction Coordinator

There are quite a few options on who is helping you buy or sell a home.

Collaborating with a real estate agent is usually the most popular route. They can help set the correct pricing, take pictures, post it on the MLS. They show the home and work you through negotiations, inspections, and appraisals to get you to closing.

However, there are some people who, don’t want to do that. These individuals usually just end up buying or selling their home without the help of any real estate professionals. If you’re already pretty familiar with the buying and selling process, going it alone can be a pretty great option.

If you don’t want to work with an agent, but you need a little bit more support navigating through the buy/sell process there is a great option: a transaction coordinator.

What is a transaction coordinator?
A real estate transaction coordinator is a neutral third party that helps the seller through the entire real estate transfer process. They focus on customer service, administrative tasks, and knowledge support to make sure that everything goes smoothly.

As a real estate agent, I’m well equipped to manage all the paperwork and deadlines involved with selling a home. I understand how the flow of forms and money work in real estate transactions. I monitor the entire process for conflict resolution from the time the seller accepts the offer until both parties have signed the closing paperwork and the buyer walks away with the keys.

Here’s an industry inside tip: Even if you do not hire a transaction coordinator yourself, it is likely that your listing realtor will partner closely with one of these licensed assistants throughout the entire process to make sure that they complete all of your paperwork correctly.

So, especially if you already have a buyer interested in your property, using me as your transaction coordinator can provide you with a wealth of knowledge while simultaneously saving you from having to pay a steep realtor’s commission. Saving commission is the end goal for anyone selling their home For Sale By Owner.

What does a transaction coordinator actually do?
As a transaction coordinator, I provide support to sellers throughout the whole property transfer process. I push you along, helping you navigate through the escrow, contingency removal, and closing processes without any hiccups. If any issues come up with the buyer, incorrect paperwork, or concerned third parties, I can help you through it.

If you have any questions throughout the sale, I am also your go-to point of contact.

Here’s a more detailed list of all the services I provide:

Escrow Management
I can help you open the escrow accounts that keep the money from your buyer safe until you can access it at the end of the closing process. Opening up escrow accounts can be tricky and you want to make sure that you do it correctly, so it’s best to have some professional support during this part of the process.

While the money is in escrow, I keep a close eye on it to make sure that it’s not touched until it’s supposed to be and then released on schedule.

When it’s time to close the escrow account, I will audit the file to ensure that all paperwork is complete and the money is where it’s supposed to be.

Act as a Point of Communication Contact
I can coordinate all communication between the buyer, seller, escrow company, involved real estate agents, and other involved third parties.

As your transaction coordinator, I will also document all of this communication meticulously. This way, if there is ever an error or miscommunication, you will have the detailed paper trail needed to find a good solution – fast.

Purchase Agreement Review
As your transaction coordinator can look over the purchase agreement and make sure that every “I” is dotted and every “T” is crossed. As this is a binding legal document, you really do want to make sure that everything is just as it should be before you sign it and turn it in.

Earnest Money Confirmations
As your transaction coordinator can also make sure that the buyer puts the money into the escrow account on time. Not only that, but they can double-check that is it also the correct amount.

I will also confirm the terms around the buyer’s earnest money. That is, that it’s completely subject to forfeiture (i.e. you get to keep it) if the buyer fails to perform the tasks assigned to them in the purchase contract.

Because I’m licensed I’m able to also draft any addendums, as needed.

Monitor Deadlines
As your transaction coordinator, I will keep a close on the deadlines during the contingency period and will follow up if the buyer misses a deadline. I do this by issuing the buyer with a notice to perform. This form means, “do what your contract says ASAP.”

The goal is to resolve and remove contingencies as quickly as possible, I will make sure everyone involved stays on schedule towards the original closing date.

Monitor Underwriting
I will partner with the loan underwriter to ensure that they have all of the certificates and clearances needed to perform their job quickly and efficiently. This way, any and all loans can be disbursed in a timely manner.

Coordinate the Final Walk-Through
The final walk-through is a very important part of selling and buying a home. It’s when the buyers make sure that all of their questions are answered, all of the pending contingencies have been removed, and all of the owner’s belongings are gone from the home.

As your transaction coordinator, I make sure this step goes off without a hitch.

Look after Tax Withholdings
A seasoned transaction coordinator can make sure to complete all tax withholding exemptions (like the tricky Foreign Investment in Real Property Tax Act (FIRPTA) exemption). If you are new to the real estate world, trying to wade through complicated tax procedures like this is likely to be very difficult.

Set You up for Tax Season
At the end of our time together, I will usually leave you with a transaction file. These files are typically digital and contain all of the relevant information from your working relationship with me. When the next tax season comes around, this file will be very useful to you. This is because there are many tax breaks and exemptions for people who purchase homes and you want to make sure that you are able to take full advantage of all of them.

How much does a transaction coordinator cost?
I charge $500 for single agency and $750 for dual agency. That saves For Sale By Owner sellers thousands in commission.

You get the same comprehensive support, but without paying the high commissions.

Call me with any questions you may have and to get started.

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