What does a TC do after the inspection period is over?
I’ve shared a previous post about what a transaction coordinator does when they receive a new contract. If you haven’t checked it out yet, I recommend starting there. While I love giving real estate agents tips and tricks, I often find agents are unsure of what exactly a transaction coordinator will do for them, and it’s one of the biggest reasons they drag their feet on hiring one. If you are an agent who is curious what else your TC can do for you, or someone considering becoming a TC yourself and wondering what your days will look like, this video is for you.
In Texas, we call the inspection period the “option period”. Regardless of what you call it, once repairs are negotiated and everyone is moving forward is when things really start rocking and rolling. The biggest players in this part of the transaction are the title company and the mortgage lender and it is the transaction coordinator’s job to make sure they stay on track. There are so many different people involved in a real estate transaction (on average 16!) that having a TC as a central contact for all parties can make a tremendous difference in helping the transaction go smoothly. (Working with great title companies and lenders is a BIG help too!!).
Besides being the liaison between all parties, here are some tasks most TCs will do on every transaction at this stage:
Distribute any executed amendments/contract changes to all applicable parties
Submit the file to the agent’s compliance system
Ensure surveys are ordered/approved
Make sure appraisal is ordered/makes value
Order home warranties
Ensure HOA documents have been ordered and delivered
Update MLS Status
Distribute repair receipts/invoices
Send needed forms for signature
Reach out to the title company and the lender to make sure they have everything they need
Double-check compliance was approved so the agent can get paid!!
As we all know, in the crazy world of real estate, no two transactions are the same. However, I hope this gives you a good idea of some more tasks a transaction coordinator can take off your plate. Watch out for one more post from me: What does a TC do one week before closing?!
