Contract Accepted, now what?

[George Moehlenhoff]

I have 10 days for inspection.... I've got my inspection scheduled, getting a lockbox, copying keys....

What all do you do between acceptance and closing?

[J Scott]

Here is the list I gave to my Project Manager when he first started with me a couple years ago:

Upon Contract Acceptance
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Ensure Access to Property:

* Make Copy of Property Key(s)
* Purchase New Lockbox
* Place Key(s) in Lockbox and Install at Property

If Certified Funds are Required for EM:

* Get Certified Funds for EM from Bank
* Submit Certified Funds to Agent

If Financing the Purchase:

* Send Contract to Loan Officer
* Provide Loan Officer Property Info
* Connect Loan Officer with RE Agent
* Have Loan Officer Schedule Appraisal
* Make sure Loan Officer Knows Anticipated Closing Date

Due Diligence
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Inspections:

* Turn On Utilities for Inspection (water, gas, electric)
* Schedule Termite Inspection
* Schedule Property Inspection
* Attend Inspection and Take Notes for “Scope of Workâ€
* Get Final Inspection Report and Review for “Scope of Workâ€
* Get Termite Letter/Pest Inspection Report

Contractor Prep:
* Create Scope of Work
* Create Materials List
* Determine Which Contractors Are Needed:
* GC
* HVAC
* Roofer
* Electrician
* Plumber
* Pest/Termite Control
* Painter
* Landscaper
* Carpenter
* Schedule GC Walk-Through(s)
* Get Contractor Quotes

Purchase Decision:
* Perform Final Financial Analysis Using Estimates/Quotes
* Perform Both Flip and Rental Analysis
* Make Go/No-Go Decision on Purchase

Upon Contingency Finalization
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Final Purchase Prep:

* Get Closing Date from Lender/Agent
* Arrange Landlord Insurance Policy
* If Financing, Connect Insurance Agent with Loan Officer
* Follow-Up on Appraisal with Lender
* Get Pictures/Video
* Choose a General Contractor
* Choose Sub-Contractors (if no GC)
* Determine Exit Strategy
* Create Rehab Schedule (if no GC)
* Create Final Budget

Prior to Closing
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Final Loan and Closing Prep:

* Obtain and Review HUD-1
* Obtain and Review GFE (if financing)
* Ensure Loan is Ready for Closing (if financing)
* Get Certified Funds for Closing
* Determine How to Hold Title
* Get Partnership Agreement Documents Signed (if partnering)

Upon Closing
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Day of Closing:

* Get Keys
* Change Property Tax Records to Home Address
* Get GC and Sub Contracts/Docs Signed
* Arrange GC and Sub Start Dates