During

The Before checklist are the things that Nomad should do prior to buying a property.

It is part of the three major checklists that we have:

We have a similar set of Before, During and After checklists for the things that real estate agents working with Nomads should use.

During

The following are my recommendations for tasks that Nomad should complete while purchasing your Nomad properties.

Buying Process Overview

The following is a flowchart outlining the major steps in our Buying Process Overview.

buying-process-overview-nothing-selected

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Watch the recording of the live presentation of "Get Your First Deal Done" available on:

https://learntoberich.com/get-your-first-deal-done/

Mark this task as complete once you've watched it.

ASAPBuying Process OverviewClassesGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 1

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Watch the recording of the live presentation of "Buying Process Overview for Nomads" available on:

https://learntoberich.com/buying-process-overview/

Mark this task as complete once you've watched it.

ASAPBuying Process OverviewClassesGet Your First Deal DoneNomad BasicsOptionalUltimate Nomad ChecklistWeek 1

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Read "Benefits of Becoming a Client" blog post on:

https://learntoberich.com/benefits-of-becoming-a-client/

Mark this task as complete when you're done.

ASAPBuying Process OverviewFirst Meeting: PaperworkOptionalUltimate Nomad ChecklistWeek 1

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Meet with James for lunch to discuss working with him. You can request a meeting by scheduling an appointment on his calendar:

http://JamesOrr.com/meet/

Mark this task as done once you've selected a Real Estate Broker to work with.

ASAPBuying Process OverviewDream TeamDream Team - Pre-ClosingUltimate Nomad ChecklistWeek 1

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Complete the "After" checklists:

https://learntoberich.com/after/

Mark this task complete when done.

After ChecklistsBuying Process OverviewUltimate Nomad ChecklistWeek 13

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Buying Process Overview:
First Meeting

buying-process-overview-first-meeting

I consider the First Meeting with your real estate agent stage part of the Before checklist. Please use the Before checklist if you haven’t already to make sure you’ve adequately covered those stages.

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For clients of James Orr, Realtor in Northern Colorado, he usually gives them a copy of his "Northern Colorado Real Estate Advisor" book at the first meeting.

Others can see a copy of it at:

https://www.amazon.com/Northern-Colorado-Real-Estate-Advisor/dp/1512173142/

Local clients... mark complete when you've received a copy of the book. Others, can mark this complete.

First MeetingUltimate Nomad ChecklistWeek 1

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For clients of James Orr, Realtor in Northern Colorado, he usually gives them a copy of his original "Nomad" book at the first meeting.

Others can see a copy of it at:

https://www.amazon.com/Nomad-Mr-James-Orr/dp/1518868959/

Local clients... mark complete when you've received a copy of the book. Others, can mark this complete.

First MeetingUltimate Nomad ChecklistWeek 1

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Clients of mine get special access to password protected VIP resources on JamesOrr.com like recordings of previous NCREIG classes and charts and market stats.

Register for a free account on JamesOrr.com:

http://JamesOrr.com/register/

Then, email James at jamesorr@gmail.com and let him know the email you used to create your account and ask him to upgrade you to VIP status on JamesOrr.com.

Once he manually upgrades you to VIP status, he will reply to your email and you will have access to class recordings and market stats.

Class recordings: http://jamesorr.com/ncreig-classes/
Chart maker: http://jamesorr.com/chart-maker/

Additional links to charts are located on the homepage of JamesOrr.com as well: http://jamesorr.com/

First MeetingUltimate Nomad ChecklistWeek 1

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Clients of James Orr also get free Premium Nomad access.

Register for a free account:

https://LearnToBeRich.com/free/

Then, email James at jamesorr@gmail.com to let him know what email address you used to register on LearnToBeRich.com and ask him to upgrade you to Premium Nomad.

Once he manually upgrades you, he will reply back and you will be able to access the Premium Nomad content including dynamic checklists (like this one you're reading right now), Nomad Calculator and recordings of over 40 Nomad classes.

First MeetingUltimate Nomad ChecklistWeek 1

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Complete the "First Meeting: Paperwork" checklist:

https://learntoberich.com/paperwork/

Mark this task as complete when done.

ASAPFirst MeetingFirst Meeting PaperworkUltimate Nomad ChecklistWeek 1

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Complete the "First Meeting: Professional Services Provided" checklist:

https://learntoberich.com/professional-services-provided/

Mark this task as complete when done.

ASAPFirst MeetingFirst Meeting Professional Services ProvidedUltimate Nomad ChecklistWeek 1

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Complete the "First Meeting: Your Real Estate Goals" checklist:

https://learntoberich.com/your-real-estate-goals/

Mark this task as complete when done.

ASAPFirst MeetingFirst Meeting Your Real Estate GoalsGoalsUltimate Nomad ChecklistWeek 1

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Complete the "First Meeting: Financing" checklist:

https://learntoberich.com/financing/

Mark this task as complete when done.

ASAPFinancingFirst MeetingFirst Meeting FinancingUltimate Nomad ChecklistWeek 1

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Complete the "First Meeting: Receive Property Lists" checklist:

https://learntoberich.com/receive-property-lists/

Mark this task as complete when done.

ASAPFirst MeetingFirst Meeting Receive Property ListsProperty SearchUltimate Nomad ChecklistWeek 1

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Complete the "First Meeting: Analyze Deals" checklist:

https://learntoberich.com/analyze-deals/

Mark this task as complete when done.

Analyzing DealsASAPFirst MeetingFirst Meeting Analyze DealsUltimate Nomad ChecklistWeek 1

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Complete the "First Meeting: Write Offer" checklist:

https://learntoberich.com/write-offer/

Mark this task as complete when done.

ASAPFirst MeetingFirst Meeting: Write OfferMaking OffersUltimate Nomad ChecklistWeek 1

Buying Process Overview:
Pre-Showings

buying-process-overview-pre-showings

The Pre-Showings checklist consists of the following steps.

pre-showings-nothing-selected

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Watch the recording of the live presentation of "Looking at Houses" available on:

https://learntoberich.com/looking-at-nomad-houses/

Mark this task as complete once you've watched it.

ClassesGet Your First Deal DoneNomad BasicsPre-ShowingsUltimate Nomad ChecklistWeek 3

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Complete the "Pre-Showings: Qualify with Lender" checklist:

https://learntoberich.com/qualify-with-lender/

Mark this task as complete when done.

ASAPFinancingPre-ShowingsPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2

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Complete the "Pre-Showings: Pre-approval Letter" checklist:

https://learntoberich.com/pre-approval-letter/

Mark this task as complete when done.

ASAPFinancingPre-ShowingsPre-Showings: Pre-approval LetterUltimate Nomad ChecklistWeek 2

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Complete the "Pre-Showings: Earnest Money" checklist:

https://learntoberich.com/earnest-money/

Mark this task as complete when done.

ASAPEarnest MoneyFinancingPre-ShowingsPre-Showings: Earnest MoneyUltimate Nomad ChecklistWeek 2

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Complete the "Pre-Showings: Down Payment" checklist:

https://learntoberich.com/down-payment/

Mark this task as complete when done.

ASAPDown PaymentPre-ShowingsPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

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Complete the "Pre-Showings: Mock Contract" checklist:

https://learntoberich.com/mock-contract/

Mark this task as complete when done.

ASAPPaperworkPre-ShowingsPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

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Review the recording of the live presentation of "Looking at Houses" available on:

https://learntoberich.com/looking-at-nomad-houses/

Mark this task as complete once you've watched it.

Get Your First Deal DoneNomad BasicsPre-ShowingsShowings: Looking at HousesUltimate Nomad ChecklistWeek 3

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Discuss the following tips for when you go on Showings with your Real Estate Broker:

  • Wear easy to remove shoes
  • WARNING: Sellers can easily record audio (and video) of you while inside their home... don't say anything inside the home that you wouldn't say right in front of the Seller. This is especially true of offer price and strategy.
  • Arrive 5 minutes early. Some Showing windows are very strict time ranges.
  • There may be others present at the Showing.
  • If Tenants are present, we typically will ask them questions about the property.
  • Drive/walk around the neighborhood especially if you're interested in the property.
  • Consider using the +/- system to make property notes.

Mark this task as complete when done.

Get Your First Deal DoneNomad BasicsPre-ShowingsShowings: Looking at HousesUltimate Nomad ChecklistWeek 3

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Discuss the following with your Real Estate Broker when you you're out on a Showing and considering making an offer:

  • Meet the neighbors... tell them you're considering making an offer on the property and ask them how they like the neighborhood.
  • What appliances are included? Which are excluded?
  • What school district is this in?
  • Is the AC included? What type of heat is used in the property?
  • Where is the water disconnect located?
  • What is the age and likely need to replace or update the major, expensive items like:
    furnance, AC, roof, carpet, paint, hot water heater. You'll also check these during inspection.
  • Where are the property lines?
  • Is there adequate parking? Is it owned? Is there adequate garage spaces? Is it owned?
  • What does the HOA cost? What is included?
  • Is there anything from the current "Seller's Property Disclosure"?
  • Is there anything from previous "Seller's Property Disclosure" from past sales?
  • Where is the sewer cleanout?
  • Are there smoke/CO detectors within 15 feet of each bedroom doorway?
  • Does the house already have a radon mitigation system? Is it passive or active?
  • Will you be having a property inspection (it is recommended)? Will you be testing for radon? Mold? Meth? Termiates? Sewer scope?
  • If this is a condo, is it a warrantable or non-warrantable condo?
  • What are the secret broker comments on the "MLS Sheet"?
  • What due diligence documents are you going to want to see?
  • Are there any additional documents provided by the Seller's agent in the MLS?

Mark this task as complete when done.

Get Your First Deal DoneNomad BasicsPre-ShowingsShowings: Looking at HousesUltimate Nomad ChecklistWeek 3

Buying Process Overview: Pre-Showings:
Qualify with Lender

pre-showings-qualify-with-lender

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Complete the "Pre-Showings: Qualify with Lender" checklist:

https://learntoberich.com/qualify-with-lender/

Mark this task as complete when done.

ASAPFinancingPre-ShowingsPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2

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Ask your Real Estate Broker to suggest 3 possible Lenders to contact for financing your home purchase based on the types of loans you're considering.

You're welcome to use whichever Lender you choose (from the Real Estate Broker's recommendations or your own), however... you should realize that making sure your Lender performs if your responsibility.

In other words, if your Lender does not show up on the day of closing with the money for whatever reason, you are still in default on the "Contract to Buy and Sell Real Estate" (not your Lender) and you are at risk of losing your Earnest Money (and specific performance in the unlikely event that box is checked on the "Contract to Buy and Sell Real Estate"). Another way of saying this is: your Lender is not a party to the "Contract to Buy and Sell Real Estate" and so they have no consequences in the "Contract to Buy and Sell Real Estate" if they don't perform.

So, consider "testing" a new Lender carefully.

Mark this task as complete when done.

ASAPDream TeamDream Team - Pre-ClosingFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2

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Talk to 3 Lenders to determine which one you'd like to use.

Ask your Real Estate Broker for recommendations.

You may want to consider at least reading through the Mortgage Broker Interview Questions for some ideas of what you might want to ask:

http://JamesOrr.com/mortgage-broker-interview-questions/

Mark complete once you've talked to 3 Lenders of if you've already decided which Lender you plan to use.

ASAPDream TeamDream Team - Pre-ClosingFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2

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Decide which Lender you will use to finance your purchase.

You can ask your Real Estate Broker for recommendations.

Mark this task complete once you've decided on a Lender to use.

Analyzing DealsASAPDream TeamDream Team - Pre-ClosingFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2

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Make an application to get qualified for a loan with the Lender you've decided you're going to use.

Some people will opt to get quotes from multiple lenders. If you're going to do this, compare everyone on the same day so the rate is the same.

Also, have the Lender you think is most likely to be the one you'll go with pull your credit and then tell the other Lenders you're comparing what your credit score is. If you decide to go with them, you'll let them pull your credit then.

Your ultimate goal at this point is to get a pre-approval letter for the max amount you qualify for.

If you need a recommendation for a Lender ask your Real Estate Broker.

Mark this task complete once you've applied for a loan and been approved with the Lender you plan to use.

ASAPFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2Week 54

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Understand what documents your lender will ultimately need to do your loan and start gathering and preparing those documents.

Mark this task as complete when done.

ASAPFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2Week 54

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Find out what interest rate and what down payment amount you'll likely get when you get your loan.

You'll want to use this when you start to analyze properties using Brian's Spreadsheet.

Mark this task as complete when done.

ASAPFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2Week 54

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If you're going to owner occupy the property especially, find what your estimated monthly payment will be for both your max loan that you can qualify for and the price you're comfortable with that you'll likely be buying at.

Mark this task as complete when done.

ASAPFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2Week 54

Buying Process Overview: Pre-Showings:
Pre-Approval Letter

pre-showings-pre-approval-letter

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Complete the "Pre-Showings: Pre-approval Letter" checklist:

https://learntoberich.com/pre-approval-letter/

Mark this task as complete when done.

ASAPFinancingPre-ShowingsPre-Showings: Pre-approval LetterUltimate Nomad ChecklistWeek 2

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Get Pre-Approval letter from Lender for the max you can afford. We will only use this if you're unable to reach your Lender and you want to submit an offer right away. Otherwise, we will ask your Lender for an updated "Lender Letter" for the exact Purchase Price.

Having a "Lender Letter" helps you get your offer accepted.

Mark this task complete when done.

ASAPFinancingPre-Showings: Pre-approval LetterUltimate Nomad ChecklistWeek 2Week 54

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Save a copy of your max "Lender Letter" to your Dropbox using the file format:

"YYYY-MM-DD - FULL NAME - Max Lender Pre-Approval Letter.pdf"

Mark this task complete when done.

ASAPFinancingPre-Showings: Pre-approval LetterUltimate Nomad ChecklistWeek 2Week 54

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Send a copy of your max "Lender Letter" to your Real Estate Broker.

Mark this task complete when done.

ASAPFinancingPre-Showings: Pre-approval LetterUltimate Nomad ChecklistWeek 2Week 54

Buying Process Overview: Pre-Showings:
Earnest Money

pre-showings-earnest-money

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Complete the "Pre-Showings: Earnest Money" checklist:

https://learntoberich.com/earnest-money/

Mark this task as complete when done.

ASAPEarnest MoneyFinancingPre-ShowingsPre-Showings: Earnest MoneyUltimate Nomad ChecklistWeek 2

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Discuss the typical amount of Earnest Money with your Real Estate Broker.

In Northern Colorado, Earnest Money is typically about 1% of the purchase price of the property but is negotiated between Buyer and Seller.

However, offering less Earnest Money than the Seller is requesting on the MLS listing is typically considered a weaker offer.

If you're buying a property with little or no money down (especially less than what Earnest Money would be), discuss with your Real Estate Broker some possible strategies for trying to get an offer accepted in this situations. It may be harder to get your offer accepted in these situations so you may need to be more flexible in the homes you're looking at until we find a more flexible Seller.

Mark this task done when complete.

ASAPEarnest MoneyFinancingMaking OffersPre-Showings: Earnest MoneyUltimate Nomad ChecklistWeek 2

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You will need Earnest Money at the time you make your offer. It can vary and is negotiated but it is typically about 1% of the purchase price of the property you're going to buy. Earnest Money typically does count towards your Down Payment.

For a $300,000 property, that means you'll likely need about $3,000 for Earnest Money at the time you make your offer. Do you know where those funds are and are they readily accessible?

Discuss this with your Real Estate Broker if you have additional questions or concerns.

Mark this task done when complete.

ASAPEarnest MoneyFinancingMaking OffersPre-Showings: Earnest MoneyUltimate Nomad ChecklistWeek 2

Buying Process Overview: Pre-Showings:
Down Payment

pre-showings-down-payment

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Complete the "Pre-Showings: Down Payment" checklist:

https://learntoberich.com/down-payment/

Mark this task as complete when done.

ASAPDown PaymentPre-ShowingsPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

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Watch the recording of the live presentation of "How to Get Down Payment for Nomad" available on:

https://learntoberich.com/how-to-get-down-payment-for-nomad/

Mark this task as complete once you've watched it.

ASAPClassesDown PaymentFinancingNomad BasicsPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

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Ask your Lender to give you estimates on how much your Down Payment and Closing Costs will be with the loan you plan to use and the home price you're likely to look for. Make adjustments if needed to your plan.

Mark this task as complete when done.

Down PaymentFinancingPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

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Make sure that you know the source of your Down Payment and Closing Costs.

You will need at least the Earnest Money when you make your offer. You will need the Down Payment and Closing Costs for closing.

Discuss the timing with your Real Estate Broker and/or Lender if you have any concerns.

Mark this task complete when done.

ASAPDown PaymentFinancingPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

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It is prudent to determine where you might get cash from if you need it to take care of unexpected expenses when buying a property as a Nomad or as a rental.

Take a moment to determine where your Cash Reserves are in cash you need money to maintain a property.

Mark this task complete once done.

ASAPCash ReservesPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

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If you're doing a partnership, you will want to determine with your partners how much you will want to keep in Cash Reserves for the Partnership.

If you're not doing a Partnership, you can skip this step, but it may also be helpful for you to think about the sources of your Cash Reserves are as well.

Mark this task complete once you've determined how much Cash Reserves you should have with your Partnership.

Cash ReservesPartnershipsPartnerships - SetupPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

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This step is highly unusual for Nomads, but... if you happen to be buying in the name of a new LLC and you've got a Master LLC, make sure you transfer money from your Master LLC to your Single Member LLC (SMLLC) for your Down Payment.

Mark this task complete once done or if you're not doing this.

ASAPCash ReservesPartnershipsPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

Buying Process Overview: Pre-Showings:
Mock Contract

pre-showings-mock-contract

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Complete the "Pre-Showings: Mock Contract" checklist:

https://learntoberich.com/mock-contract/

Mark this task as complete when done.

ASAPPaperworkPre-ShowingsPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

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Watch the recording of the live presentation of "Contract To Buy and Sell in Detail" available on:

http://JamesOrr.com/contract-buy-sell-real-estate-detail/

Mark this task as complete once you've watched it.

ASAPClassesPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

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If you're going to have the "Contract to Buy and Sell Real Estate" (or any other paperwork you might sign) reviewed by an Attorney before you sign it, you may want to determine who that attorney will be.

Ask your Real Estate Broker for a recommendation.

Mark this task as complete once you've decided which Contract and Paperwork Attorney you will use to help review your legal documents or if you're qualified to review them yourself.

Asset ProtectionDream TeamDream Team - Pre-ClosingPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 1

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Read through the "Contract to Buy and Sell Real Estate". Highlight any sections you have questions about. Write down your questions.

Mark this task complete once you've read through the "Contract to Buy and Sell Real Estate". You'll be scheduling time to meet with your Contract and Paperwork Attorney, Accountant, Insurance Agent and/or your Real Estate Broker to have your questions answered in additional tasks.

ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

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Read through the "Lead-Based Paint Disclosure". Highlight any sections you have questions about. Write down your questions.

You'll only need this if the property was built prior to January 1, 1978 but it is good to have reviewed it ahead of time so you understand it in case you look at properties built prior to this date.

Mark this task complete once you've read through the "Lead-Based Paint Disclosure". You can schedule time to meet with your Contract and Paperwork Attorney, Accountant, Insurance Agent and/or your Real Estate Broker to have your questions answered in additional tasks.

ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

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Read through the "Source of Water Addendum". Highlight any sections you have questions about. Write down your questions.

Mark this task complete once you've read through the "Source of Water Addendum".

You can schedule time to meet with your Contract and Paperwork Attorney, Accountant, Insurance Agent and/or your Real Estate Broker to have your questions answered in additional tasks.

ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

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Read through the "Seller's Property Disclosure" for the property you're considering making an offer on or after you've made the offer if the Seller failed to provide ahead of time.

Mark this task complete once you've read the "Seller's Property Disclosure".

ASAPMaking OffersPaperworkPre-Showings: Mock ContractSellers Property DisclosureUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8Week 9

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Read through the "Square Footage Disclosure" to see if you have any questions about information in that disclosure.

Mark this task complete once you've read the "Square Footage Disclosure".

ASAPMaking OffersPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8Week 9

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Read through the "Occupancy Limits Disclosure For Property Sale" to see if you have any questions about information in that disclosure.

Mark this task complete once you've read the "Occupancy Limits Disclosure For Property Sale".

ASAPMaking OffersPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8Week 9

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Meet with your Real Estate Broker to go over the highlighted sections of the "Contract to Buy and Sell Real Estate" and the additional disclosures. Ask your Real Estate Broker your questions about the "Contract to Buy and Sell Real Estate".

Mark this task complete once you understand the "Contract to Buy and Sell Real Estate" and feel comfortable with it.

ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

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Meet with your Contract and Paperwork Attorney to go over the highlighted sections of the "Contract to Buy and Sell Real Estate" and any additional disclosures. Ask your Attorney your questions about the "Contract to Buy and Sell Real Estate".

Mark this task complete once you understand the "Contract to Buy and Sell Real Estate" and feel comfortable with it.

ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

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Determine who you will as your accountant to help you with financial planning and completing your taxes.

Ask your Real Estate Broker for a recommendation.

Mark this task complete once you've determined who you'll use as your Accountant.

AccountingBookkeepingBookkeeping and Accounting for NomadsDream TeamDream Team - Pre-ClosingPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2Week 54

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Meet with your Accountant to go over the highlighted sections of the "Contract to Buy and Sell Real Estate" and any additional disclosures. Ask your Accountant your questions about the "Contract to Buy and Sell Real Estate".

Mark this task complete once you understand the "Contract to Buy and Sell Real Estate" and feel comfortable with it.

ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

Buying Process Overview:
Showings

buying-process-overview-showings

The Showings checklist consists of the following steps.

showings-nothing-selected

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Create a folder for this property purchase on your computer within Dropbox to stay organized.

Mark this task complete once you've created the folder.

ASAPComputer SetupShowingsUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8Week 9

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Complete the "Showings: Request Showing" checklist:

https://learntoberich.com/request-showing/

Mark this task as complete when done.

ShowingsShowings: Request ShowingUltimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8

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Complete the "Showings: Buyer Tour" checklist:

https://learntoberich.com/buyer-tour/

Mark this task as complete when done.

ShowingsShowings: Buyer TourUltimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8

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Complete the "Showings: MLS Sheet" checklist:

https://learntoberich.com/mls-sheet/

Mark this task as complete when done.

ShowingsShowings: MLS SheetUltimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8

Buying Process Overview: Showings:
Request Showing

showings-request-showing

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Complete the "Showings: Request Showing" checklist:

https://learntoberich.com/request-showing/

Mark this task as complete when done.

ShowingsShowings: Request ShowingUltimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8

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Review properties as you receive them to see if it something that you would consider and should run your analysis using the deal analysis spreadsheet.

Mark complete when done.

Showings: Request ShowingUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8Week 9

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Analyze properties daily as they come in from automatic property searches. Save a copy of Brian's Deal Analysis Spreadsheet for each deal you analyze in your Dropbox folder for this deal/purchase.

If the deal looks interesting after analyzing it, request a showing.

Mark this task complete once you've analyzed deals for the day.

Analyzing DealsCash FlowNet Operating IncomeShowings: Request ShowingUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8

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If the property looks interesting and you're considering it, create a property folder in your Dropbox folder.

Mark this task complete when done.

Analyzing DealsCash FlowNet Operating IncomeShowings: Request ShowingUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8

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If the property looks interesting and you're considering it save a copy of the deal analysis spreadsheet for this property to the property folder in Dropbox.

Use the file naming convention:

"YYYY-MM-DD - 1234 Main St - Analysis Spreadsheet.xlsx"

Where YYYY is the four digit year, MM is the two digit month, DD is the two digit day of the month and 1234 Main St is the street address of the property.

Mark this task complete when done.

Analyzing DealsCash FlowNet Operating IncomeShowings: Request ShowingUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8

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We are currently testing this as a service, but we've subscribed to a company where we can pull rental comparables for properties.

If you are analyzing a property and it looks interesting, you can email James and Tammy and ask them to pull rental comparables to see what fair market rent might be on the property.

Be sure to include the following in your email request:

  • Address of the property
  • Number of bedrooms (required to do rent comps)
  • Whether it is a SFH or apartment (the two choices for rent comps)
  • Whether you want just the report or the report and the CSV of the rent comps data if you plan to do some additional work on the data yourself in Excel

Mark this task complete when done.

Analyzing DealsCash FlowNet Operating IncomeShowings: Request ShowingUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8

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If after analyzing the property it looks interesting, request a showing by emailing your Real Estate Broker.

TIP: If you're working with James and Tammy, be sure to email both of them since James may not be in his email and Tammy could setup up the showing before James will even be back in his email. If you just email James, he may not even see it until much later and then he'll typically forward it to Tammy to setup the showing.

Be sure to include:

  • Property address
  • MLS number if possible
  • Your availability to be able to see the property (provided the Seller can accommodate that day and time)
  • Any additional questions you might have about it (if any)

Mark this task complete when done.

Analyzing DealsCash FlowNet Operating IncomeShowings: Request ShowingUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8

Buying Process Overview: Showings:
Buyer Tour

showings-buyer-tour

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Complete the "Showings: Buyer Tour" checklist:

https://learntoberich.com/buyer-tour/

Mark this task as complete when done.

ShowingsShowings: Buyer TourUltimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8

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Once you've requested a showing your Real Estate Broker should send you over a "Buyer Tour" as a PDF.

Mark this task as complete when you've received it.

Showings: Buyer TourUltimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8

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Once you receive the "Buyer Tour" read through it to learn more about the property and surrounding area.

Mark this task as complete when done.

Showings: Buyer TourUltimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8

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Save a copy of your "Buyer Tour" to the property folder in Dropbox.

Use the following file naming convention:

"YYYY-MM-DD - 1234 Main St - Buyer Tour.pdf"

Mark this task as complete when done.

Showings: Buyer TourUltimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8

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If you want to bring a copy of the "Buyer Tour" with you to the Showing by printing a copy of it.

Mark this task as complete when done.

Showings: Buyer TourUltimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8

Buying Process Overview: Showings:
MLS Sheet

showings-mls-sheet

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Complete the "Showings: MLS Sheet" checklist:

https://learntoberich.com/mls-sheet/

Mark this task as complete when done.

ShowingsShowings: MLS SheetUltimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8

More info about this task...
Once you've requested a showing your Real Estate Broker should send you over the "MLS Sheet" as a PDF.

Mark this task as complete when you've received it.

Showings: MLS SheetUltimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8

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Once you receive the "MLS Sheet" read through it to learn more about the property.

Mark this task as complete when done.

Showings: MLS SheetUltimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8

More info about this task...
Save a copy of your "MLS Sheet" to the property folder in Dropbox.

Use the following file naming convention:

"YYYY-MM-DD - 1234 Main St - MLS Sheet.pdf"

Mark this task as complete when done.

Showings: MLS SheetUltimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8

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If you want to print a copy of the "MLS Sheet" so you can bring a printed copy with you to the Showing.

Most Real Estate Brokers, like James, will bring a copy of the "MLS Sheet" for you to the Showing.

Mark this task as complete when done.

Showings: MLS SheetUltimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8

Buying Process Overview: Showings:
Looking at Houses

showings-looking-at-houses

More info about this task...
Complete the "Showings: Looking at Houses" checklist:

https://learntoberich.com/looking-at-houses/

Mark this task as complete when done.

Showings: Looking at HousesUltimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8

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Review the recording of the live presentation of "Looking at Houses" available on:

https://learntoberich.com/looking-at-nomad-houses/

Mark this task as complete once you've watched it.

Get Your First Deal DoneNomad BasicsPre-ShowingsShowings: Looking at HousesUltimate Nomad ChecklistWeek 3

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Discuss the following tips for when you go on Showings with your Real Estate Broker:

  • Wear easy to remove shoes
  • WARNING: Sellers can easily record audio (and video) of you while inside their home... don't say anything inside the home that you wouldn't say right in front of the Seller. This is especially true of offer price and strategy.
  • Arrive 5 minutes early. Some Showing windows are very strict time ranges.
  • There may be others present at the Showing.
  • If Tenants are present, we typically will ask them questions about the property.
  • Drive/walk around the neighborhood especially if you're interested in the property.
  • Consider using the +/- system to make property notes.

Mark this task as complete when done.

Get Your First Deal DoneNomad BasicsPre-ShowingsShowings: Looking at HousesUltimate Nomad ChecklistWeek 3

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Discuss the following with your Real Estate Broker when you you're out on a Showing and considering making an offer:

  • Meet the neighbors... tell them you're considering making an offer on the property and ask them how they like the neighborhood.
  • What appliances are included? Which are excluded?
  • What school district is this in?
  • Is the AC included? What type of heat is used in the property?
  • Where is the water disconnect located?
  • What is the age and likely need to replace or update the major, expensive items like:
    furnance, AC, roof, carpet, paint, hot water heater. You'll also check these during inspection.
  • Where are the property lines?
  • Is there adequate parking? Is it owned? Is there adequate garage spaces? Is it owned?
  • What does the HOA cost? What is included?
  • Is there anything from the current "Seller's Property Disclosure"?
  • Is there anything from previous "Seller's Property Disclosure" from past sales?
  • Where is the sewer cleanout?
  • Are there smoke/CO detectors within 15 feet of each bedroom doorway?
  • Does the house already have a radon mitigation system? Is it passive or active?
  • Will you be having a property inspection (it is recommended)? Will you be testing for radon? Mold? Meth? Termiates? Sewer scope?
  • If this is a condo, is it a warrantable or non-warrantable condo?
  • What are the secret broker comments on the "MLS Sheet"?
  • What due diligence documents are you going to want to see?
  • Are there any additional documents provided by the Seller's agent in the MLS?

Mark this task as complete when done.

Get Your First Deal DoneNomad BasicsPre-ShowingsShowings: Looking at HousesUltimate Nomad ChecklistWeek 3

Buying Process Overview:
Writing Offer

buying-process-overview-writing-offer

The Writing Offer checklist consists of the following steps.

writing-offer-nothing-selected

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Complete the "Writing Offer: Strategize" checklist:

https://learntoberich.com/strategize/

Mark this task as complete when done.

Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing OfferWriting Offer: Strategize

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Complete the "Writing Offer: Info Required" checklist:

https://learntoberich.com/info-required/

Mark this task as complete when done.

Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing OfferWriting Offer: Info Required

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Complete the "Writing Offer: Draft Offer" checklist:

https://learntoberich.com/draft-offer/

Mark this task as complete when done.

Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing OfferWriting Offer: Draft Offer

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Complete the "Writing Offer: Review Offer" checklist:

https://learntoberich.com/review-offer/

Mark this task as complete when done.

Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing OfferWriting Offer: Review Offer

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Complete the "Writing Offer: Sign Offer" checklist:

https://learntoberich.com/sign-offer/

Mark this task as complete when done.

Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing OfferWriting Offer: Sign Offer

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Complete the "Writing Offer: Present Offer" checklist:

https://learntoberich.com/present-offer/

Mark this task as complete when done.

Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing OfferWriting Offer: Present Offer

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Complete the "Writing Offer: Negotiate Offer" checklist:

https://learntoberich.com/negotiate-offer/

Mark this task as complete when done.

Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing OfferWriting Offer: Negotiate Offer

Buying Process Overview: Writing Offer:
Pre-Offer Due Diligence

writing-offer-pre-offer-due-diligence

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Before writing your offer, you may want to check-in with your Lender (especially if it has been awhile since you have) to verify the terms of the loan you plan to get.

Mark this task as complete when done.

Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Pre-Offer Due Diligence

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Before writing your offer, you may want to double check with your Real Estate Broker how much you will need for Earnest Money.

Also, do you know what bank account or source of your Earnest Money will be?

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Pre-Offer Due Diligence

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Before writing your offer, you may want to double check with your Lender how much you will need for your Down Payment with the loan program you're planning to use.

Plus, do you know where you'll be getting the Down Payment from? Double check with your Lender that the proposed source of your Down Payment will be fine with the loan program you plan to do. This is especially important if you are getting the Down Payment as a gift or from an account that does not have your name on it.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Pre-Offer Due Diligence

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Before writing your offer, do you have Lender Letter with the exact amount of your offer price on it? If not, an offer without a Lender Letter or Proof of Funds is a very weak offer and not likely to be accepted so it is highly recommended that you get one prior to submitting your offer.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Pre-Offer Due Diligence

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Before writing your offer, have you read the current "Seller's Property Disclosure"?

If the Seller has not provided one yet, are you going to request one in the "Contract to Buy and Sell Real Estate"?

Also, if there are copies of previous "Seller's Property Disclosures" from previous times the property was listed for sale, have you read those as well to see what previous Sellers disclosed about the property that maybe this one has not? You're Real Estate Broker can pull up old ones by looking in the MLS.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Pre-Offer Due Diligence

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Before writing your offer, have you read the current "MLS Sheet" for this property?

Also, if is this property was listed for sale previously, have you read the prior "MLS Sheets" from previous Sellers?

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Pre-Offer Due Diligence

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If this property is going to be a rental property, have you looked at rental comps?

If you're a client of James and Tammy, you can ask them to send you rental comps from the new service they subscribed to provide this to clients.

Mark this task as complete when done.

Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Pre-Offer Due Diligence

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If this property is going to be a rental property, have you analyzed the property with Brian's spreadsheet?

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Pre-Offer Due Diligence

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Before writing an offer, it might be a good idea to read through the public records history on the property to see if the property has an unusual past.

Examples of things you might be able to see by reading the public records history include that the property was a foreclosure, a fix and flip, or was seized by the IRS or DEA.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Pre-Offer Due Diligence

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Before writing an offer, it might be a good idea to look at the flood zone map to see if the property is obviously in a flood zone.

If you get a loan, your Lender will do a complete Flood Zone Certification and if it is in a flood zone will likely require extra (often expensive) flood insurance.

Our preliminary check is to get an early warning that the property might be a flood zone.

Some areas have easily accessible flood zone maps like Larimer County. Weld County not quite as easy to find a flood map for.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Pre-Offer Due Diligence

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Before writing an offer, you may also want to look at the listing history for the property.

How many times before was it listed for sale? For what price? Did it take a long time to sell? Have there been price drops? How many? Significant ones?

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Pre-Offer Due Diligence

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In most cases you will not have access to the HOA documents until after you're under contract. However, in some cases you may have access before going under contract, so you may also want to read through the HOA docs.

Can you do what you plan to do with the property based on the HOA documents? Is the HOA well funded and has adequate cash reserves?

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Pre-Offer Due Diligence

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Before making an offer, we strongly encourage your Real Estate Broker to call the Seller's Real Estate Broker to find out what is an ideal offer for the Seller.

If there are things you don't care about but that are important to the Seller, let's try to hit as many of those as possible in your offer.

If there are things that the Seller says are important you might be able to adjust your offer to make your offer even more attractive.

Your Real Estate Broker should also clarify the situation for the Seller and the property if possible.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Pre-Offer Due Diligence

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Before making an offer discuss home warranties with your Real Estate Broker including:

  • What they are?
  • What they cost?
  • What they cover?
  • If you want to try to get the Seller to pay for one for you with your offer?

Mark this task as complete when done.

Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Pre-Offer Due Diligence

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Before making an offer on a new construction property it might be a good idea to discuss your lot selection with your Real Estate Broker.

Does the lot face north making it more likely to have ice on your driveway and walkways?
Is it a corner lot? Some people prefer corner lots; some people don't. You also need to shovel more sidewalk in the winter with a corner lot.
Is the lot near something positive like open space or a park?
Is the lot near something negative like the dump or oil drilling?

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New ConstructionUltimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Pre-Offer Due Diligence

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Before making an offer on a new construction property it might be a good idea to discuss which upgrades you plan to get with your Real Estate Broker. What is included varies from builder to builder so it is important to ask and discuss this.

Often, builders charge a change order fee if you decide you want to add or remove upgrades once you're under contract. And, at some point, the builder will tell you that it is too late to change things since the upgrades have already been ordered, purchased and/or installed.

Things to consider with new construction for upgrades include:

  • AC
  • Garage door opener
  • Backyard landscaping
  • Refrigerator and microwave
  • Blinds

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New ConstructionUltimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Pre-Offer Due Diligence

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Often, builders charge a change order fee if you decide you want to add or remove upgrades once you're under contract. And, at some point, the builder will tell you that it is too late to change things since the upgrades have already been ordered, purchased and/or installed.

Before making your offer it helps to know what the change order fee is (the amount) and when you can make changes and when you can no longer make changes.

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New ConstructionUltimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Pre-Offer Due Diligence

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Most builders are installing passive radon systems in homes when they build them in Northern Colorado.

However, the policy on testing for radon and making the systems active varies.

Some builders will allow you to test for radon and if it comes in above 4.0 picoCuries per Liter, they will pay to have the passive system upgraded to an active system to get it below the threshold.

Other builders, will allow you to test but they do not do anything if it comes in above the threshold. It would be up to you, after Closing to install an active system.

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New ConstructionUltimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Pre-Offer Due Diligence

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If you're buying new construction, discuss the builder's warranty with your Real Estate Broker and the builder so that you understand what is covered, how it is covered and for what period of time.

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New ConstructionUltimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Pre-Offer Due Diligence

Buying Process Overview: Writing Offer:
Strategize

writing-offer-strategize

More info about this task...
Complete the "Writing Offer: Strategize" checklist:

https://learntoberich.com/strategize/

Mark this task as complete when done.

Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing OfferWriting Offer: Strategize

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When making an offer a major factor is often the price you offer. Typically the higher your offer the better, but a high offer that must appraise is not really a strong offer.

So, discuss with your Real Estate Broker that if you're in multiple offer situation, you may want to offer your highest and best offer but be willing to back it it up with a complementary appraisal condition in your "Contract to Buy and Sell Real Estate".

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Strategize

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Removing your appraisal contingency or limiting your appraisal contingency by saying that you have enough money and are willing to make up the difference should the property not appraise will strengthen your offer.

In normal market conditions where there are not multiple offers and with new construction, removing or limiting your appraisal contingency is probably is not necessary.

However, in multiple offer scenarios and especially when you're making an offer above asking price, discuss with your Real Estate Broker some ways to strengthen your offer by adjusting the appraisal conditions part of the "Contract to Buy and Sell Real Estate".

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Strategize

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Removing your inspection contingency completely or limiting your inspection contingency by saying that you will not present a list of cosmetic repairs will strengthen your offer.

In normal market conditions where there are not multiple offers and with new construction, removing or limiting your inspection contingency is probably is not necessary.

However, in multiple offer scenarios discuss with your Real Estate Broker some ways to strengthen your offer by adjusting the inspection conditions part of the "Contract to Buy and Sell Real Estate".

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Strategize

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The fewer due diligence documents you ask for the less hassle there is for a Seller and the stronger your offer may be.

In normal market conditions where there are not multiple offers and with new construction, limiting the due diligence documents you request is probably is not necessary.

However, in multiple offer scenarios discuss with your Real Estate Broker some ways to strengthen your offer by reducing which due diligence documents you insist on as part of the "Contract to Buy and Sell Real Estate".

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Strategize

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The more Earnest Money you put at risk should you not perform according to the terms of the "Contract to Buy and Sell Real Estate" the stronger your offer is.

However, most sophisticated Real Estate Brokers representing Sellers understands that our "Contract to Buy and Sell Real Estate" is written very pro-Buyer such that it is not likely that a Seller will get to keep Earnest Money if a Buyer acts in good faith and terminates under a legitimate section of the "Contract to Buy and Sell Real Estate".

In normal market conditions where there are not multiple offers and with new construction, raising the Earnest Money you offer is probably is not necessary. However, offering the Earnest Money that is requested in the MLS is expected and offering less is a sign that the offer is weaker in most cases.

If you're trying to make an offer with little or nothing down and don't have or don't want to put up the requested Earnest Money, we may need to explain this and find a sympathetic Seller.

However, in multiple offer scenarios discuss with your Real Estate Broker strengthening your offer by increasing how much Earnest Money is included as part of the "Contract to Buy and Sell Real Estate". This is not in my top 3 ways to strengthen an offer and is not a significant strengthening in most cases.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Strategize

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If a Seller needs or wants to stay in the property after Closing, then offering a "Post-Closing Occupancy Agreement" will strengthen your offer.

If this is a benefit to the Seller (which we'd often find out either on the "MLS Sheet" or by calling the Seller's Real Estate Broker prior to writing the offer), discuss with your Real Estate Broker including a "Post-Closing Occupancy Agreement" with your "Contract to Buy and Sell Real Estate".

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Strategize

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If you do not require a survey or if you require a survey but agree to pay for the survey in the "Contract to Buy and Sell Real Estate" that will strengthen your offer.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Strategize

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It is a negotiated item in the "Contract to Buy and Sell Real Estate", but it is often customary for the Seller to pay for the "Owner's Title Insurance Policy".

If you want to make your offer strong by having the Seller net a larger amount without having to worry about raising the offer price and worrying that the property will not appraise, you may want to discuss with your Real Estate Broker offering to pay for the "Owner's Title Insurance Policy".

You will always pays for the "Lender's Title Insurance Policy" unless we negotiate Seller Concessions (which is relatively common) or we add it as an additional provision (which I've never seen done).

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Strategize

Buying Process Overview: Writing Offer:
Info Required

writing-offer-info-required

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Complete the "Writing Offer: Info Required" checklist:

https://learntoberich.com/info-required/

Mark this task as complete when done.

Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing OfferWriting Offer: Info Required

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Get a Pre-Approval Letter from your Lender for the exact amount of the offer you're about to write.

Having a Lender Letter helps you get your offer accepted.

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FinancingUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Info Required

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With the help of your Attorney and Accountant, determine how you will take title to the Property you're buying.

Common choices include: severalty (for one person or entity), joint tenants or tenants in common.

You'll need this to make an offer.

Mark this task complete once you know how you'll take Title to the Property.

ASAPUltimate Nomad ChecklistWeek 12Week 4Writing Offer: Info Required

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Your Real Estate Broker will need certain information from you to be able to write your offer. Here's a list of some of the information they may need:

  • Offer price
  • Earnest Money amount (default to what Seller is asking in the MLS)
  • Who will pay the Closing Services Fee (usually around $300 to $400 depending on the Title Insurance Company)
  • If you're negotiating/insisting on choosing Title Insurance Company, then which Title Insurance Company you want to use.
  • Who pays for Appraisal (it is customary for Buyer to pay)
  • Who pays for Owner's Title Insurance Policy (it is customary for Seller to pay)
  • What Loan type or types are you considering using to finance the purchase?
  • How much Down Payment are you going to put down?
  • Any Additional Provisions you want added? Common ones might include: additional disclosures for Fort Collins (which we typically add for you by default), limited appraisal language, light or limited inspection language and asking for personal property (which may complicate your ability to get a Loan to cover those).
  • How much are you asking for in Seller Concessions?
  • Is there a property you must sell before you can buy this?
  • Are you offering the Seller a "Post-Closing Occupancy Agreement" to allow them to stay in the property beyond Closing?
  • What due diligence documents are you requesting?
  • What is your travel/work schedule like? Will it impact inspection? Will it impact Closing?

Mark this task complete once you've emailed your Real Estate Broker the information they need above to write your offer.

ASAPUltimate Nomad ChecklistWeek 12Week 4Writing Offer: Info Required

Buying Process Overview: Writing Offer:
Draft Offer

writing-offer-draft-offer

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Complete the "Writing Offer: Draft Offer" checklist:

https://learntoberich.com/draft-offer/

Mark this task as complete when done.

Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing OfferWriting Offer: Draft Offer

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Once your Real Estate Broker has all the information they need to write the offer for you, your Real Estate Broker will write a draft of your offer and send you a copy via PDF.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Draft Offer

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Once you receive the draft of the offer from your Real Estate Broker as a PDF save a copy of it to your Dropbox folder for this property.

Use the file naming convention:

"YYYY-MM-DD - 1234 Main St - Contract to Buy and Sell Real Estate.pdf"

You will overwrite it when you get the final, fully executed signed copy.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Draft Offer

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Once you receive the draft of the offer from your Real Estate Broker as a PDF review it, highlighting any sections you have a question about and writing your questions in the margins.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Draft Offer

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After you've reviewed the offer, highlighted sections you have questions about and wrote down your questions in the margins ask your Real Estate Broker the questions you have and have them explain it to you.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Draft Offer

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Some clients will opt to call their Contract and Paperwork Attorney to ask questions they have about the draft of the "Contract to Buy and Sell Real Estate".

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Draft Offer

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Some clients will opt to call their CPA to ask questions they have about the draft of the "Contract to Buy and Sell Real Estate".

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Draft Offer

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Some clients will opt to call their Property Manager to ask questions they have about the draft of the "Contract to Buy and Sell Real Estate".

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Draft Offer

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Some clients will opt to call their Insurance Agent to ask questions they have about the draft of the "Contract to Buy and Sell Real Estate".

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Draft Offer

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Once you have all your questions answered and you feel comfortable with the draft offer, approve the draft with your Real Estate Broker.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Draft Offer

Buying Process Overview: Writing Offer:
Review Offer

writing-offer-review-offer

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Complete the "Writing Offer: Review Offer" checklist:

https://learntoberich.com/review-offer/

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing OfferWriting Offer: Review Offer

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Once you've approved the draft offer with your Real Estate Broker, your Real Estate Broker will typically send over the entire offer including all the related disclosures to you via DocuSign.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Review Offer

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Review the entire offer (that was already approved from your draft) especially if you asked your Real Estate Broker to make changes to your draft.

Also, take time to review all the additional disclosure documents included with the DocuSign envelope.

If there are any problems, DO NOT SIGN... tell your Real Estate Broker so they can make corrections.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Review Offer

Buying Process Overview: Writing Offer:
Sign Offer

writing-offer-sign-offer

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Complete the "Writing Offer: Sign Offer" checklist:

https://learntoberich.com/sign-offer/

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing OfferWriting Offer: Sign Offer

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If you're buying a house that the Tenant-Buyer selects from the MLS and offering it to them as a Lease-Option, you should collect the Option Fee from the Tenant-Buyer before signing an offer.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Sign Offer

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As you read through and approve each part of the offer, you can sign and initial where DocuSign prompts you to sign and initial.

If more than one person needs to sign, be sure to have each person sign and initial.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Sign Offer

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Once everyone has signed and initialed each part of the offer, DocuSign will automatically send each person copies of the fully signed documents as PDFs.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Sign Offer

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Once you receive your copies of the documents, save each document to your property folder in Dropbox.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Sign Offer

Buying Process Overview: Writing Offer:
Present Offer

writing-offer-present-offer

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Complete the "Writing Offer: Present Offer" checklist:

https://learntoberich.com/present-offer/

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing OfferWriting Offer: Present Offer

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Once your Real Estate Broker sees that your offer has been signed by all the Buyers, they will prepare to send the offer to the Seller's Real Estate Broker.

Your Real Estate Broker will prepare an email (or two emails to is how we usually do it in our office) and then your Real Estate Broker will call the Seller's Real Estate Broker to talk about your strengths as a buyer and the strengths and benefits of selecting your offer.

A great Real Estate Broker will talk about the benefits to the Seller for selecting your offer and the intent that you're trying to do a win-win transaction.

Your Real Estate Broker will usually BCC you on the email they send to the Seller's Real Estate Broker so you know it has been sent.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Present Offer

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Most Seller's Real Estate Brokers will acknowledge the receipt of the offer with a reply email.

Your Real Estate Broker will usually BCC you in to thank them for acknowledging receipt so you know that your offer has been received.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Present Offer

Buying Process Overview: Writing Offer:
Negotiate Offer

writing-offer-negotiate

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Complete the "Writing Offer: Negotiate Offer" checklist:

https://learntoberich.com/negotiate-offer/

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing OfferWriting Offer: Negotiate Offer

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If your offer was countered by the Seller, then discuss with your Real Estate Broker what changes from your original offer were made by the Seller.

Discuss whether you will accept the "Counter-Proposal", reject the "Counter-Proposal" or counter back with an alternative offer yourself.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Negotiate Offer

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If your offer was countered by the Seller, then save a copy of the "Counter-Proposal" to your property folder in Dropbox.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Negotiate Offer

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If your offer was countered by the Seller or rejected but another offer was not accepted, then work with your Real Estate Broker to negotiate new terms.

These may be in the form of a new "Contract to Buy and Sell Real Estate" or a "Counter-Proposal" of your own.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Negotiate Offer

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If your offer was rejected by the Seller and another offer was not accepted, then work with your Real Estate Broker to consider submitting a new, slightly different offer that might work for you and the Seller.

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Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Negotiate Offer

Buying Process Overview:
Contract To Close

buying-process-overview-contract-to-close

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Watch the recording of the live presentation of "Contract to Close" available on:

https://learntoberich.com/contract-to-close/

Mark this task as complete once you've watched it.

ClassesContract To CloseUltimate Nomad ChecklistWeek 60Week 8

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Complete "Contract To Close: General" checklist:

https://learntoberich.com/general/

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Contract To CloseContract To Close: GeneralUltimate Nomad ChecklistWeek 13

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Complete the "Contract To Close: Title" checklist:

https://learntoberich.com/title/

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Contract To CloseContract To Close: TitleUltimate Nomad ChecklistWeek 13

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Complete the "Contract To Close: Owner’s Association" checklist:

https://learntoberich.com/owners-association/

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Contract To CloseContract To Close: Owner's AssociationUltimate Nomad ChecklistWeek 13

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Complete the "Contract To Close: Seller's Property Disclosure" checklist:

https://learntoberich.com/sellers-property-disclosure/

Since the "Seller's Property Disclosure" is often provided even before we write the offer, it is not uncommon that we use "Completed" for the date of this deadline. However, if we have not received the "Seller's Property Disclosure" prior to writing the offer, we often use "MEC + 3 Days" so that you can ideally get a copy of the "Seller's Property Disclosure" prior to your inspection.

This is especially important since there is not an objection for the "Seller's Property Disclosure"; you'd need to object based on your inspection if you found something at the property that you learned about via the "Seller's Property Disclosure".

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Contract Deadline: Seller's Property Disclosure DeadlineContract To CloseContract To Close: Seller's Property DisclosureSellers Property DisclosureUltimate Nomad ChecklistWeek 13

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Complete the "Contract To Close: Loan and Credit" checklist:

https://learntoberich.com/loan-and-credit/

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Contract To CloseContract To Close: Loan and CreditFinancingUltimate Nomad ChecklistWeek 13

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Complete the "Contract To Close: Appraisal" checklist:

https://learntoberich.com/appraisal/

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Contract To CloseContract To Close: AppraisalUltimate Nomad ChecklistWeek 13

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Complete the "Contract To Close: Survey" checklist:

https://learntoberich.com/survey/

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Contract To CloseContract To Close: SurveyUltimate Nomad ChecklistWeek 13

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Complete the "Contract To Close: Inspection and Due Diligence" checklist:

https://learntoberich.com/inspection-and-due-diligence/

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Contract To CloseContract To Close: Inspection and Due DiligenceUltimate Nomad ChecklistWeek 13

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Complete the "Contract To Close: Closing and Possession" checklist:

https://learntoberich.com/closing-and-possession/

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Contract To CloseContract To Close: Closing and PossessionUltimate Nomad ChecklistWeek 13

Buying Process Overview:
Closing

buying-process-overview-closing

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Watch the recording of the live presentation of "Closing Real Estate Deals" available on:

https://learntoberich.com/closing-real-estate-deals/

Mark this task as complete once you've watched it.

ClassesClosingGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 61Week 9

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Read "Closing: Prepare For Closing":

https://learntoberich.com/prepare-for-closing/

Mark this task as complete when done.

ClosingClosing: Prepare For ClosingUltimate Nomad ChecklistWeek 12

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Read "Closing: Closing Real Estate":

https://learntoberich.com/closing-real-estate/

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ClosingClosing: Closing Real EstateUltimate Nomad ChecklistWeek 13

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Read "Closing: Closing Financing":

https://learntoberich.com/closing-financing/

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ClosingClosing: Closing FinancingUltimate Nomad ChecklistWeek 13

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Read "Closing: Immediately After":

https://learntoberich.com/immediately-after/

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ClosingClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

Buying Process Overview:
Post-Closing

buying-process-overview-post-closing

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Once you've closed on your property, you can safely turn off property search emails until you're ready to buy another property.

Ask your Real Estate Agent to pause the automatic property search emails for you until you're ready to start buying again.

Mark this task as complete when you've asked your Real Estate Agent to pause your property search emails.

Post ClosingProperty SearchUltimate Nomad ChecklistWeek 14

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Complete the "Property Maintenance" checklists:

https://learntoberich.com/property-maintenance/

Mark this task complete when done.

Post-ClosingProperty MaintenanceUltimate Nomad ChecklistWeek 44

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Future Plans

I have some ideas of how I’d like this page to ultimately be.

In a future update, I will be converting these checklists into a book of checklists and processes for Nomads. I’ll have a separate book for real estate agents as well with their versions of these checklists.

Plus, I will be creating dynamic checklists where you will be able to keep track of what you’ve done and what you have yet to do right on the website. There will be checklists for things you do just once as well as checklists for each Nomad property you own. There will also be recurring tasks like maintenance checklists as well.

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