Seller Process
PRE-LISTING
Listing Presentation
During the listing appointment, the listing agent may provide a demo of DealTrail as part of their listing presentation.
If they decide to work with the agent during the listing appointment, the agent can easily register them onto the tool. Once the seller successfully registers, they will be brought to the Listing Presentation page on DocuTrail, where they can choose to upload a .png of their signature, use their initials or directly sign on the tool from any device.
Alternatively, the agent could fill out the Listing Agreement from the DocuTrail page, then send a DealTrail registration link by filling out the New Seller form on DealTrail. The link will then be sent to the seller via text/email.Once the seller clicks on the registration link, they will be prompted to create a password. Once a password is created, the seller gets registered to the Agent’s DealTrail and they will be brought to the Seller Room dashboard where they will be prompted to sign the Listing Agreement form.
The DealTrail Seller Room would have a copy of the Listing Presentation, the Property Profile as well as the CMA on the File Library. The seller’s agent can also provide resources from the DealTrail Classroom (Escrow process, how to prepare for a listing, etc.)
Preparations
Upon opening a Seller Room account, the seller will receive an Action Request to set availability times for pre-listing preparations. This includes repairs, cleanups, staging, and photography. To do this, the seller clicks on the Action Request, which will bring them to the DealTrail calendar. From there they can click Set Availability > select their available dates and times > click on Save.
The buyer’s agent then assists the seller with preparations before the listing.
The seller’s agent can do this by going to the Vendor Portal > Clicking on Request Appointment > Selecting the type of appointment > Selecting preferred vendors (these vendors can be added at an earlier time. If none have been added yet, they will be notified to add a new vendor by clicking on Add Vendor) > Selecting a preferred date and time range > Clicking on Submit Request. This will send an email to the selected vendors with a link where they can confirm a date and time.
Once a vendor confirms on a schedule, they will "claim" the appointment-- meaning that if, for example, 3 requests are sent out to photographers, the other 2 photographers won’t be able to book the appointment any longer.
In case of photography/videography requests, the vendor will receive an email with a link to the Vendor Room, where they can upload their outputs. Once sent, a notification will appear on the Seller Room where they can review the outputs and click on Approve or Request for Edit. If revision/edit is needed, a window will appear where they can put details of what needs to be changed. Once done, they click on Submit. This will send an email to the photographer so they can perform the request, with the same link they can use for uploading the edited outputs.
If the Seller’s agent/team/brokerage has an in-house marketing team, they will be created Broker Room access with the Marketing Team role. They can send their copies/materials for approval by going to the Listing from the Broker Room > clicking on Upload File > Selecting “Marketing Materials/Listing Copy” from the “What type of file are you uploading” dropdown > Choosing the file from their device > Checking clicking on Upload. The Marketing Materials file type would be set to always notify the seller once upload and give them an option to Approve or Request for Edit. If revision/edit is needed, a window will appear where they can put details of what needs to be changed. Once done, they click on Submit. This notifies the Marketing Team role so that they can work on the request. Once revision is done, they would upload the edited file the same way they did the original, but they click on the File is a Revision checkbox before selecting the file to upload.
When a seller clicks on Approve on the marketing materials/photos/listing copy, it will send a notification to the Broker Room and will mark it as complete on their internal checklist. Once all preparations have been done, the Listing Coordinator/Agent can go to the Transaction Timelines page and click on the Proceed to Next Stage button. This will prompt them that they will be moving on to the Listing Stage, which they can click Proceed on.
LISTING
Listing on MLS
Upon moving on to the Listing Stage, DealTrail would send a notification to confirm that the MLS listing has been posted for the property. Agents/Listing Coordinators can do this by pasting the link on the prompt that would show upon clicking on the notification. Once done, the link will be sent to the Seller Room notifying them that the MLS listing has been posted.
The seller will be prompted by DealTrail as well to set up availability for private showings. Once they click on the notification, they will be brought to the Calendar Page to set up available times for private showing by clicking on Set Availability > selecting days and time ranges > Clicking on Save.
The Agent/Listing Coordinator (LC) also sets up a link where buyer’s agents can schedule private showings. The calendar in the link only shows available times and will exclude times and days that the seller did not set as available and those times that were already booked. This link can be added to the MLS listing under Showing Remarks.
Open Houses and Private Showings
Buyer’s Agents can go to the link posted on the listing’s showing remarks to schedule showings. They will also be prompted to Sign In if they have a DealTrail account, and will be asked to select for which buyer they are scheduling it for, before setting up a showing. The schedules would reflect on the Seller and the Buyer Room once set, and a Deal Room will be automatically added on both rooms. A day before and on the date of the showing, the Buyer Room will receive a reminder on their dashboard.
Feedbacks being sent from the Buyer Room
After showing, the buyer’s agent can send Feedback to the seller by going to the Deal Room for that listing and posting on the dashboard.
All feedback will be collated from the Deal Rooms by the listing agent, and they can discuss the results with the seller through a thread on the Seller Room.
OFFERS AND NEGOTIATIONS
Offers coming in from Buyer Room
Once a signed offer is sent by a Buyer Room, it will create a Deal Room on the seller’s side (unless the buyer already had a deal room set up when they scheduled a showing). Clicking on an offer will allow the seller and agent to see the terms outline as well as the actual Purchase Offer document. The listing agent can also create a thread for a specific Deal Room to discuss offers with the seller privately.
Creating Counter-Offers
If a counter-offer needs to be created, the seller can select offers they want to send counter-offers to by ticking on the checkbox next to the Deal Rooms and clicking on the Request Counter Offer button, which will bring them to a survey form to fill out terms of the counter-offer. Once the request has been submitted, the agent gets notified through the dashboard.
The seller’s agent then goes to DocuTrail and prepares the Counter-Offer document. Once done, they click on Send Offer, which will send the document to all Deal Rooms that the buyer has selected. The Buyer Rooms can also send a Buyer Counter-Offer in response.
Accepting Offers, sending notifications from other offers
Once the seller has decided to accept an offer, they click on the Accept Offer button on the Deal Room they want to move forward with. This will notify the agent for confirmation, and once confirmed, it will notify every other Buyer Room that another offer has been accepted, closing their Deal Room.
Before the transaction moves on to the escrow stage, the listing agent/LC will be alerted by DealTrail to select an Escrow Officer to open escrow for the transaction. They do this by clicking on Open Escrow on the Seller Room’s dashboard and selecting the Escrow Officer from their current contact list. Once selected, it will send an invite to the Escrow Officer via DealTrail and email, who will then need to accept/reject it. Once an invite has been accepted, the Transaction Timeline will officially move to Escrow Stage.
ESCROW
Opening
Upon opening Escrow, the Deal Room will send an announcement. The buyer and seller’s room will be notified of the following:
Escrow Timelines (target close of escrow, contingencies, etc,)
Reminder to send Disclosures and Other required documents
Seller Disclosures
At the first week of escrow, the seller side needs to submit documents for disclosure such as the Seller's Property Disclosure Statement. Natural Hazard Disclosure Statement, HOA Disclosures, etc. To do this, the agent/transaction coordinator would need to prepare the necessary documents on DocuTrail, and send it to the seller for signature. Once signed, the Deal Room and Buyer Room will be notified and the file will be automatically placed in a folder labeled Disclosures on the File Library.
Negotiations
Results from inspections, title searches and appraisals would usually come in on the second day of escrow.
Preliminary title reports
If the report showed encumbrances, the Seller would need to resolve these for the transaction to proceed. They need to upload proofs that the encumbrance was cleared (eg. Payoff Statements/Release of Lien, Satisfaction of Judgement, Proof of Property Taxes being paid, etc.) by going to the File Library and clicking Upload > Selecting “Encumbrance Clearances” from the “What file are you trying to upload?” dropdown > selecting the files to be uploaded from their device > Clicking Upload. They will be put into the Encumbrance Clearances folder in the File Library and Escrow will be notified every time a file is added to it. The escrow officer will have a checklist for all clearances needed and once complete, they’ll order Title Insurance for the lender if the purchase is funded through a mortgage.
Inspection/Disclosure/Appraisal Negotiations
If issues are found in these parts, the buyer would have the following options:
Repairs - Requesting for repairs may involve asking for an estimate from a qualified contractor (some inspectors include repair estimates on their report as well). The buyer's agent would send an email outlining the breakdown of repairs needed and the quoted price. When the email is sent, the Seller Room will get notified that the Request for Repairs and the related Inspection Reports are available for them to review and sign. If they agree to the terms, the sellers will sign the document and DocuTrail will send it over to the Buyer Room ; otherwise, they might respond by sending a signed Request and Response to Request for Repairs (RRRR) form, in which they can sign to agree, negotiate further, or back out of the offer.
Once an agreement has been reached, the buyer's agent/Transaction Coordinator would then prepare a Repair Addendum through DocuTrail outlining the repairs needed to proceed with the transaction. Once filled out, the buyer's agent will send it to the buyer for signature, then to the seller, and finally, the fully-signed addendum will be submitted to the Deal Room.
The repairs should then be performed. The seller’s agent may have a preferred contractor to do this, which they can book using the Vendor Room. > Clicking on Request Appointment > Selecting Repair > Selecting preferred vendors (these vendors can be added at an earlier time. If none have been added yet, they will be notified to add a new vendor by clicking on Add Vendor) > Selecting a preferred date and time range > Clicking on Submit Request. This will send an email to the selected vendors with a link where they can confirm a date and time.
Request for Credits - Buyer may request for credits in lieu of repairs on closing. Once terms have been agreed upon, the buyer's agent/Transaction Coordinator would create an Addendum the same way as the first option, except the terms would be for a credit request instead. Once agreed upon by the seller, they would sign the form, which will automatically notify the escrow officer. The fully-signed addendum will also be automatically sorted into the Purchase Agreement folder.
Price Adjustment - Buyer can also ask to reduce the price of the property to offset the issues found. In the case of the property being appraised below value, the buyer may also opt to shoulder the difference or a combination of it plus an adjustment on the seller’s side. The buyer's agent/Transaction Coordinator would create an Addendum requesting for this on DocuTrail, send it over to the buyers for signature and then to the sellers for review. Further negotiations may be necessary for inspections, which can be done through the Inspection thread on the Transaction Feed. Once agreed upon by the seller, they would sign the form, which will automatically notify the escrow officer. The fully-signed addendum will also be automatically sorted into the Purchase Agreement folder.
Back Out of the Offer - In case of cancellation of escrow due to inspection issues (provided that there is inspection contingency on the agreement), if buyer is still within their contingency period, the buyer's agent can then create a Cancellation of Contract on DocuTrail. It will be sent to the Buyer and then to the Seller for Signatures, then finally to the Escrow Officer who would then confirm and mark the Transaction on the Transaction Management Page as Canceled. This status will reflect on both the sellers and buyers room.
Final Walkthrough and Pre-Closing
The buyer's agent will schedule a final walkthrough of the property to make sure the condition of the house remains the same as the first inspection.
If repairs were ordered, this is where the buyer's side would also confirm if the repairs were finished to the contract's satisfaction. If so, the buyer’s agent would then submit a Contingency Removal for Inspections through DocuTrail. Otherwise, they would send another Request for Repairs through DocuFlow and possibly an Addendum extending the contingency for inspections. Seller Room will be notified once these are sent for signatures and it will be added to the Purchase Agreement folder.
The Escrow checks and confirms that all contingency removals have been submitted, and will notify either side for any pending documents/contingency removals. If there are any, they can submit it by clicking on the notification, which will show a prompt to upload the needed documents.
Once all contingency removals have been submitted, Escrow prepares the settlement statement or HUD-1 statement providing a breakdown of all financial transactions and costs associated with a real estate transaction. This includes:
Basic Information: The property, the buyer, the seller, and the transaction's date.
Loan Information: If a mortgage is involved, the statement lists details about the loan, including the loan amount, interest rate, and lender information.
Purchase Price: The total agreed-upon purchase price of the property is stated on the closing statement.
Prorated Items: Certain expenses are prorated between the buyer and the seller based on the closing date. These can include property taxes, homeowners association (HOA) dues, and utility bills. The statement shows how these prorations were calculated.
Closing Costs: The statement itemizes all closing costs associated with the transaction. These costs can include loan origination fees, title insurance premiums, appraisal fees, attorney fees, and more.
Prepaid Items: Any prepaid items, such as property taxes or homeowners insurance, are listed on the statement.
Escrow Funds: If the buyer is establishing an escrow account to cover future property tax and insurance payments, the amount required for the initial escrow deposit is indicated.
Seller Credits: If the seller agreed to provide credits to the buyer, such as for repairs or closing costs, these credits are listed on the statement.
Adjustments: Any adjustments made to the purchase price, such as credits from the seller for repairs, are detailed on the statement.
Total Settlement Charges: The total amount of all costs and charges associated with the transaction is calculated and displayed on the closing statement.
Cash to Close: The amount of money the buyer needs to bring to the closing table is shown. This includes the down payment, closing costs, and any other fees.
Funds Provided by Buyer: The sources of the funds that the buyer brings to the closing are outlined. This includes the down payment and any additional funds needed.
Funds Provided by Seller: If the seller is contributing any funds to the transaction, such as for credits or repairs, those funds are listed.
Total Amount Due: The total amount due from the buyer is calculated, including the cash to close and any other adjustments.
Total Paid to Seller: The total amount paid to the seller is calculated, factoring in the purchase price and any seller credits.
Prorations and Adjustments Summary: A summary section often provides a breakdown of prorations and adjustments made between the buyer and the seller.
This document will be submitted to both the seller and buyer room for signatures via DocuTrail. Once signed, the Transaction Timeline now moves to its final Stage.
CLOSING
Once the escrow enters its closing stage, DealTrail will automatically notify all Rooms of the target closing date. The buyer would need to sign the loan documents and the lender/bank sends the remaining funds to escrow if the purchase was funded through mortgage; or the buyer would need to send the remaining purchase funds if purchase is all paid in cash.
Once purchase is funded, the escrow officer will now have the deed recorded to the county.
Escrow Room will now prepare a Closing Package for the seller, buyer and lender to be distributed to each room’s respective File Library. The seller’s side will receive:
Signed Closing Disclosure or HUD-1: This document outlines the final financial details of the transaction, including the seller's proceeds from the sale after deducting closing costs, fees, and any outstanding obligations.
Deed: The deed is the legal document that transfers ownership of the property from the seller to the buyer. A copy of the executed deed is sent to the seller for their records.
Closing Statement: The final closing statement provides a detailed breakdown of the financial transactions, showing all credits, debits, and adjustments related to the sale.
Any Additional Agreements or Addenda: If there were any specific agreements or addenda related to the sale, such as repair agreements or property disclosures, copies of these documents are provided to the seller.
Release of Liens and Mortgages: If applicable, the escrow officer ensures that any existing liens, mortgages, or other encumbrances on the property are released or paid off from the seller's proceeds.
Instructions for Funds Disbursement: If the seller is receiving their funds electronically, the escrow officer provides instructions on how to access and use the funds.
Proceeds will then be disbursed to the seller minus costs, credits and commissions as detailed in the HUD-1 Disclosure. The seller’s agent’s brokerage will also receive said commission, which will then be wired to the seller’s agent.
With this, the escrow is closed. DealTrail will have a banner on the dashboard celebrating the close, but the transaction will still be open for follow-up communications and access to all Files submitted and received during the transaction.