We have a MEC!
In real estate lingo that is a “Mutually Executed Contract.” Seller and buyer have agreed on price, terms, and closing date. Once we have shaken hands (virtually) and signed on the lines (digitally) the wheels start turning. Since I offered a quick simplified closing to the seller I have only myself to blame for the short deadlines. And on top of that this is all during the already over-scheduled, high pressure joyous holiday times. So the next morning after coming to realize I really did take action on realizing my dream I get to work on the nuts and bolts, the details of due diligence that need to happen on a clearly defined schedule before the transaction closes on January 8th.
First up: make a list of tasks. I love lists because I need all the help I can get to be organized. I have a lot of things going on in my days, so the lists help me remember what I ought to be doing in addition to the things I want to be doing. I use a website called www.workflowy.com to keep my lists. It ranges from shopping lists, lists of trips I want to take, work tasks, ideas for photographs, bike rides (my bike-it list) and on and on.
The contract also has a list (above) but not all of those items are my responsibility. Still, I am doing all this from 1700 miles and 2 time zones away, so I need to get going on my responsibilities fast and furiously.
Agent 007 has referred me to people to do the inspection, get the well tested and I need an insurance binder too. Before the sun is up in Colorado I have been online to schedule the inspection using the website of USInspect – a large national home inspection company that has an inspector in Conifer that 007 has recommended. When that date is confirmed I will make travel plans to be there as this is a great opportunity to learn about the house and its infrastructure. I use the website of State Farm Insurance to begin applying for the binder. (I use them for my home in NJ and am pleased with their price and service.)
After the business day begins in CO I phone a well testing company and schedule that. They test the amount of water the well produces and also the water quality. I call a State Farm Insurance agent whose office is nearby and complete the application for insurance. I phone the surveyor who did the most recent survey (over 10 years old) which the seller provided and arrange for them to update the survey and provide an ILC – Improvement Land Certificate. The seller declined to provide a current survey so I decided it was important enough for me to have one to make sure I knew exactly what I was getting. The ILC shows where structures and wells and septic systems are located, and notes recorded easements. I was able to download a lot of information from the county website, but the structures were not shown on the recorded survey.
After I get a confirmation of the inspection appointment I book a flight, a rental car and reserve a room in a nearby motel. I make arrangements to park my own car at Newark Airport. And I start a list of questions for the home inspector. This is coming together. So far, so good. There is time in the schedule for problems and rescheduling.
I email Agent 007 to inform her of what I’ve done so far, and can almost hear her gasp in amazement. She doesn’t realize how worried I am about the quick closing and the holiday interruptions and weather delays that could interfere. I am not a procrastinator. I have a MEC hanging over my head!