2 Point Data Approval System
Theopetra introduces a 2 point underwriting process for escrow opening & closing structured around two critical touch-points utilizing optimistic oracles. The process is divided into:
Opening Packet: Sent in by a licensed agent to lead a deal when the agent identifies a property for escrow opening.
Closing Packet: Sent in by the lead agent to close an open deal. This is activated post-due diligence, marking the final approval stage.
This bifurcated approach efficiently minimizes the presence of bad actors while simplifying transactional processes. Detailed information on the packet contents and the intermediate deal flow follows.
Opening Packet
1. Home and Deal Details:
Signed Residential Purchase Agreement
Signed Power of Attorney Document.
Comparative Market Analysis for property values
Comparative Market Analysis for rental values
2. Agent Information:
License Number.
Wallet Address.
3. Escrow and Property Management:
Property Manager License #, Business Address, Phone #, Website.
Escrow Details: License #, Business Address, Phone #, Website.
4. Appraisal Information:
Details of 2 Appraisers: Including names, phone numbers, and license numbers.
5. Inspection Details:
Inspector Information: Name, phone number, and license number.
6. Resident Underwriting Criteria:
7. A Verbal $YIMBY Bid
This $YIMBY is offered verbally via the opening packet when the agent submits their offer to acquire any given property.
This $YIMBY must be present in their wallet address, stated in #2.
If no $YIMBY is present, it will be counted as 0 by the underwriter.
Closing Packet:
1. Price Verification:
Two separate appraisals to ascertain the property’s value.
2. Condition Verification:
Detailed Inspection Report.
Repair Quotes by licensed general contractors if applicable.
Timeline of repairs
3. Risk Verification:
Homeowners Association (HOA) Documents.
Preliminary Title Report.
4. Rental Packet:
Signed Lease Agreement with the resident.
Property Manager Agreement
5. Additional Items:
Escrow Closing Documents
Organizing the packet in this manner allows for a clear and methodical process, ensuring that all critical aspects of the transaction are comprehensively addressed. This structure aids in maintaining the predictability and efficiency required.
Theopetra Network State also deploys a community verification process as part of its real estate transaction protocol, emphasizing the accuracy and integrity of data rather than decision-making authority over transactions. Below is how the deal flow works utilizing all members.
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