It's the final hour and close of escrow has come and gone. Everyone is mad, docs aren't out, and all parties are on edge. The buyers, sellers, and agents are ready to pounce on the loan officer and the loan officer is ready to lose it. Sound familiar?

If you've been in real estate long enough you'll unfortunately have this happen at some point and for many different reasons. In my experience however this situation is often avoidable and usually involves the parties involved not working together to accomplish what is possible.

Whether it's the Realtor, the loan officer, or the client it is paramount for everyone involved to intimately understand the loan process and what things to look out for. Here are some of the most important things you should know about the close of escrow process.

Know the Situation: Whether you are the agent, the client or the loan officer it is so incredibly important that you are all on the same page. In my experience agents who have to endure a blown COE is usually a result of not asking enough questions or the loan officer not providing enough answers.

So many things can play a major part in why a loan doesn't close in time. Some of those major things can completely prevent a client from qualifying at all. If you are up against the wall and working with a new loan officer you need to know what to ask. Here are just a few things.

• Debt Ratio: No matter which side of the ball you are on it is so important that everyone understand why debt ratio matters even if you are doing a stated loan. No only does it properly qualify the buyer for the best possible rate, but it sheds light on what is reasonable for the buyer. Just because the buyer can qualify for a stated loan on a purchase does NOT mean that it is a done deal. Sure the loan may close, but you have to think beyond the transaction. In light of the incredible number of foreclosures happening in recent months it is critical to understand the load the client will carry as a result of the new loan.

• Financing Options: It is arguably harder for the average consumer to qualify for a mortgage these days because of the changes in our industry. The agent should always make it a priority to know what their client is being offered by the mortgage company. Conversely the loan officer must be doing all they can to provide the best possible financing to the buyer. Communication and adequate disclosure is monumental. The agent should not find out about the financing at closing.

It is ok to be nosey when it comes to the loan process. It is better to be "too involved" than be surprised with an unexpected change at closing.

Set Dates & Check In Regular: A good loan officer will set dates and make the parties aware of when major events occur on the file. Typically most loans take between 7 and 21 days to close, but if you are on the shorter end of the time table it is crucial that you be asking for and receiving updates on the process and any snags that may or have occurred.

Ask and ask some more. If the file came out of underwriting ask about what conditions the underwriters are asking for or may be concerned with regarding the file. Don't wait until the 2^nd to last day before COE to ask if there are any problems. Find them out in advance and work together as a team to fix them.

Talk Things Out: Sometimes the unexpected happens even with the best preparation and best communication. Do not let tensions control your ability to communicate and stay on target. It is an unfortunate sign of the times, but with the ever changing guidelines in the mortgage world things can fall apart at the last minute.

The key is and always will be communication. When it comes to closings I prefer a much more involved Realtor and client who are aware of the daily changes and want to know everything. It saves me any headaches when the "what if" happens and things become harder to do.

My suggestion to Realtors and consumers alike is to be involved in the process from start to finish. A loan officer regardless of tenure in the business will and should do everything they can to make you feel comfortable with the process. If you are getting anything less than that then it is time to move on and find someone else you can trust.

In the end the best way to avoid disaster is through constant and informative communication. Your client deserves nothing less.