Communication is the glue that keeps real estate transactions together. It is the foundation for a successful closing, a successful relationship and a storybook ending to a buyers dream home purchase. In a world of delays, changes and inconsistency - Communication is KING!
Horror stories of last minute delays within the mortgage process are not a new occurrence. They do however seem to happen with far more frequency then in days past. Whether it’s the request for additional documentation on the day of closing or the appraisal requiring repairs, delays seem inevitable. Much of this is due to the constant state of upheaval the mortgage industry has and continues to be in. As we all work to adjust our sails in an ever changing environment, the communication challenges created are unlike anything we’ve seen before.
Over the many years of my career, the largest culprit of delays has come from a lack of communication. Many listing agents have voiced concerns that Loan Officers refuse to convey details of the transaction until there is an urgent need. I on the other hand would rather stay on the offensive then the defensive. In my opinion, communication is KING when it comes to a successful transaction!
A system I have created over my fifteen years in the mortgage industry is my initial introduction phone call to the listing agent. It is a terrific opportunity to offer insight into who I am, who my team and company are and how the two of us can effectively work together.
It is during this conversation that I ask many important questions that will allow us to uncover any potential issues before they become “show stoppers.”
Listing Agent Introduction Phone Call
- Will the seller attend closing? It’s important to understand whether or not this transaction will be a mail out to the seller. There are typically 3-5 additional days needed to accomplish this. Lenders will need to provide final figures and documents to the title company several days early in order to meet the closing date.
- Will the seller be signing or will there be a Power of Attorney used?
- Where will the closing be held? Title company, listing agents office, etc.
- What is your preferred method of communication? Email, phone, or text. I have seen a 100% increase in texting over the last 2 years. I often wonder when this became an acceptable form of communication within a business transaction, but I meet them where they’re most comfortable. That is until there is a difficult conversation that needs to be had or a resolution found. At that point, you no longer get to hide behind your phone. You must actually pick it up and speak with the person on the other end!
- Do you work with or on a team? Is there a main point of contact and if so, would you like to be included in any of our conversations?
- Is this a short sale, bank owned or HUD property?
- Do we have short sale approval?
- How many business days in advance of closing does the bank/seller require to review figures?
- Is this a townhouse or condo? If yes, I will need the contact information for the management company.
- Is any personal property listed on the contract? If there is we will need it to be addressed.
- Do we have a fully executed contract which includes a signed counter?
Purchasing a home is a delicate dance between loan officer, agent and client. Learn the rhythm and beat that each transaction moves to and that one wrong step won't be quite as costly.
Is Communication the KING of Your Real Estate Closing was written by Rebekah Radice.
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