Things to remember...how you can help a transaction close smoothly.

I have many of my strategic partners ask, "what can I do to make this transaction go as smooth as possible?"

Here are just a few tips and scenarios I have come across in the years of doing business that buyers agents may not be educated to do in traditional training.

1)   Once an executed contract is completed, contact the financing professional with pertinent information. i.e. listing agents contact info, contact information of title agency handling the closing, copy of survey if seller has one completed within 10 years and no structural changes have been made, copy of escrow check and agency holding escrow, and copy of all inspections once completed.

2)   With the tightening and ever changing underwriting guidelines and huge losses reported by lenders, every transaction is being closely scrutinized. With that said, if you are listing furniture to be left with a property, make sure to include that furniture is being left as a seller's convenience and holds no bearing value on the property if that is the case. Even then, be prepared to still produce a list of furniture being left with an estimated value of furniture. Lenders are in the business to finance homes, not furniture. So even if furniture is said to be left as a convenience to a seller, underwriters highly frown upon this. If a borrower is planning to buy the furniture, it may not be included in the purchase price of the property. Although some lenders say they have tight relationships with their lenders and make things happen, underwriters have a job to do and that job is to make sure they are "investing" in a good investment. If they approve a loan that should not be approved as written, they run the risk of losing their job. Would you risk your job for one transaction? A property that is fully furnished with high end furniture and plasma screen TV's will be a hard sell that it holds no influence on a buyers perspective on a property and holds no value.

3)   Work with the financing agent, not against. Our main goal is to produce a satisfied client. Financing is an industry with many uncontrollable facets just like being a Realtor. We rely on so many other parties to divulge information and sometimes they do not fully cooperate and can slow down our process. Some hic-ups may occur. The truth is, buying a home can be a very nerve wrecking ordeal for a buyer and also a seller. I think we sometimes neglect this because we deal with it every day. The key is to address these bumps in the road and resolve them in a manner which we keep everything stress free. The best thing a financing specialist can do is keep all parties in a transaction informed. If a bump in the road occurs, all parties need to work together to resolve the situation, close the transaction and not alarm our buyers and our sellers. As a result, we will produce a happy, satisfied client with referrals to come for years.

I hope these three things can help you down the road. If there is anything you would like to add please comment. I would love to hear your insight. Have a wonderful day.

To All Your Financial Success,

Joshua A. Lerette - The Tampa Bay Mortgage Pro