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We Don't get Paid Till We Close...Of Course I'm Doing My Best!

By
Real Estate Broker/Owner with Brooks Prime Properties Wichita Falls Texas

The tide has changed...and I mean drastically! Sales use to wash in and close and then wash out back to the sea of contentedness...and now what's happening?

Fanny Mae, Freddie Mac are just not the same entities...they are now the boss.

We, as in Real Estate Agents and Brokers and Mortgage Brokers and Surveyor's and Inspectors and Title Companies are all trying to march to a different beat.MarchingDrummerAnim.gif Anim Marching Drummer image by cbcat

It's a new beat and the drums are rolling. Learn the facts, gain control and step up to the pump. (no puns about gas prices intended)

Remember allll the waaaaayyyyy back to Real Estate School? We were taught that we are there to "MANAGE" all forces that create a successful closing.

Consider yourself the cog of the wheel.WagonWheel-500.jpg Wagon Wheel image by cowgirloncoffee            Without each and every spoke of the wheel connecting and supporting one another the cart would crash under the weight.  Never before has it been more important for each and every one of us within our own "individualized businesses" to take responsibility of each step of a transaction as now!

Our market is shaky to say the least.

Any small glitch can and will interrupt your sale and your client's dream.

Stay on top of each and every detail required to close even if it is someone else's job.

Now is the time to begin to cover all bases which are many more than " the bases are loaded (4) "in the world of Real Estate.012.jpg Baseball Diamond image by Bragg0001

 

 

 

If your deal is qualified...it just doesn't matter.

Lenders are looking for any small detail that may not fit the guidelines.

It's time for you to study, learn and practice. None of us are perfect but we must give it our best shot of practice or it just won't happen!

You executed a contract! Good for you.KB.jpg Kyle Blanks 8/20/08 image by freeze_over98

If you want it to really happen then heed my advice.

Don't take your eyes off the ball! 

 

Good luck....

Really, it's all up to you!

Later in the rain~Deb

Comments (25)

Paul Slaybaugh
Homesmart - Scottsdale, AZ
Scottsdale, AZ Real Estate

Banks are more likely to be clients now than they are to actually provide financing for a third party nowadays.  Very timely post, Deb, and well articulated.

By the way, I was sorry to miss the opportunity to meet you in Houston as well.  Next time :)

Oct 30, 2008 01:29 PM
South Austin Real Estate Blog
Sky Realty South Austin - Austin, TX

HI Deb, I find my checklists more valuable than ever now, I use them and refer to them everyday.  Call me paranoid but I don't want a delayed closing or no closing in this market that is tough enough to get a closing.  :)

Oct 30, 2008 01:43 PM
Deb Brooks
Brooks Prime Properties Wichita Falls Texas - Wichita Falls, TX

Paul, thanks! You are right about banks being the clients. I'm afraid if they get their wish Realtors will be replaced by a Lawyer or another entity that will keep more of the proceeds in their pockets. I read Jason's post and saw the pictures. You all look like you had a great time. I'm sorry I missed you too. We will meet one of these days, my friend!

Later in the rain~Deb

Oct 30, 2008 01:52 PM
Deb Brooks
Brooks Prime Properties Wichita Falls Texas - Wichita Falls, TX

Gail, we've always had to hold hands but this is just crazy. There are so many tiny details that can cause a delayed or non-existant closing. Whew, we are all going through enough these days without getting to the day before closing and finding that it's just not going to happen! Good luck to you in holding it all together! I would love to meet you soon.

Later in the rain~Deb

Oct 30, 2008 01:54 PM
Cristal Drake
Prudential California Realty - Fullerton, CA
Realtor - Fullerton Real Estate

You sure said it Deb! I have three escrows right now (yippee) but it is consuming ALL my time to make sure everything is running smoothly. 

BTW, I can totally hear your little drummer beating to the tune of "We won't get paid till we close"!

Oct 30, 2008 01:56 PM
Deb Brooks
Brooks Prime Properties Wichita Falls Texas - Wichita Falls, TX

Cristal, "We won't get paid till we close...so stick this up your nose!"...okay, it just rhymed Cristal...don't tell anyone I said this....Deb

SP_A1149.jpg BIG NOSE! image by daviru

Oct 30, 2008 02:01 PM
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Deb, the lenders are tough, you are right. Love your new profile picture. You keep getting prettier.

Oct 30, 2008 02:25 PM
Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy Deb

I sure do know, you keep your eye's on the ball, and do take care of your cilent's.

Keep them there wheels a roll-en.

God Bless Texas

Oct 30, 2008 02:32 PM
Deb Brooks
Brooks Prime Properties Wichita Falls Texas - Wichita Falls, TX

Dale,it takes cooperation between each and every party too! I'm sure that as an inspector that you're finding the very same thing. I hope your business is going well and you remain prosperous.

Later in the rain~Deb

Oct 30, 2008 02:38 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Deb, I agree that everyone has to work together--and am so sorry on some of the posts I read that people are not doing their jobs or are uncooperative.  Your picture is lovely!!

Oct 30, 2008 03:29 PM
Jason Crouch
Austin Texas Homes, LLC - Austin, TX
Broker - Austin Texas Real Estate (512-796-7653)

Deb - Nicely done.  "Keep your eye on the ball" is a great analogy for so many areas of our lives - family, spiritual issues, etc.  Great job, my friend.

Oct 30, 2008 04:26 PM
Deanna Dibble
Hedges Realty Executives - Lawrence, KS

OMG - I've always been a control freak anyway and now it's even worse!!  My duaghters use to get irritated with me and said i would "Micromanage" when they were helping me in the 90's and early 2000 -  It seems like the trouble has been coming from the PMI companies rejecting loads of stuff that use to go through.  Problem is they switched the game overnight.  Most loan originators have figured out the "game" around here.  I'm getting ready to write up another contract for a couple that has some credit issues and he just started a new job 30 days ago but the lender assures me he has ran everything thru the underwriter already:  warts and all on the Buyer, but I am just scared to death because I am so sure that someone is going to "wreck the bus!!"  Anyone know the in's and out's of VA - I thought the VA loan still had a PMI premium (at a lower rate because part of it is funded - the 2% added to price)Pray for me guys cuz it gets slow thru the holidays!!

Oct 30, 2008 04:28 PM
LLoyd Nichols
Premier Florida Realty of SWFL - Fort Myers, FL
Southwest Florida Homes By The Sea

Debra: this post is dead on. You have to stay very focused these days no question about it.There is no question that we have to be more detailed.Great analogy with the eye on the ball.Its a must these days! I am sure your clients gets the best treatment.Its great showing pride in your job like you do.

Let it rain! LLoyd

Oct 30, 2008 05:38 PM
Liz Moras Migic
Chilliwack, BC
Chilliwack, British Columbia - Realtor

Deb how is it that with every new photo of yourself that you post - you get younger and more beautiful???hmmm....

I love how you do your posts....they're a pleasure to read ......and usually make me smile or think~

Oct 30, 2008 06:31 PM
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

Deb, I do agree with you that lenders are looking for every little reason not to close. Well, not the lenders or processors but the underwriters. I even have had a very appraisers come out to check something was done. An appraiser with a conventional 20% loan, even the banker couldn't believe it. She said lenders are looking for everything in MI before writing these loans. This too shall pass.

Oct 31, 2008 01:06 AM
Erik Hitzelberger
RE/MAX Alliance - Louisville REALTOR-Luxury Homes - Louisville, KY
Louisville - Middletown Real Estate

"Stay on top of each and every detail required to close even if it is someone else's job."  This is profound advice.  You can't let up at all or something will pop-up and cause a problem.  It is our job to minimize problems for the client.  You can't do this if you are not verifying every detail.   

Oct 31, 2008 05:03 AM
Cynthia Tilghman, Realtor® Onslow County NC Home Specialist
Kingsbridge Realty, Inc - Hubert, NC

Hi Deb,
It's a difficult time and we are the "hub" of the wheel--trying to keep all those spokes from breaking away.

Oct 31, 2008 01:27 PM
Gayle Balaban
The Best Spot Realty/Waterfront Real Estate/Ooltewah Real E - Chattanooga, TN
E. TN Waterfront Real Estate

Frankly Our job is hard enough and we are the only profession that depends on someone else deciding whether or not we will get paid.

Oct 31, 2008 02:40 PM
Terrylynn Fisher
Dudum Real Estate Group - BuyStageSell.com - Walnut Creek, CA
HAFA Certified, EcoBroker, CRS, CSP Realtor, Etc.

OK when I picked this to read I didn't know it would be creative writing and post comments at their best.  Must be Halloween.  This was a good post, good advice and fun comments.  THANKS...

The reality is "We don't get paid if it doesn't close"...that's the risk we take every day, every transaction and every time we decide to keep doing this work.  Is it worth it, most of the time, or we'd go do something else, right? 

Oct 31, 2008 03:37 PM
Colleen Fischesser Northwest Property Shop
NextHome Experience - Chelan, WA
A Tradition of Trust in the Pacific NW since 1990!

Deb, this is so true....exactly what I'm experiencing right now. Fortunately I've been very lucky to have worked with very professional teams on my last 6 or 7 closings so I haven't had too many frustrations. But I know they are out there and happening when someone does take their eye off the ball or just assumes it's going to get handled.....guess what? Can't "assume" anything!

Nov 01, 2008 03:53 AM