How to Tell a Buyer About that Elusive "Quiet Time" Between Pending and Closing

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do not disturb your real estate parties during the transaction

How to Tell a Buyer About that Elusive "Quiet Time" Between Pending and Closing

You know the quiet time I mean, right? That time after the inspection has been satisfied and escrow calls for signing? That time that can last anywhere from a week to a month? Maybe more depending on the transaction.

If you're like me, you have had those clients that call every day or two to find out what's going on now. Those clients that can't stand to be kept in the dark for more than 5 minutes. This is especially true when we're talking first time buyers or sellers. If they have never been through the process or if it's been a while, you might get those calls every day with some random question about the deal.

But that quiet time just after the inspection can be the toughest. There is typically about 2 weeks or so after that final contingency is satisfied and this is the time where most parties involved start busting their butts to get the deal closed on time.

Unfortunately for the buyer this is a "hurry up and wait" game. The buyer doesn't have much to do other than pack and pull together any last minute documents for escrow. This is the time they start to get nervous, apprehensive and just down right annoying sometimes!

This is where I get proactive and tell them ahead of time: "After the inspection, there will be a short quiet time where you may not hear from the involved parties. This is a time where everyone is now doing their job. You have escrow pulling together papers for signing, lenders are finalizing loan documents, title is the quiet time between inspection and closingfinishing up checking on the property and sellers are packing."

"It's ok if you don't hear from us in a few days as we need to let everyone do their job so everything can close on time."

This seems to alleviate much of the anxiety that buyers sense during a quiet time. Quiet can't mean good in some minds and so I tried to soften this experience by letting them know I would keep them updated on all I knew.

This didn't mean I would bug the lender, escrow and listing agent to no end, but that I would keep tabs on the deal and make sure everything was running smoothly. I would contact the buyer and let them know I am on top of it. Even a simple email to let them know I hadn't forgot about them seemed to help.

Have you had to deal with this "quiet time"? How have you handled it?

 

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ActiveRain and SEOTammy Emineth is an expert in custom content and original articles for blogs, website, press releases and more. Contact me anytime and feel free to subscribe to this blog to stay up to date on my latest blogs and informative information. Email me or contact me for Real Estate Website Marketing and SEO Content Writing.

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Rainmaker
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Margaret Goss
Baird & Warner Real Estate - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

"Quiet Time" is a good way of putting it.  I don't have too many first time buyers, but when I do, I'll remember this post and explain what's going on in the background so they don't feel abandoned.

Dec 27, 2010 07:27 AM #1
Rainmaker
487,716
Karen Feltman
Cedar Rapids/Iowa City, IA Lepic-Kroeger REALTORS - Cedar Rapids, IA
Relocation Specialist

I agree that explaining the process is crucial to alleviating their anxieties.  In this time period, no news is in fact good news!  Great points and discussion.

Dec 27, 2010 07:47 AM #2
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Tammy Emineth
Personal SEO - Website SEO and Real Estate Marketing - Marysville, WA
Content Marketer, SEO Teacher, Website Fixer

Thanks Margaret,  I'm glad it was helpful!

No news is usually good news but man did I have some buyers that thought the world was going to crash if they didnt' get a staus report every hour on the hour! HA... thanks for the comment Karen.

Dec 27, 2010 08:46 AM #3
Rainmaker
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Dawn A Fabiszak
Private Label Realty ( Denver metro area, Colorado - Aurora, CO
The Dawn of a New Real Estate Experience!

Tammy ~ that is a great way of explaining that period of time.  I usually try to pass along information about making sure they forward their mail, schedule for utilities to be turned on, make sure to notify credit cards and bills of their new address.  This way they have something to occupy their time.

Dec 27, 2010 10:23 AM #4
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