Don't work with your clients for several months only to have the deal fall apart during the home stretch, make sure you are great friends with the lender and title company, you will have such an easier/smoother time closing deals because you will be able to make sure that your clients know all they need to know about the costs of purchasing Real Estate in California. Lenders and Title companies are your best friends when you are trying to close so use them, a lot.
I almost lost a deal because of this, so I cannot stress enough how important this really is. If only a single person in this industry learns from my mistake, then this blog will have accomplished everything it was intended to. What I do in every deal now is make sure that my buyers and/or sellers are always in touch with the lenders and escrow officers. I will literally provide the names and numbers of all the contacts and give it to them so if they have any questions or concerns about the loan or closing costs or anything related to the monetary part of the deal, they have access to the best help source, the people who actually ran the numbers and made the calculations.
Typically, the deposit is taken and credited towards the closing costs. I didn't know this at the time and my buyers were thinking they were getting their deposit back, when they didn't, the relationship got a little volitile and almost blew up in my face. In the end we worked it out, but the moral of the story is that after everything was finished, even though we seemed to make amends, there will always be that underlying uncertainty of what happened and I just know that I lost some referrals and future business from them. However, what hurt the most was that we had gotten pretty close during the process and because I dropped the ball on a couple of occasions during the closing, I lost their trust and possibly their friendship, which stings more than the loss of the referrals.
If this was helpful, please let me know. You can post in here or find me on Twitter at:
@MCC1011
and Facebook at:
http://www.facebook.com/profile.php?id=1213793408
Check out my websites for info on homes in the East Bay Area of Northern California:
http://www.buyorselleastbayareahomes.com
http://eastbayareahomepro.com
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