Tired of deals falling out that shouldn't have?
How to ensure a successful close of Escrow!
It is so easy to get caught up in all our escrows and forget the basic fundamental things that make a deal close in a timely matter. Have you had deals fall out that completely blindsided you? Maybe you were working with a client who had his/her own lender and your control was limited in that transaction.
From talking to my Realtor partners and listening to their horror stories I find some common things that took place. You know very few of those transactions seemed to have fallen out because of the buyer or seller simply backing out. In fact, many times it pointed back to the lender or the pre qualification process. Something either wasn't done right from the start or things fell apart as the transaction went on. Either way my Realtor partners were just simply frustrated. THIS WAS THEIR PAYCHECK!
Now, we know you can't force the client to go with your trusted lender partner but there are some key steps to follow to make sure things are still on the right track. I have listed some pointers that could be sent to the buyers on a regular basis through the transaction that if followed will help ensure a successful close. You see many deals fall out because circumstances for the buyer changed during the transaction. So, it is in our best interest to educate our buyers and keep them on track during the transaction. I hope these following tips help:
Ø Apply for any credit cards
Ø Purchase high cost items on credit cards
Ø Run credit reports
Ø Co-sign for a loan
Ø Transfer money between bank accounts
Ø Accept cash from credit cards for loans
Ø Purchase a car
Ø Buy furniture
Ø Change employers or quit your job
Now, I can't tell you the magic secret on figuring out if the client has been pre-qualified properly to begin with but my suggestion if I was in your shoes I would call your preferred lender you work with and at least run the scenario by them to see if there are any land mines hidden in the transaction. Although there is no for sure methods in guaranteeing the close but you certainly can reduce the possibility in a fall out.
Please comment or call me if you have questions or need help with a scenario. A good lender is not there to steal a loan but is always available to help. My referrals come from word of mouth and a satisfied Real Estate Professional and their clients.
Have a great Christmas Season Everyone!