In New York State many parties take part in a Real Estate Closing. You have the seller's agent, the buyer's agent, the lender, the seller's attorney, the buyer's attorney, the bank attorney, the appraiser the abstract company the surveyor... the list could go on.
With all of these different parties involved in the closing it is important for the Real Estate Agent to carefully choose who they are recommending their clients to.
I quickly realized that most of my clients depend on me to refer them to a lender and an attorney. I also realized that not all mortgage brokers and not all attorneys are created equal!
Since our referrals and recommendations mean so much to our clients it is important for us agents to partner ourselves with the best in the industry.
When I refer a mortgage broker to my clients I always ask the broker for a good faith estimate for my client in advance. This estimate will breakdown the fee's and closing costs the client will have to pay at closing. I like to provide my buyer's with 3 lender referrals and estimates. This way they can compare each one and decide who will work best for them. I look for mortgage brokers who not only are fair in rates and closing costs but who get back to my clients and me quickly and who stay with the closing to the end.
When recommending an attorney I look for the same qualities. Be sure to get their rate in advance as some attorneys get away with charging a full percent of the purchase price of the home. Most importantly I recommend attorneys who return phone calls promptly and keep me, the real estate agent, as well as the client in the loop throughout the entire closing process. Another thing to be aware of when choosing an attorney if your client is the buyer is the title insurance company they use. Ask them who they use and what the turnaround time is. If the time exceeds more than 48 hours this could make for a long closing.
Although the Realtor's recommendations are important be sure not to steer your clients. New York State requires that you offer 3 mortgage referrals and 3 attorney referrals. Just choose your 3 wisely and your closings will go smoothly!
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