Most of us have experienced an unusual upswing with the level of real estate activity over the past several months. With this "bountiful" situation, many of those participating in the process, including mortgage lenders, appraisers, home inspectors, title companies and closing attorney offices, have become overwhelmed with this unforeseen level of activity. This condition, has caused the process to become protracted.....and with some cases, almost a complete breakdown, as delay with one aspect of the procedure, seems to generate a "ripple effect" of sorts as the baton is passed from one participant to the next. Below, I have included some useful tips which a practitioner can utilize, implement and suggest, which will ease to some degree, the tension which can build as the process inches its way along.
First on the list, set aside your "routine protocols" as it relates to projecting with confidence, a closing time line. Explain to buyer's and seller's alike, "these are unusual times".....as a consequence, we cannot accurately forecast the amount of time necessary to complete the preliminary aspects of a closing. Once we get closer to finality, with inspections, reports and paperwork completed, we can predict with some degree of accuracy, a time frame to consumate the sale. Keep in mind, unforeseen interruptions can and will temporarily bring the process to a halt. Providing reassurance and keeping your buyer's and sellers abreast of the current status, can go along way with maintaining control of the process. The last thing a realtor needs.....various participants at each other's throat, making insinuations or assigning blame. Allowing for this to take place, just amplifies an already tense situation.
Second, commit to regular follow up with each participant in the process. As an example: because you have always experienced timely service from a specific surveyor, don't anticipate that he will once again, complete his work in an expeditious manner. Most of these professional service's entities are currently experiencing unforeseen backlogs. Couple this with service providers from outside the immediate area, and the time frame for completing their work, becomes further protracted. When speaking with professional or service participants, always ask, "can you give me an estimate of when your work will be completed". At the very least, they will state, "it will be dependent on various factors such as, receipt of documentation, authorization or verification. Asking this question, will identify what potential "road blocks" could delay or cripple the overall process. It doesn't cost anything to ask and it will point you in the direction of where to seek resolution if necessary.
When a situation develops which brings the process to a halt, attempt to gather the critical details as to what has caused a truncation. If for example, a mortgage lender is refusing to honor a request to extend a closing date, find out the particulars and then seek to identfy alternative solutions. Many times, if you work up the chain of command, you'll come in contact with someone who is willing to "get it done". Remember, dealing with those who answer the phone or send you a text or email, are for the most part, following protocols. A vast majority of these people are not authorized to "make decisions", as a consequence, the process typically grinds to a halt until someone with authority intervenes.
What happens if you reach a point where a contract becomes "dead"? Depending on your involvement with the proposed sales contract, ie. representing the buyer, seller or both, it will be your responsibility to explain in detail what transpired, what the options are and how to proceed. Such items as earnest money refunds, outstanding inspection invoices, etc. will have to be addressed.
In summary, spending some time to study how you will react when an occasion such as we have mentioned, does arrise, can go along way towards resuscitating what appears to be a "dead" deal. Maintaining a positive attitude through the entire process will reassure your clients and customers, they have joined forces with an experienced, qualified real estate practitioner.
In closing, here are a few words of encouragement, "Show class, have pride, and display character. If you do, winning takes care of itself."
Coach Paul W. "Bear" Bryant
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