Follow-Up The Key To Successful Closings
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Follow-Up: The Key to Successful Closings
Introduction
Closing real estate deals smoothly and on time often requires effective follow-up. By understanding key steps and strategies, you can ensure you reach the closing table successfully and earn your commission.
The Importance of Follow-Up
In an ideal world, everyone fulfills their commitments perfectly. However, in reality, tasks are often neglected, leading to potential deal collapse. Effective follow-up allows you to identify and address problems early, ensuring everything proceeds smoothly.
A Typical Scenario
Imagine you're wholesaling a house with a 30-day contract. You've found a buyer ready to close within that timeframe, but just days before closing, the loan isn't ready. Meanwhile, the seller has a better offer and refuses to extend your contract. Without proper follow-up, the deal is lost.
What Does Follow-Up Involve?
Initially, follow-up seemed to be about staying in touch with the buyer, ensuring they complete their loan paperwork. However, many buyers, especially newcomers, may not know all the steps. Relying solely on mortgage brokers can also backfire, as they often assure you everything is fine until it's not.
To ensure success, connect directly with decision-makers at every stage, whether you're buying or selling. The aim is to close without any delays.
Steps to Effective Follow-Up
1. Pre-Qualification Confirmation:
- Ensure you've received a pre-qualification letter from the lender.
- Verify that the lender is comfortable with the deal details (no issues with title, fees, or property condition).
2. Application Paperwork:
- Confirm with the broker or lender that all paperwork is submitted and forwarded.
- Determine if any additional documents, like termite letters, appraisals, or surveys, are needed and check their status.
3. Title Report:
- If you don't yet own the house, order a title report as soon as you sign the contract. This preemptively identifies issues, preventing delays.
4. Loan Underwriting:
- Verify that the loan has reached the underwriting stage. If there are delays, investigate the reasons.
- Ensure the loan is approved and track any conditions that need resolution.
5. Scheduling the Closing:
- Ensure the closing is scheduled with the attorney and that the title is cleared.
- Confirm when the loan package will be forwarded to the attorney.
- Remind all parties of the closing date, time, and necessary items, like photo ID and certified checks.
Conclusion
While these tasks may seem like the responsibility of others, oversight can lead to missed details. Your diligent follow-up helps catch and fix issues early, ensuring flawless and timely closings.
Best of Success & Abundance,
Lou Castillo
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