Successful Real Estate Closings Start with Communication

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The number one complaint I hear from listing agents is the lack of communication coming from the lender.  They often feel left in the dark and out of the loop when it comes to dates and deadlines being met.

I feel its imperative now more than ever to over communicate the details and ensure that everyone works together to meet our target deadlines and most importantly; the closing date.  A system I’ve implemented and refined over the years is my initial introduction phone call to the listing agent.  It’s not only an opportunity for the two of us to get to know each other, but also for me to identify if there are any potential problems that could cause delays.

There are many important details that should be asked on the front end so we can prepare (and avoid) any possible issues.  If you’re the listing agent on a transaction and haven’t heard from the Loan Officer yet, you might want to give them a call and answer these questions:

• Is this a seller mail out?
• Will the seller be using a POA?
• Will we be closing somewhere other than the title company? i.e. your office
• How would you like us to communicate with you? Email, phone, or text.
• Do you have a team that you would like included on the communication?
• Is there a pending short sale approval?
• How many business days are required for the bank to have figures in advance?
• Is there an HOA? If yes who is the contact.
• Is any personal property listed on the contract?  If so, it will need to be addressed.
• Do we have a fully executed contract including the counter?

As we all know, there are a multitude of glitches that we can run into during the course of a transaction.  Any number of these could quickly take us from smooth sailing to choppy waters.  Communicating key points of the purchase from the get-go allows us to discuss the details and convey any concerns, fears and/or reservations we might have.

Purchasing a home is an enormous decision for our clients and the process can be overwhelming.  It’s our job to take the “overwhelm” out of the equation.  The only way to do this is for the agent and Loan Officer to work together, communicating frequently. 

The goal is that through our combined efforts we have both happy buyers and sellers sitting at the closing table — on time and without last minute heart wrenching complications!