![]() | |
![]() | |
![]() |
Real Estate Information |
|
![]() |
Follow-Up - The Key To Successful Closings
If everyone always did everything they said they'd do, we'd all be a lot richer. Unfortunately, tasks are overlooked, and the ball is often dropped. If you want to have successful closings, you must have strong "follow-up" skills to catch problems early in the process. Follow-up on everyone and everything. We can't begin to tell you the number of closings that almost fell apart, or would have fallen apart had we not kept a watchful eye on the entire process to make sure that everything was completed when it needed to be. Here's a typical scenario: you're wholesaling a house and you have just 30 days to get it closed before the contract with the Seller expires. You find a buyer who can get a loan and close before the expiration. Then a few days before closing you find out that the loan isn't ready and closing must be delayed two weeks, but the Seller already has another Buyer ready to pay more than your price, so they refuse to extend your contract. You just lost the deal. So what is follow-up? We used to think it meant staying in touch with the buyer to make sure that everything was completed for the loan. Then we learned that the buyer is often a newbie and clueless of what needs to be done. Mortgage brokers just usually respond "Everything looks great" until they can't close the loan. So the real trick to following-up is to speak to the final decision maker for each step. This works whether you're selling a retail house or a wholesale house, or even if you are the buyer/borrower. The goal is to close without delays. Assuming that you have already received a pre-qualification letter from the lender, and ensured that the lender will loan on the deal (i.e. no issues with title seasoning, assignment fees, inhabitability of the property), the first step is to follow-up with the broker/lender that all of the application paperwork was submitted, and have they forwarded it to the lender? If not, what is still required? Determine if the lender requires a termite letter, appraisal, and a survey (most lenders do). If so, have they all been ordered? When is each to be completed? Keep following-up until you verify that each has been delivered. You also want to verify that the appraisal was sufficient for the loan. If we don't already own the house, we order a title report as soon as we go under contract with the Seller to discover any defects early in the process, and begin resolving them. Closing attorneys usually do not order the title report until just before closing to receive as current information as possible. But if they find problems, it could delay your closing. It is well worth the $125 to run title ahead of time, and eliminate delays. Once the broker has forwarded the paperwork to the lender, the next step is to verify the loan has gone to underwriting. If not, what is the delay? If so, was the loan approved? Do any conditions need to be met? What are they and who is handling them? Make sure that once the conditions are met, the loan is returned to underwriting and approved. Verify that the closing has been scheduled with the attorney, and that they have cleared title. Find out if and when the loan package will be forwarded to the attorney. Then remind all of the players of the date and time of closing, to bring a picture ID to closing, and to bring any funds required in a certified check. This seems like a lot of work that should be handled by other people, but the reality is that often times something is overlooked. Through your diligent follow-up efforts, problems will be detected early and corrected, allowing your closing to occur flawlessly and on schedule. Best of success & abundance, Lou Castillo FREE! Real Estate Investing Secrets To Earning $100,000 Your 1st Year! -- 11 Overlooked Real Estate Statregies That Will Turn Your Investing Business upside Down And On The Fast Track TO Success...Guranteed! Plus A Bonus Track With A Secret So Successful It Can Double Your Investing Income Overnight! http://www.InvestorSuccessTactics.com
MORE RESOURCES: Seattle-area real estate startup Flyhomes raises $15M as it pivots to 'Buy Before You Sell' model GeekWire Pacific Development and PGIM Real Estate Land $97 Million Construction Loan for Landmark Mixed-Housing Project in Santa Rosa Yahoo Finance Blackstone's Wesley LePatner, a mentor to women and real estate investing leader, killed in NYC office shooting Business Insider 18 months later, Blackstone still sees real estate comeback ahead Private Equity Real Estate | PERE Real Estate Investment Trusts Score Legislative Wins Forvis Mazars US Real estate: Home prices climb in Martin, Indian River counties; fall in St. Lucie County Treasure Coast News The market is changing — and the industry's old rules are outdated Real Estate News by RealEstateNews.com Troy Furbay has been appointed Managing Director, Hospitality at Crescent Real Estate LLC Hospitality Net ‘Walking beside him’: Daughter continues stepfather’s real estate dream Mountain Home Observer Richland County property transfers recorded July 21-24 Mansfield News Journal Double digit price increases for Putnam real estate Mid Hudson News Real estate: Condo prices rise in Indian River County; fall in Martin, St. Lucie counties Treasure Coast News America's Unhinged Real Estate Market Is Driving Down the Birth Rate Business Insider Central Pa. real estate company expands to Georgia Central Penn Business Journal I-78/I-81 Corridor commercial real estate activity picking up Lehigh Valley Business Real Estate Expert Jody Wainio of Buyers Choice Realty Shares Advice on Mortgage Pre-Approvals in HelloNation GlobeNewswire Fed Interest Rate Predictions: No Cut Expected Today, July 30, 2025 - Norada Real Estate Investments Fed Interest Rate Predictions: No Cut Expected Today, July 30, 2025 Norada Real Estate Investments RE/MAX revenue continues to slip despite agent gains Real Estate News by RealEstateNews.com Haag-Brown Commercial Real Estate to open Bentonville office Talk Business & Politics Inside Zillow’s summer launch: 5 new tools built for agents - Real Estate News by RealEstateNews.com Inside Zillow’s summer launch: 5 new tools built for agents Real Estate News by RealEstateNews.com US industrial real estate investor Terreno sells $82m portfolio IPE Real Assets Atlanta real estate mogul, former Hawks owner Tom Cousins dies at 93 Atlanta News First Executive Killed in Manhattan Shooting Was CEO of Blackstone's $53 Billion Real Estate Megafund Realtor.com Top residential real estate sales for July 14-18 in Longboat, Lido, St. Armands, Bird Key Your Observer Real estate transfers: 7/30 Toledo Blade News | UK commercial real estate investment slips slightly to £10 billion in second quarter - CoStar Leading Arizona Real Estate Team JBRE Joins Real Brokerage, Bringing $310M Sales Portfolio Stock Titan Arkansas Commissioner of State Lands to auction more than 700 tax delinquent real estate parcels Thursday Hot Springs Sentinel Record Delaware June home sales stronger than national numbers; median sold price at record high The News Journal Real Estate Transactions | July 14-18, 2025 Republic-Times Real estate office renovating former daycare The News-Enterprise Atlanta real estate tycoon Tom Cousins has died at 93 Rough Draft Atlanta Inside Hulk Hogan’s $11M Real Estate Empire EntertainmentNow Christie’s Debuts Crypto Real Estate Division The New York Times Real Estate Giant Anywhere Gives 100,000+ Agents Free Access to Canva Enterprise AI Marketing Platform Stock Titan Ledge Road property in Newport sold for $3.3 million tops latest Newport County sales Newport Daily News Exclusive: Apple to buy another Silicon Valley campus for $365 million San Francisco Chronicle Former Patrizia exec joins Oryx Real Estate Green Street News Los Angeles Area Wildfires Destroyed Nearly $52 Billion in Homes Last January The World Property Journal The real estate market: 5 key themes to watch this week Real Estate News by RealEstateNews.com NYC Real Estate Leaders Creating Anti-Mamdani PACs WJBC AM 1230 Real estate trends highlighted Morrow County Sentinel Asia Pacific commercial real estate investment surges to $31.2b in second quarter 2025 Institutional Real Estate, Inc. Luxury Presence Debuts the First Fully Autonomous AI Marketing Team for Real Estate Agents Business Wire Alex MacWilliam of Alex MacWilliam Real Estate in Vero Beach Shares Hurricane Preparedness Strategies to Protect Property Investment in HelloNation The Manila Times Easton home on Sierra Drive that sold for over $1M 'epitomizes one-of-a-kind luxury' Enterprise News Population Growth in England and Wales: A Boon for Real Estate and Social Infrastructure Sectors AInvest Santa Monica Ranks Second Most Expensive for Rentals as Real Estate Market Shows Mixed Signals Santa Monica Daily Press Slain Blackstone executive was a real estate powerhouse Crain's New York Business Boardwalk Real Estate: Q2 Earnings Snapshot San Antonio Express-News |
![]() |
![]() |
![]() |
RELATED ARTICLES
Real Estate Website Marketing - 5 Steps to Crushing Your Competition and Doubling Your Business Getting your real estate website more traffic is easy if you know how Internet marketing works, not to mention search engine optimization. Your goal is to get as much traffic as possible to your website, but not just any traffic, targeted traffic. Back To The Future - Big Changes Are Coming, Get Ready Now The comments below are quoted from a recent speech by Ben Bernanke, a member of the Federal Reserve Board of Governors.. RESPA: The Real Estate Settlement Procedures Act The Real Estate Settlement Procedures Act (RESPA) is a consumer protection statute, first passed in 1974. One of its purposes is to help consumers become better shoppers for settlement services. How To Find An Experienced Monticello Illinois Realtor Finding a professional Monticello Realtor in Illinois is thebest way to find the perfect property or home. A licensedrealtor can assist you in locating the type of property youwant in the price range you desire. Homes For Sell By Owner - FSBOs and Buyer Brokers You're selling your home as a FSBO (for sale by owner) and you get annoyed when real estate brokers call you, right? That's a reasonable response when you're doing all the work to market your property to save thousands of dollars in broker commissions. However, when a "buyer broker" calls, you might want to listen. Chapter One FSBO the Russ Miles thriller/mystery novel Chapter OneShe reached the phone on its second ring. "This is Tami!" She confidently answered. Selling Your Home - Alone or with a Broker? How do you decide whether to sell your home (or land, farm, ranch, etc.) on your own or use a real estate broker? There are pluses and minuses to each approach. Real Estate Investing: Sales and Negotiation Skills are Critical Do you want to build wealth through real estate? You need expertise in two critical areas: specific investment strategies and sales and negotiation skills. But if knowing how to identify good deals is what's really important about investing in real estate, why do investors need to worry about their sales and negotiation skills?"Knowing how to identify good deals is certainly a critical part of real estate investing, but it's not the only part," says Russ Whitney, internationally recognized real estate expert and bestselling author of Millionaire Real Estate Mentor (Dearborn Trade Publishing). What Should I Do If My Home Isnt Selling? Suppose you've been trying to sell your home for months. You haven't had even a nibble from a prospective buyer. Old House? New House? Weighing Your Options Maybe it has something to do with a childhood home we fondly remember. Many of us long for old homes built with solid construction, quality craftsmanship and beautiful details. Home Owner Association Restrictions - Read Before Buying Many communities have associations for homeowners, property owners, condo owners, or similar associations. The presence of a homeowners association, also known as "HOA", introduces another layer of rules and regulations to consider when buying a home. Don't Just be a Real Estate Agent, be a Professional! Buyer Broker Agreement? What's that? Most agents don't ask their potential buyers to sign anything. It is too?well?you know?uncomfortable. How to Build A Rental Property Money Machine If you are looking for a steady, income-producing investment that isn't dependent on the ups and downs of the stock market, rental property is just the investment you're looking for!As lucrative as owning rental property can be, the wrong property can be a bottomless money pit. You need to know how to go about locating property, finding tenants, managing the rental, and how to make your investment profitable. Is An Old Home for You? - The Cons So you think you might like to buy an old home? Perhaps even something old enough to be historic? It's a good idea to carefully evaluate the pros and cons before you decide. There are plenty of both. Real Estate Growth: How Long Will It Last? There has been speculation in the media recently about the fact that real estate will begin to fail and implode as it can only handle so much growth. In my humble opinion these theories don't hold a lot of merit and here is why. How To Sell Your Home FSBO You decide to sell your home and believe you can handle the selling process. Good for You!Of course you're a little nervous and that's normal. How I Became a Real Estate Investor Recently I closed on the sale of two homes. They were located about a mile apart and had comparable market values. Business Credit Card Dirty Tricks My system teaches people that the proper useof credit is the fastest way to speed up your profits in real estate investing.And you can use this system no matter what your own credit score is. Dealing With Dual Real Estate Agents Historically, real estate agents have represented the seller of a property. The seller, after all, is usually the one who pays their commission, and agents therefore have a fiduciary relationship with the seller. Rental Property Management - Ten Questions Why hire rental property management? Because doing it all yourself is the surest way to make your real estate investment experience a bitter one. You also have more time to find the next deal when there is someone taking care of the details for you. ![]() |
home | site map |
© 2006 TIGER MEDIA |