When your closing isn’t going to happen on time. Don’t panic.

By rerockstar • November 4th, 2009

Aaahhh!!!

Frustrating, isn’t it?

I had a closing the other day. Or at least I was supposed to. It didn’t happen. I’ve been lucky in my real estate career and had most of my homes close on time or within agreed upon extensions. I don’t have the horror stories some agents have about late closings. I wouldn’t even call this a horror story, but we didn’t close yesterday. It’s frustrating for me and the client, but it doesn’t have to be devastating.

The key to keeping a closing from turning into a nightmare is to have a great team in place. From the lender to the Realtor® to the closer at the title company; everyone has to be communicating and ready to jump through a few hoops to keep things on track. It doesn’t hurt to have the other agent be on top of things as well.

This was the case for me on this transaction. Our closer at the title company (Chastity Dinh at Fidelity National Title) was getting a little concerned we weren’t going to hit our closing date, so she made a few calls to the lender, who had yet to send over their paperwork. Turns out, someone at the bank (who was not part of my team – I was working with the seller) had fallen asleep and not paid attention. It turned into a game of “well I thought…” The closer immediately jumped into action, informing the agents of what was going on and we all went to work. Phone calls and emails keep us all in sync and before long all the paperwork was back in our hands and we were ready to close.

Who’s your team?

Quite often, a client comes to me with lenders, title companies, insurance agents, and others that they’ve worked with in the past. Sometimes they don’t. First time home buyers usually haven’t built those connections yet and look to us for advice and opinions about the different services necessary to take a home from a contract all the way to closing. No matter what part of the real estate puzzle, there are always lots of choices. Making a wise, informed decision is the key. Ask your agent for a few suggestions. Ask the others involved too. A closer will always know plenty of great lenders. The inspector probably knows a great contractor to help with the work you need done on your new home.

I have a simple policy with my team. Do great work and you’ll keep getting referrals. Do bad work and you’ll be forgotten. Get to know the members of your agent’s team as well as you know your agent. They’re just as important in bringing the whole transaction together and without one, the others will struggle in getting you to the closing table on time.

photo courtesy of Evil Erin