We'd all be more content if everyone followed through with what they promised. Unfortunately, many tasks are not completed, and the ball gets missed. If you want to be able to make success in closing, you must be able to follow-up effectively and catch problems early in the process. Follow up on everything and everyone.

I am unable to count the number of closings that almost fell off, or would have fallen apart had I not kept an eye on the entire process to make sure the process was completed as it was necessary to be. Let's say that you want to sell your house. You have 30 days to close prior to the expiration date of your contract with the Seller. You find a buyer that may be able to get a loan for closing the deal prior to the deadline. After a few days of closing, you discover that the loan hasn't been approved and closing is delayed for two weeks. The Seller has another buyer who will pay more than youdo, which is why they don't want to extend the term of your contract. The Seller has just walked away from the deal.

What is what is follow-up? I used to think it meant keeping in touch to check that everything was completed for the loan. However, I discovered that the buyer can be a newbie and clueless of what must be completed. Mortgage brokers generally respond. all is well until they cannot close the loan. The key to follow-up is to reach out to the final individual who is responsible for the decision at each stage. This is regardless of whether or not you're selling wholesale or retail home, or if you are the buyer/borrower. It is vital to close quickly.

If you've received a prequalification form from your lender and they are willing to lend on the deal(assuming There aren't any issues with title seasoning, assign fee, or habitability of the home. First, confirm with the broker/lender that all the documents were accepted and passed on to the lender. What documentation is required should it not be? If the lender needs an appraisal for termites as well as a survey (most lenders require these). If so has each been placed on the order? What date will each one be complete? Continue to follow-up until each item is handed over. You also want to verify that the appraisal was adequate to cover the loan.

If I do not already own the house I will order an initial title report at the time I enter under contract with the Seller to identify any problems early in the process and start resolving these. The title report is generally done by the closing attorney only before closing. This allows them to get the most current information possible. If, however, there are any issues it could delay closing. It's definitely worth the $125 to get your over your title in advance, and avoid delays.

After the broker has completed the paperwork, the next step is to ensure that the loan has been approved by the underwriter. If not, why is the reason behind the delay? Does real estate market the loan have approval? What conditions must they be? What are they ? Who is responsible for them? Be sure that when the conditions are satisfied, the loan will be returned to underwriting , and then approved.

Check that closings have been made with the attorney , and confirm that title has been cleared. The attorney should be able to tell you whether and when the loan package is due to reach them. Next, remind everyone of the closing date and time.

This seems like a lot of work that could be handled by someone else, but the truth is that many the task is not properly handled. It is your responsibility to ensure that any issues are identified and addressed early, so your closing can be on time and flawless.