4 Ways to Ensure Your Clients Don't Delay the Closing of Their Mortgage

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October 18, 2016 | By RGR Marketing Blog

Getting to the Mortgage Finish Line as Smoothly as Possible

You work hard for every house you sell. Putting together the right buyer and seller isn’t easy, so once you have a deal in place, you want to close as quickly and smoothly as possible. About 30 to 45 days to complete the closing on a mortgage is standard, but the sooner you close, the better, as you reduce the chances of something happening to sour the deal.

There is no shortage of things that could foul up a great deal, forcing you to start over, so it pays to know what you can do to ensure your clients don’t delay the closing of their mortgage. In addition, the sooner you can close one deal, the sooner you can focus your energies on the next one. Here are four important tips to help you do just that.

1. Maintain Proper Communication

Make sure you, the buyer, and the seller are in constant communication throughout the closing process, whether it’s through phone calls, emails, or in person. Continually verify whether there’s anything in the deal that either side doesn’t understand, and if there’s any ambiguity, be sure to clarify it immediately.

Make sure that everyone involved knows whose signatures will be needed where and when, and if any special rules apply. As an example, this may include the fact that foreign owners must have ten percent of the proceeds withheld for taxes unless they can get a tax waiver.

2. Verify Financing During the Mortgage Closing Process

Some buyers may think they are pre-approved for a loan when in fact they are only pre-qualified, and final verification has yet to take place. Make sure that once the buyer says they have been approved for a loan that they really have been—they’ve talked to a real person and gotten a letter that says exactly what it needs to say from the lender.

3. Perform a Title Search Early

Do a title search as early as possible. There are all sorts of problems that a title search can uncover that can delay closing, things like land-use restrictions and unpaid taxes. Put together a complete list of problems that might encumber the title and review it with the seller to see if any of them might be real issues with this particular sale.

The sooner you find out what any potential title problems are, the sooner you can head them off. You don’t want to wait until the sale is just about to close to find out there’s some title problem that may require a drawn out resolution.

4. Make Sure Your Clients Stay Fiscally Responsible

Often, buying a home is part of starting a new life, and during this time, a couple may also be looking to buy a car, furniture and more large-scale purchases. What many clients don’t realize is that until the deal is done, their credit is still under scrutiny, regarding their fitness for a mortgage loan.

A flurry of spending before the deal is closed could create problems when the lending company reevaluates the applicant based on these new expenditures/uses of credit. Make sure your clients understand that the time to splurge on new purchases, even if they are for or related to the home, is after the closing when the mortgage is already in place. It is unwise to make further large purchases, especially on credit, during the time between the approval process and the closing, when their credit is still under evaluation.

Help Yourself by Helping Your Mortgage Clients During Closing

Everyone wants a successful closing when they’re working through the terms of their mortgage. The Realtor wants to earn his or her fee, the sellers want their cash, and the buyers are eager to move into their new home. Remember – just because everybody seems to want the same thing doesn’t mean problems can’t occur.

The best way to ward off these problems is to be prepared in advance, and to make sure the buyer and seller are fully informed and prepared about the process of buying and selling a home. Follow the guidelines above and use common sense when dealing with buyers and sellers to help ensure a fast closing and a satisfying experience for all parties involved in the transaction.

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Getting to the Mortgage Finish Line as Smoothly as Possible

1. Maintain Proper Communication

2. Verify Financing During the Mortgage Closing Process

3. Perform a Title Search Early

4. Make Sure Your Clients Stay Fiscally Responsible

Help Yourself by Helping Your Mortgage Clients During Closing

Start making more
money today!

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Getting to the Mortgage Finish Line as Smoothly as Possible

1. Maintain Proper Communication

2. Verify Financing During the Mortgage Closing Process

3. Perform a Title Search Early

4. Make Sure Your Clients Stay Fiscally Responsible

Help Yourself by Helping Your Mortgage Clients During Closing

Start making more money today!

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