The offer has been accepted, the inspections are underway and your buyers are preparing for closing on their new home. Unfortunately, hiccups in the closing process can delay or even halt the purchase, which can disappoint your clients and frustrate you. Walking your buyers through the closing process ensures that they have the paperwork and financial records to expedite closing. Follow these tips to make your next closing a smooth one.
While you don’t have the final say on which lender your client chooses, you can steer him or her toward a trustworthy lender with whom you have an established relationship. When your client is working with a lender you know, you’ll experience improved communication, which can simplify the loan application process. Plus, you’ll all be on the same team. The lender will work closely with your clients to secure them the financing they need to buy their home, and you can serve as the intermediary to resolve any issues before closing. Open lines of communication can ease the stress of this process.
Make sure your clients are ready to show up to closing with the cash they need to buy the home. Even when the home is financed, buyers will have to provide a down payment and associated fees at closing. Stay in contact with the lender so that you can get that final number in advance of closing. Explain to your client the lender’s expectations on how to deliver that money — for example, find out whether a personal check is accepted or if the clients need a cashier’s check for closing. Encourage buyers to work with their bank to move the funds to the right account with plenty of time to spare before closing day.
From inspections to insurance, several steps are essential before closing can occur. Don’t rely on your buyers to know that these steps are necessary. Once the offer is accepted, give your clients a checklist of steps they must take before closing. These steps include hiring an inspector to check the house for flaws and securing homeowners’ insurance. Depending on the sale, clients may also need to request a property survey, termite inspection and more. By helping clients work their way through each of these steps, you can ensure that the closing goes off without a hitch.
Your work has just begun once that offer has been accepted. Guiding your clients toward a successful and hassle-free closing ensures that they purchase their dream home and you secure that check. Don’t leave soon-to-be-closing clients in the dark. Communicate regularly to ensure every step of the closing process is complete before they sign on the dotted line.