“Delay Closing” – WRONG ANSWER!

It’s easy for some folks in a real estate transaction (or any other transaction) to procrastinate . . . and/or practice the fine art of “Inattention to Details” . . . or “Ball Dropping” . . .

We all know that this behavior catches up to the perpetrators as the closing date draws near.

How’s it feel when you wake up one morning and have that dreadful realization that the closing is in 2 days . . . and you’re not ready?

Amazingly, there’s a population of people amongst us who (Without remorse) feel OK with dismissing their unpreparedness with the easy solution . . . “Delay Closing”

This is about as unacceptable as I can imagine.

The average real estate transaction involves over 40 (Yes FORTY) people between the time the Buyer writes the offer and the move is complete.

If ONE of those 40 people decides to be lazy or inattentive and fails to perform in a timely manner, 39 people are hereby underserved. Shame on that person!

The MOST underserved are the “end customers” . . . In my line of work, these “End Customers” are Home Buyers and Home sellers who very well may have moved Sun, Earth, Moon, and Stars to re-arrange their lives packing up all of their belongings (living out of boxes) and arranging myriad details (Scheduling movers, setting up Utility transfers, Dealing with their already regular full lives of family and work . . . and so on and so on and so on . . . “

So . . . Given all of the above, I have ZERO TOLERANCE for a “Professional” failing to “get’r done” in time for the closing . . . PERIOD!

Do I sound angry?

Yep! I think I should be . . . On the morning of a closing and the underwriter of the loan is now asking for documents that should/could have been secured 30 days ago (we’ve been under contract 45 days).

Sadly . . . This isn’t as rare occurrence as one might think.

INEXCUSABLE!

and a bad reflection on our entire industry . . .

When this stuff happens, the “Mean Barry” takes over my body and I shift into “Production mode” . . . I will march this thing up the organizational ladder of whatever organization is causing the delay . . . and if I have to, I’ll go sit in their lobby til I get what we need to close.

That’s right . . . I’ll cancel my WHOLE day so I can focus ONLY on completing the closing rather than allow these Home Buyers and sellers to be underserved.

I do have a tip, though . . . Would you like to avoid closing delays?

Try this . . . First 10 days and Last 10 days . . .

  • Devote your first 10 ten days from binding agreement date to completeing everything that needs to be completed prior to closing – all inspections and resolutions, loan approval, title work . . . EVERYTHING! Act as if the CLOSING is set for the 10th day.
  • Devote your last 10 days prior to the real close date to making contact with EVERY person involved in the transaction EVERY DAY just to be sure everyone is on track. Seriously . . . Call every one of them EVERY day (Other REALTOR, Title Company, Your client . . . ) Keep your eyes and ears hypersensitive to bits of information that might tip off of a ball that’s been dropped.

Of course, unexpected things CAN happen at the last minute . . . but this “first 10/Last 10” strategy has me batting pretty strong 🙂

What do YOU do to very intentionally to avoid closing delays? 

Published by Barry Owen

Strategist-CEO of Pareto Realty Real estate sales Professional Inviter-Facilitator-Practicer of Open Space Technology Opening safe space for people & organizations to self-organize around issues & opportunities BarryOwen.US Invite-Listen-Love

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