365 Tips To Becoming A Successful Realtor®
Tip #65 - Buyers Step 6 - On To Closing
"Second star to the right, and straight on till morning." That, Peter had told Wendy, was the way to the Neverland.
That may be the shortest way to Neverland and one of my favorite quotes of all time but can the trip to a successful closing be as simple? How about,
"A signed around contract and a clean inspection, then its straight on till closing."
Once the inspection is finished and negotiations have satisfied everyone involved, there is generally a week or two of stand-by time while the lender get things lines up and the title company does their work. Seems pretty simple, right? Well... maybe!
During this time, it is very easy for buyers to get bored and start doing things that might be dangerous to the closing of the sale. Anything that can affect their credit should be considered dangerous and should be avoided. The primary culprit is SHOPPING!
It is imperative that you consult your buyers about the dangers of shopping and how it can affect the deal that they are in. New credit cards, 90 day good as cash deals, and No Payments for a Year deals are deadly!
Many home buyers will fill the time that they were spending with you for the past weeks looking at homes with trips to furniture stores. Furniture salesmen are really good! Talk to your clients early and keep them away until after closing.
Mark Hall
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Lock the credit cards in a safe and give the keys to a trusted friend until after close!!
Don't even think about shopping for a new car and letting the dealer pull credit!
I have seen deals blow up because of new cars, new furniture, a new hot tub, a signed contract to replace the windows and siding, and a European vacation. Credit is critical during this stage of the transaction any any extra "touches" on your credit report can raise a flag.
I was just discussing this with a lender yesterday at a Open House. She had some really interesting stories to tell. It was so surprising to me that folks didn't understand the harm this can do to their transaction.
Good tips....especially opening new credit....but for many just purchasing anything on already established credit lines can impact them.
Good tips Mark, I have never lost a deal to this sort of thing, but have heard stories from others who have had deals put in jeopardy by premature spending by the buyers.