After weeks of helping your clients search for that property that meets both their budget and their wants, at last you found the one!
But that’s just the start of the process. You now need to guide your clients through the home closing process to cap the financial transaction.
Your clients might think that this latter part is smooth sailing. After all, they were pre-approved for a mortgage – what could possibly go wrong now?
However, as a real estate agent, this isn’t your first time down this road, so you know that things can – and do – go wrong.
How much debt you have when compared to your income. Essentially, you want less debt and more income.
But if, after being approved for a mortgage, the buyer changes this ratio, either by buying expensive things or even paying off debt, then the mortgage lender will need to recalculate a new debt-to-income ratio, which can delay the closing.
1. No home owner’s insurance: Every home purchase requires some form of home owner’s insurance. Never assume that the buyer can get this insurance, or the right amount or type needed. Get your client to contact an insurance agent sooner than later, and make sure you can meet that closing deadline easily.
2. Poor paperwork: Like every transaction, both the buyer and the seller need to provide paperwork. The problem is when one or both parties don’t actually give in every piece of paperwork on time. Sure, it’s really easy to miss that one page or maybe the paperwork is stopped at someone else’s desk. But would you be happy if that is the reason why a home closing stalls or even fails? Follow up with your client to make sure the documentation is complete.
After the searching and the negotiating and the signing on the dotted line, the actual closing may seem like a slam dunk.
But there is no guarantee of that. To help ensure a smooth and seamless closing, have your clients schedule a meeting with Shamrock Financial.
We can review all of their documentation, ranging from finances to insurance to bank statements, to make sure that every point is covered completely.
Just like you, we want happy buyers and sellers, and we will go above and beyond to make that happen. Call us today, and let’s get started.