10 Things to do to make sure your escrow doesn't close on time!

Ten Things to do to make sure your escrow doesn't close on time!

1. Don't get the signed purchase contract and addendums to the loan officer/bank right away.
2. Don't meet the appraiser at the property asap to complete buyers appraisal.
3. Take your time getting the HOA docs to Lender on condo and townhome.
4. Provide a seller credit to the buyer without letting the lender know and have the credit be for things other than the non recurring costs (wait till the signing of the loan papers to let lender know).
5. Mention in the purchase contract a pest inspection, and that the buyer is purchasing the property as is, without providing pest clearance if Section 1 noted in inspection.
6. Don't have the utilities (water and gas/electric) in working condition when the appraiser does appraisal.
7. Have the purchase contract list only the husband or the wife (not both), but have the lender do the approval on both of them.
8. Change the close of escrow date to 2 wks earlier, without letting the lender know.
9. Change Title/Escrow companies without letting the lender know.
10. Don't stay in contact each step of the way with the lender.

I know you have never done some of these things, but you would be surprised how many times they still happen and to seasoned agents......

Moral of the story?

Team work.......the escrows that move the smoothest and are the least stressful to your clients are the ones where everyone (Title, lender & Agents) work together to get the escrow closed. All are irreplaceable!

I attend every signoff and sign my clients off at 3 days before coe, and usually 1 wk......in 25 years, this has been the single most significant thing I do....it allows for murphys law, and time to make corrections well ahead of time...many times without the borrowers having to be aware of the hick ups! Teamwork is critical!

Roger