This is the seventeenth episode of A Day in the Life of a REALTOR® - a weekly article series published on RESAAS Blog and written by Kay Conageski.
So sit back, relax, and enjoy. Kay has a story to tell...
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Anyone who does real estate transactions for a living knows that you can’t do it alone.
Sure, you can market all day long for sellers and even promote yourself to attract buyers, but once you get the contract signed it takes a team to complete the deal and get it closed.
Surrounding yourself with key partners is either the success or the failure of the transaction. Getting the contract signed is the easy part – what comes next can stress out even the most seasoned of agents if you don’t have the right folks to back you up and stick by your side until the end. The people I am referring to are the loan officers and mortgage brokers, the title agency or attorney, and the insurance and inspection teams along with the appraisers.
Finding great loan officers is like finding needles in haystacks: there are plenty of them out there, but you need the ones who will do whatever they can to get the buyers to the closing table. This means working with the secret society of underwriters to get the loan commitment on time and to help monitor the spending habits (or lack thereof) for the buyers along the way.
I have worked with many loan officers and mortgage brokers over the years and the ones who get creative, who help buyers by soliciting lenders who fit their needs, and who don’t give up until there are no other options available are the ones who I want to be in the trenches with on any given transaction.
Along the way and through the process you have to surround yourself with trained inspectors and insurance agents who run the gamut and do the most thorough jobs for your buyers. You want to know that at the closing table, your buyer got a solid home that is insured against any issue. But you don’t want to have those inspectors or insurance agents who are the dreaded “deal killers” – you need to find the happy medium for everyone and work towards the finish line together. This may mean having additional items inspected in order to lower those insurance rates.
Then there are the appraisers. In most cases, the appraiser will do their homework on the recent sales to get you the price that is justified by the market. But then there are those hired by some institutions who come from far and wide, to areas that they have only heard of, to do appraisals on homes that they don’t understand. I have fought many an appraisal and won, just for the mere fact that I challenged the culprit who came from another county or as far away as a two hour drive and thought they knew my territory better than me. Don’t ever be afraid to challenge these folks to the death for your buyer, and in some cases you will come out victorious if you do your homework.
The final piece to the real estate puzzle is the title company or attorney who gets the deal closed. These folks have the daunting task to make sure that all liens and permits are closed and that the seller has marketable title to convey. They are your logistics coordinators, the traffic cops of the transaction, and they can be your greatest advocate to bringing it all together. They are also the folks who hand you the check at the end of the closing, so of course they should be put on a pedestal for safe keeping.
They say it takes a village to raise a child – well, it takes that same village to put that child in a home.
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Kay Conageski is a REALTOR® with The Keyes Company, based in Plantation, Florida.