Recently I had a sale fall apart at the 11th hour, and it could have easily closed had the buyer’s agent been in constant communication with his client’s mortgage professional. It was very frustrating for my seller, who was trying to accomplish a 1031 exchange and close the sale prior to closing a purchase – she ended up canceling a sale after issuing a notice to perform and close escrow. This could have been prevented, but a few people dropped the ball, including the agent.
If you are a buyer’s agent you must stay in constant communication with your buyer’s mortgage professional. You can never sit back and assume things are going smoothly. It is NOT the listing agent’s job to chase your client’s mortgage professional.
All buyer’s agents need to do the following in every sale, even if the mortgage professional seems to be on top of things – because the minute you know there is a problem, the better chance you have of helping to remedy it.
- Call and email the mortgage person immediately upon getting an offer accepted – introduce yourself and provide all your contact information.
- Forward the contract and related documents to that person right away, including a synopsis of deadlines (I like to email this and highlight it – even though the mortgage professional will have all the information in the contract, it helps to remind them).
- Check in with the mortgage person several times a weeks to get a progress report, or let him/her know right off the bat that you would like a progress report emailed to you on Tuesday and Friday, even if there is not much to say. If you don’t get it, call or email.
- Make sure you get any further documentation to the mortgage professional right when it is requested.
If you already have a relationship with a preferred lender you know how that person works, and that will undoubtedly help you and your buyer. I know when I am working with my preferred lender, and a few others out there who have great communication skills, that I will always know what is going on with my client’s loan and there will be no surprises.
As the old adage goes, no one can do it better than you can do yourself – so buyer’s agents: please take those words to heart and make sure you are on top of your transactions. You will make your clients very happy in doing so and you will be more successful.