Does it amaze you to know that there are typically about 29 people associated with a California real estate transaction?
Of course, you have the sellers and purchasers, their agents, and their agents’ brokers.
Then, you add in the home inspector, the termite inspector, the termite company’s repair work crew, the fumigation company, the escrow officer, the escrow officer’s assistant, the title representative, the title officer, the county clerk, the loan agent, the loan underwriter, the loan processor, the buyer’s bank and the buyer’s work confirmation officer– simply among others.
And how each of these people act, respond and interact during the transaction can play a crucial function. Here are a couple of examples of how these individuals can support, improve or detract from the experience for the main gamers– the sellers and purchasers.
When the escrow officer’s assistant sends out the sellers’ escrow opening package, it’s practical when the e-mail consists of– along with the congratulatory message– an easy net sheet of their expected sale proceeds, a mobile phone to employ the occasion of any concerns or concerns, whether they want to complete their documentation in “long hand” or via electronic platform and a type identifying the checking account where they ‘d like their proceeds wired after the closing.
When the loan underwriter offers a total list of extra documents required for final loan approval, this also moves the transaction forward in a significant and prompt way.
However when the underwriter asks purchasers for more personal or monetary information every other day, this is not as practical.
Purchasers are busy earning a living so they can pay for the house they are buying. They lose their perseverance having to go back to the well more than a couple of times to meet the vetting requirements of the loan provider. (Note to you underwriters out there: I comprehend that some circumstances need you to request for unexpected extra documents. This should be the exception, not the guideline.)
When the property owner’s insurance agent informs the sellers that the possibilities of them closing escrow on time is slim to none, based upon definitely no information on the existing status of said escrow, and warns them not to cancel their policy on the date their escrow is scheduled to close, this is less than practical. It artificially and unnecessarily plants a seed of panic in the sellers. That’s not practical for the most part.
When the marketplace response to a well-staged listing with an upgraded kitchen and a pool results in over 40 showing requests in 3 days, and more than a dozen deals, lots of substantially over the sticker price, an agent who is undaunted by COVID-19 showing guidelines and quickly accelerating need, who has a method for countering each deal and who sets a cut-off date for extra deals can be really practical.
Leslie Sargent Eskildsen is an agent with Real estate One Group. She can be reached at 949-678-3373 or email@example.com.