Like every real estate agent, you work hard at listing properties and connecting qualified buyers to sellers. In addition to all of your efforts as a professional real estate agent in listing, marketing and negotiating a successful sale, the one most important element of a transaction is bringing it to a close.
That portion of the sale, the closing transaction, must be delegated to appropriate agencies and specialized legal entities who work simultaneously to verify value, viability and financing of the property. At this point, you are dependent on others also involved in the process. All preceding efforts are in vain if closing the escrow fails, and it is during this closing process that the greatest possibility of failure occurs.
Each and every step of the process contains an inherent possibility of failure during closing, from establishing a marketable title, to verifying structural integrity, to demonstrating insurability, and procuring successful financing. As with any fluid process, important decisions must be made quickly due to legal time constraints governing closing, and may have far-reaching ramifications for both clients and agents. Closing transactions are stressful for all parties involved at best. At worst, they fail entirely, or result in legal actions between clients and agents.
The last thing any agent needs is a mistake which precludes closing the transaction within time constraints, or places the decision in the hands of the seller, who may or may not be willing to extend closing time, or might incur liabilities such as daily monetary penalties paid to sellers for delays. Suppose a finding in the closing transaction necessitates renegotiation or the property doesn’t appraise – or interest rates change drastically during closing? Of course it is imperative to obtain these results immediately in order to have time to renegotiate and not extend closing time.
When the pitfalls of closing transactions become overwhelming, it is time to consider utilizing the service of an assistant trained in closing transactions. A transaction coordinator is a professional dedicated to managing only the closing process and is therefore able to provide the information you need in time to prevent a closing disaster. Prevent legal liabilities from developing with complete records of each transaction provided immediately from a highly trained, competent transaction coordinator devoted entirely to seamlessly closing and protecting your real estate transaction.
Do you find that with your busy schedule you don’t have time to manage these very important closing transaction tasks? Your staff could be trained to manage your closings competently, and decrease your legal liability. Get in touch with 24/7 Digital Nomad today and learn how transaction coordination can be made simple, with no burden to you.