Short + sweet week. With that said, will take a short + sweet sweep of this week in what I’ve noticed and hit repeat on hosting our Episode #3, Double Down podcast as I’ve had good feedback on this content and conversation…
A public service announcement on Closing Dates. Unfortunately I’m observing a bit too often delays in Closing – which in the end as you know causes much stress and ultimately a tick down in client satisfaction. My analysis on the “why” we are seeing these delays takes into accounts several factors. Please keep these in mind as you ink a Closing Date on a purchase and sale:
My analysis: Uptick in inventory + more buyers under contract + upward pressure on lenders/underwriters = some of those aggressively promised Closing Dates (because your Buyer’s have to in order to”win”) with loan officers may be at risk.
Furthermore: I do not believe this is the time to jump ship from your preferred lenders based on a delayed Closing Date. I do not believe any lender is 100% immune from the above market condition. I’m not seeing a trend with any one lender.
Possible solutions: 1. Uptick on your communication + education with clients early on in Buyer/Seller intake. 2. Scrub and critique even further with lenders on proposed Closing Date – especially when strategically crafting an aggressive offer. 3. Make sure upon writing an offer Buyer clients understand the importance of quickly responding to requests from lender in an extremely timely manner.
Next up on this week’s sweep – hitting the repeat button on Episode #3, Double Down. Have a wonderful weekend in productive summer + work and play. Shout if you need anything – the ultimate goal. In the immediate, 40 minutes in conversation with David Daniel, Jordan Malloch and Edward Krigsman…
Laura Smith, General Manager | Windermere Real Estate Co.
Ballard + Eastlake + Madison Park + Northgate + Sand Point + Wedgwood