For first-time homebuyers, the real estate process can be long and confusing. Many feel that once they’ve found a home and been preapproved for a mortgage, that it is smooth sailing until the transaction closes and they get the keys. However, there are a few things that can occur to complicate the process. As an agent, you’ve probably heard of or been involved in transactions where things went awry at the last minute and the deal fell through or was saved through some last minute scrambling.
Remind your buyers of the following to make sure the transaction goes smoothly:
1. Stay on top of paperwork pertaining to the property and to financing. It’s easy for the process to get hung up on a piece of unreturned paperwork. Remind them to send back paperwork as quickly as possible.
2. Don’t purchase any big ticket items. The time to purchase a new car, furniture, appliances, etc. is after the transaction has closed. Doing it beforehand can raise red flags for the bank.
3. Do what the lender says. That is, don’t pay off any debt or other make changes that could impact a credit profile unless the lender specifically says to do it.
4. Stay current on all existing credit accounts. Even if they’re buying a new home, it’s still important to keep paying the rent or mortgage. Not doing so can damage their credit and impact their ability to get a loan.
5. Ask questions. Buying a home can be a confusing process. Encourage your clients to reach out to you with any questions that they have.
Keeping in touch with your buyers throughout the process will ensure that they remain confident in their purchase throughout the transaction. Referral Maker® real estate CRM can help you maintain contact with your clients, update their information and track the items you send them. Visit Referral Maker to learn more and to start your 30-day free trial.