Successful Real Estate Closings

Real estate attorney, Traci Ellis, and I held a teleclass today to discuss overcoming barriers to closing.  

Here are some tips for successful closings:

Buyers

Be sure to get Owner’s Title Insurance. Lender’s require that you buy Lender’s Title insurance but you must request Owner’s Title Insurance.  It costs very little and can protect your from nightmare situations should issues arise regarding title.

Don’t apply for credit before you close your loan.  Applying for additional credit after you apply for your loan but before closing can stop your loan from going through.  Lenders check your credit (again) prior to closing.

Do your walk through prior to the day of closing. If things aren’t just right, you’ll still have some time to  work with the seller to fix them before closing.

Sellers

Be sure that your buyer is prequalified for a loan and can close.

Make sure that your title is clean and clear for closing (i.e. -no judgements, liens or issues)

Get an earnest money check.  If you have an agent, be sure they have the check.

Bring keys, warranties, garage door openers, etc. to closing.

Buyers & Sellers

Manage the closing closely to ensure success.

Submit all requested documentation immediately.

Expect changes.  A lot of things happen with closings.  Don’t be surprised if there are changes and/or things that require your attention through the process and on the day of closing.

Request a copy of the settlement statement from the closing attorneys office before you go to the closing.  Review it and immediately call the closing attorney if anything is incorrect so that it can be resolved  prior to closing. 

Selling a Property?  www.tipstosellyourhousenow.com

Buying a Property?  www.dealsorduds.com

When you’re ready to close www.traciellis.com

 

Bubbles, Booms and, Busts

I must be getting old-this is the third time in my adult life that I’ve experienced a down economy.   I remember when I graduated from college, things were not good and jobs were hard to find.  Back at that time, my question was, “Is it really that bad or is that just what “old” people always say?”

Back in 2000 when the dot com bust erupted, the economy was tough once again.  I was in real estate but also in the IT field.   I created a seminar for the IT world on how to succeed in a tough economy. 

Now, here we are again in a tough economy.   What do I do?  Create an Ebook, How to Sell Your House NOW! Even in a Tight Market.  Then it hits me and I think, “Wait a minute, I’m getting old!  This is the third time I’ve seen this tough economy thing happen.”

Did I forget to mention that I’ve also experienced some “hay days”?   Oh, yeah.  See, somewhere prior to a bust, there has been an extremely good time for making lots of money.   For me, those times and opportunities have been in real estate, telecommunications, and IT. 

Do we forget that things go in cycles and that when things are down, there will be an upside.  It’s all a part of the cycle.   Let’s look on the bright side.  The issues of today’s economy provides opportunities.  As real estate investors, we have the opportunity to buy at great discounts and at low interest rates.  We can help people turn their lives around by saving them from foreclosure.  Then one day, it will change yet again; and we’ll be enjoying the upside of the economy and the cycle.  We’ll just have to make that mental shift to seek and find what works in that market. 

The struggle most people have is how to respond when there is a downturn.  It’s human nature to become set in our ways.  Just when things seemed like they were working right, along comes a change and being the human creatures that we are, we resist.   What we resist persists!  When there’s a bust, stop resisting.  Let go of “what was” and look for for the “needs” in the current market.   Open your mind to what else is available.   You never know what you will find -you might find your true passion, a new way of doing business, a new business all together -who knows what you will find.  It may even be better than your original plan.    Seek and ye will find -even in a downturn.  It is often simply a matter of changing your mindset. 

WSBTV has a great article from Business Week on their site.  The article tells us why booms and busts are good for the economy in the long run.

http://www.wsbtv.com/money/16584252/detail.html

 

Largest increases in metro Atlanta home prices

WSBTV reported on Friday that housing values rose sharply in a number of areas in Atlanta between 2006 and 2007.  The Atlanta Journal -Constitution’s website offers a report providing the data on the areas with the largest increases. http://projects.ajchomefinder.com/atlanta-home-sales-report/ziplisting/-diff_price/

Of course, there were also areas with sharp declines in value. The areas with the largest decline in value were those hard hit by foreclosures.