Previously, I wrote about having your offer accepted. In that article, I touched on some of the major items that you will need to keep up with, such as inspections and appraisals. There are however a whole host of other things that you need to keep up with as well. In fact getting to the closing table can sometimes be like trying to herd cats.
Real estate transactions involve several players. Each player has their own role to play in you having a successful closing. There is your attorney, the seller’s attorney, each attorney’s assistant, the lender, the lender’s assistant, the appraiser, the title searcher, the insurance agent, the bank inspector, the termite inspector, etc., etc.
Keeping up with all of this can be a challenge. But, if you want to close on your deal by the date defined in your contract, it is in your best interest to make sure all of these players work together. In other words, get used to herding cats.
Many of these players are swamped with other projects and real estate deals. Yours can easily get lost in the shuffle. I have not seen a real estate attorney’s office yet that was not stacked floor to ceiling with files. So you have to protect your interest in getting the deal done. No one else will care like you will.
What you as the smarter investor need to do is start a simple file as soon as you offer is accepted. Yes, get an old fashioned legal sized file folder, write the address of the property on the tab, and put a copy of your signed contract in the file. Then attach this Closing Information Sheet on the front cover.
This Closing Information Sheet is the one we use to keep up with our closings. It lists all the players, gives dates when things like appraisals are due and provides a checklist to make sure we do not miss anything. Feel free to download a copy of it here. You will be thankful you did. Because when herding cats, you need all the help you can get.
