If the best you can ask is “How’s the loan coming along?”, I suggest you don’t even bother making the call.To learn what it takes to be a successful real estate agent or to get your real estate business back on track, check out Candy’s new book, “The Reality of Real Estate – The Essential Guide to Planning, Managing and Growing Your Real Estate Business.” Available on Amazon now! Candy, “The Real-Life Realtor”, coaches, mentors and trains new and experienced real estate agents to transform their business by mastering her proven systems for success. In 2016, Inman News named Candy Miles-Crocker as one of the Top 25 Real Estate coaches in the United States. She is a firm believer in managing expectations. Her goal is to elevate the perception of real estate agents among the general public through education so every client has an amazing real estate experience. Candy’s unique training methods have shown agents what it takes to be successful! Learn more about her training program at www.RLRETraining.com or send her an email at Candy@RLRETraining.com. If you haven’t done so already, please connect with us on Twitter on Facebook, and LinkedIn.
What Not To AskOnce your seller has accepted an offer, part of your job as the listing agent is to make sure all parties involved in the transaction stay on track. If the contract allows you to contact the buyers’ lender, then you should make sure that you ask the lender the right questions. If all you ask is, “How’s the loan coming along?”, then you will never know the true status of the loan and perhaps cost your seller valuable time.
Don’t Let The Lender Blow You OffOften times the lender will try to rush you, intimidate you or fast talk you so you get off the phone quickly, without ever finding out the true status of the loan. You hang up the phone hoping that everything is okay…not the feeling you want to have. And this is assuming that you are able to talk to the lender. Sometimes they won’t even take your call. One way to avoid this situation is to get the name of the loan officer’s assistant on Day 1. I have found that the assistant or Processor is usually much easier to reach and will generally tell the truth about the status of the loan.
Ask Direct And Pointed QuestionsBut regardless of who you get to speak with, you need to ask the right questions. Here are just a few I think need to be asked:
- Has the appraisal been ordered?
- When will the Appraisal be completed?
- Has the buyer submitted all of the necessary paperwork?
- Are there any outstanding conditions?
- When will the package be sent to Underwriting?
- Have you received the documents you need from the title company?
Represent Your Seller WellIf you really want to represent your seller, make sure you have a list of prepared questions to ask. There are many more direct questions you need to ask the lender, loan officer or processor, but these few will get you started in the right direction. Be prosperous!
Enjoy less stress by having smoother transactions by implementing these simple strategies today!Sign up today for my Free Email Course, 5 Things Every New Real Estate Agent Needs to Know. Start building your real estate business on a solid foundation. Click here to get started.
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As an active Realtor licensed in three jurisdictions, I approach real estate training from a different perspective. With over 18 years in the real estate business, I teach agents what it’s really like to be a real estate agent.