Coordination When Closing Real Estate

When you are buying or selling real estate, there is often several players involved in the transaction. Home inspectors, termite inspectors, appraisers, surveyors, lenders, real estate agents, buyers, sellers, renters, escrow agents, and lawyers are among some of the parties involved. It is a pretty good situation for almost everyone involved, except for the renter. For the renter, it is nothing but a hassle.

With several of the listed players involved in the transaction, the renter is going to bothered several times prior to closing to get inspections and appraisals completed. The renter has a contract that has to be honored by the new buyer, but the buyer must complete their due-diligence in order to close the property. So careful coordination needs to take place.

In my current deal on 5 units here in Belton, TX, I called the selling agent, and left a message telling him I would like to get into the property for a termite inspection. Well, unfortunately he was away for the weekend, and didn’t get my message until after we did the termite inspection. Of course, one of the renters was very angry, because it was 9 AM, and she didn’t have the place ready for company.

So the moral of this story is, try your best to get a hold of the different parties involved, and let them know what is going on, don’t just rely on one party to relay your message to the others, take personal responsibility for it. The process will go much smoother that way.

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