A real estate transaction coordinator can help you with the 100 reasons a transaction goes wrong. Whether you’re a seasoned investor or a first-time homebuyer, the process can be exciting and overwhelming. Amidst the flurry of paperwork, deadlines, and negotiations, there’s a professional who can make your real estate journey smoother and more successful – the real estate transaction coordinator.

Streamlining Success

Real estate transactions encompass a labyrinth of tasks, from drafting contracts and managing disclosures to coordinating with lenders, inspectors, and appraisers. This intricate dance demands precision, organization, and time management. A real estate transaction coordinator steps onto the scene as your choreographer, orchestrating each step with finesse.

Efficiency at Its Finest

Time is money, especially in the real estate world. Agents and brokers often juggle multiple clients and deals simultaneously, leaving little room for administrative tasks. This is where a transaction coordinator shines. By delegating paperwork, document organization, and communication duties to this professional, you free up your valuable time to focus on what you do best: building relationships, negotiating deals, and showcasing properties.

A Guardian of Details

Have you ever signed a contract to realize a crucial detail was overlooked? Real estate transactions are rife with pitfalls that could lead to legal troubles or financial losses. A transaction coordinator is your guardian of details, meticulously reviewing contracts, disclosures, and documents to ensure accuracy and compliance with industry regulations.

Smooth Sailing Through Communication

Imagine a scenario where all parties – buyers, sellers, lenders, and service providers – are seamlessly connected and updated. This is the reality when a transaction coordinator takes the helm. Acting as the central communication hub, they ensure that information flows smoothly, preventing misunderstandings and delays.

Turning Risks into Peace of Mind

Real estate ventures come with inherent risks. Missing a deadline, failing to disclose information, or misplacing a document can lead to headaches and financial loss. With a transaction coordinator by your side, these risks are minimized. Their meticulous approach and adherence to legal requirements provide you with the peace of mind you deserve.

Client Satisfaction Amplified

A satisfied client is a testament to your professionalism. A transaction that unfolds seamlessly, with timely updates and minimal stress, significantly contributes to client satisfaction. A transaction coordinator enhances this experience by creating a positive and memorable journey, potentially leading to client referrals and repeat business.

Unlocking Multi-Tasking Potential

A real estate professional’s ability to handle multiple transactions is a testament to their prowess. However, juggling too much can lead to burnout or errors. Enter the transaction coordinator, who excels at multi-tasking. With their support, you can confidently manage several deals at once, each progressing smoothly under their expert guidance.

Compliance as a Cornerstone

Navigating legal and regulatory waters is crucial in real estate. A transaction coordinator ensures that every “i” is dotted and every “t” is crossed so you comply with laws and regulations. This proactive approach safeguards your reputation and business from potential legal entanglements.

Elevate Core Activities

Your core activities are the heartbeat of your real estate career – networking, prospecting, negotiating. By entrusting administrative responsibilities to a transaction coordinator, you’re positioned to excel where it truly matters. Your business growth is no longer hindered by paperwork but propelled by your expertise.

Working with FSBO’s

THE BUYER DELAY:

1. Did not tell the truth on the loan application.
2. Did not tell the truth to their agent.
3. Submits incorrect tax returns to lender.
4. Buyer floats Interest Rate with Lender & Rates Increase- Cancels Agreement
5. Makes a Large Purchase during the Loan Process or the day before Settlement. (Car, Furniture, etc.)
6. Big change in credit score during Loan Process.
7. Lacks motivation.
8. Source of down payment changes. (Gift from family changes)
9. Family members do not like purchases.
10. Is too picky regarding conditions.
11. Not Happy with Home Inspection
12. Finds another property that is a better deal
13. They are “nibblers” (Always negotiating)
14. The buyers bring in a non-real estate attorney into the picture.
15. They do not execute paperwork in a timely manner.
16. They do not deliver their money to the closing agent in a “check cleared” fashion.
17. Job change, illness, divorce, or other financial setbacks.
18. He comes up short on money.
19. Does not obtain insurance promptly.
20. Decides to Walk Away from the Purchase
21. Buyer Purchases Items a day or two before Settlement.
22. Changes to Credit Report run day Before Settlement

SELLER DELAY:

1. Loses motivation (i.e. job transfer did not go through, etc.)
2. Illness, divorce, etc.
3. It has hidden defects that are subsequently discovered.
4. Unknown defects are discovered.
5. Home inspection reveals an average amount of minor defects that the seller is unwilling-willing to repair.
6. Gets an attorney involved.
7. Removes property from premises that buyer believed was included.
8. Is unable to clear up problems or liens.
9. Last-minute solvable liens are discovered.
10. The seller did not own 100% of the property, as previously disclosed.
11. Estate or Executor problem. No Death Certificates.
12. The seller thought the partners’ signatures were “no problem,” but they were!
13. The seller leaves town without giving anyone power of attorney.
14. Seller Declares Bankruptcy during the Sale Process.
15. The seller is Underwater on their Mortgage, and can’t bring Money to Settlement.
16. The notary did not make a clear stamp when notarizing the seller’s signatures.
17. The seller delayed the projected move-out date. TITLE COMPANY DELAY
18. Fails to notify agents of unsigned or unreturned documents so that agents can cure the problems.
19. Fails to obtain information from beneficiaries, lien holders, title, insurance co., or lenders in a timely manner.
20. Docs not find liens or problems until last minute.
21. Bankruptcy or Foreclosure Clouds Title.
22. Error on Prior Deed Can’t close without preparation of a New Deed.
23. Misses a Fax Lien.
24. Prior Title was a “Quitclaim” Deed and is nor recognized in Pa.
25. Power of Attorney was not Notorized and/or is the wrong form used. Original is Lost only a Copy
26. Poor service.
27. Loses paperwork
28. TITLE CO, GOES BANKRUPT AND ALL CHECKS BOUNCE Happened to PFR Co./Agent

THE PROPERTY:

1. County will not approve Septic system or well
2. Termite report reveals substantial damage and Seller is not willing to fix
3. Home /lot size are misrepresented to size and condition
4. Home is destroyed prior to closing
5. Home does not pass township U & 0
6. Home is uninsurable do to past claims and Losses.
7. Property is incorrectly zoned
8. Portions of home site on neighbor’s property
9. Unique home and comparable properties for appraisal difficult find.

ACTS OF GOD DELAY:

1. Earthquake, tornado, fire, earth slides, 9/1 Terrorism, etc.

I appreciate the time you have spent to understand the challenging time between contract acceptance and close. I wanted you to understand these potential problems for the following reasons:

• A transaction cannot close until title company has cleared up any and all of the previously mentioned problems.
• To let you know that I have great experience in heading off these potential pitfalls and thus can hopefully make you feel more secure in that you chose the correct broker.
• To make these pitfalls clear to all the parties we are working with so that problems can be discovered early.
• To make you aware of these pitfalls so that you can warn me of any potential problems.

THE UN-COOPERATIVE AGENT:

1. Won’t return phone calls.
2. Transfers to another office.
3. Did not pre-qualify the client for motivation.
4. Goes on vacation and leaves no one to handle file.
5. Does not understand or lacks experience in the real estate market.
6. Poor people skills with buyer.
7. Gets client upset over minor points.
8. Does not communicate with their client.

INSPECTION COMPANY DELAY:

1. Too picky.
2. Inspection reports alarm buyer and sale is cancelled. 33. Inspection report infuriates seller.
3. Makes mistakes
4. Delays report

THE APPRAISAL DELAY:

1. The appraiser is not local and misunderstands the market.
2. No comparable sales available.
3. Appraiser delays (too busy, etc.)
4. Incorrect appraisal.
5. Appraisal too low
6. Second Appraisal is too Low.
7. Not Enough Comps in 3 Month Time Frame.
8. Appraisal requires too many repairs or Conditions Seller will nor Complete or Credit Buyer.

LENDER DELAY:

1. Lender docs not properly pre-qualify borrower.
2. Lender decides last minute they don’t like borrower.
3. Lender decides last minute they don’t like the property.
4. Lender wants property repaired or cleaned prior to close!
5. Lender raises rates, points, or costs.
6. Borrower does not qualify because of a late addition of information.
7. Lender requires, last minute, a re-appraisal.
8. The borrower does not like the fine print in the loan documents that we receive 3 days before close.
9. Lender loses a form or misplaces the entire file.
10. The lender does not simultaneously ask for information from the buyer, they ask or information in bits and pieces.
11. Lender pulls a “bait & switch” on the buyer.
12. Lender does not have the money, so makes up some excuse for rejecting the buyer or delaying the transaction.
13. Lets principals leave town without getting all necessary signatures.
14. Incorrect at interpreting or assuming aspects of the transaction and then passing these items on to related parties such as lenders, attorneys. buyers and sellers.
15. Too busy with RefIs to get Approval on the Due Date.
16. Loses paperwork. Incorrectly prepares paperwork.
17. Does not pass on valuable information fast enough.
18. Does not coordinate well so that many items can be done simultaneously.
19. The condo is NOT an Approved Building by the Lender. (Too Many Rental Units – Not Enough Owner Occ. Units)
20. BUYER’S LENDER GOES BANKRUPT THE DAY BEFORE CLOSING. – Three Times last year

Conclusion

In conclusion, a real estate transaction coordinator is your strategic partner, guiding you through the complex realm of real estate transactions. From efficiency and organization to risk mitigation and client satisfaction, their impact on your business is immeasurable. As you embark on your next real estate endeavor, consider enlisting the expertise of a transaction coordinator – your gateway to smoother, more successful transactions.

Http://fiercerealestatecorp.com