Friday, January 25, 2008

How to Keep Your Transaction On Track

In my last posting, I warned against some things that implode transactions. Let's take a look at some things that keep transactions on track and moving forward:

1. Follow up. My motto is "I trust everyone to do their job. I just call a lot to make sure." Follow up on your mortgage lender, the township, the contractor who is supposed to be doing your repairs, even - your REALTOR (R)! I don't like to consider it nagging, I like to consider it touching base. If you call often and early, you always have a better chance of rectifying any problems that would impede your settlement.

2. Do what you say you're going to do. If you've agreed to repair something, don't get caught up with moving and not do it. The Buyer is going to want some money for it at the table - and I guarantee it's going to be more than what you were going to spend on it. If you say you've made mortgage application, you better have done it. It's very, very easy to get caught up in packing your stuff, or picking out paint colors, but you need to get the "work" done. It doesn't matter if your heart isn't in it, and you're emotionally connected somewhere else.

3. Keep good records. Keep your Agreement of Sale handy. Keep your mortgage paperwork handy. Keep receipts for repairs handy. My advice is to start a file folder and staple some lined paper to the inside front cover. Keep a call log of the date and name of everyone you talk to and a short note on the conversation. Use email as much as possible to document. If there is a problem that crops up, you have the information on hand to take care of it.

And then it's smoooooth sailing right through the settlement.

Despair is most often the offspring of ill-preparedness
Don Williams, Jr.

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