32: All About Closings

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It’s time we get focused on the most important event in the transaction, the closing! This is usually an exciting day when all of your hard work and the clients goals are realized. We talk about what happens at closings and how they may change in the coming years. We also cover some practical tips for tasks you can knock out while sitting at the closing table. Alissa even shares a health goal that is closing related! This episode has a few unbelievable stories and lots of information to help you prepare for your next closing. We hope this episode will be informative to agents and consumers alike!

The following is a rough transcript provided by Otter.ai.

Right. Oh my gosh, it’s so exciting. Take a deep breath. Remember, this is super low key. Oh, yeah. Don’t do. Please. This is my bad side. Just for the record. Do we switch? This is just where I sit. You know? Hi, y’all. Welcome to hustle humbly. It’s Alyssa and Katie. And we are two top producing realtors in the Baton Rouge market.

We work for two different companies where we should be competitors. But we have chosen community over competition. The goal

of our podcast is to encourage you to find your own way in business. So stop comparing yourself and start embracing your strengths.

Hi, all, it’s all about closings. This is episode 32. We’re happy to have you here to learn all about closing.

And it’s kind of nice because Katie and I just had a closing yesterday yesterday. So we can you just talk about the closing process.

I know. It’s so fresh in our mind. Well, it’s fresh in our mind with each other.

But we have lots of stories. Fun Facts. Yeah, good reminders.

I’m hoping that this episode would will work for agents, but also maybe for consumers who are just like what’s going to happen? Sure. At this closing or maybe what is it tire or the seller? Yeah, exactly. Both

are the lenders, either the title, whatever they call those people. They’re all gonna hear our point of view on closing.

I know. It’s a little nerve wracking. It is hope you don’t say anything wrong. Yeah, we’ll

see. Yeah. All right. young attorneys are involved or anything.

No attorney shall be mentioned on this episode. No Name for sure. Okay, so this was actually an episode that was requested it was. And I think it is a pretty smart topic. Because as we started to make notes on it, we had no trouble. No, there’s so many things you need to know.

Especially like you have closings, you’ve been doing it a couple years, they kind of become monotonous. And yeah, lose their excitement, there is another thing to go to, but to the person buying or selling, it’s still a big deal to them. And it’s scary. They’re so nervous. And we have to remember that even though we do this all the time, that it’s new to them. Yeah. And I struggle with that sometimes. Yeah. Like, you get busy, you’re desensitized to this closing, and then I gotta run out, and I gotta go to the next thing. And it’s, ya know, this

is a big deal to the consumer. And if you’re not making them feel special that day, yeah, it should feel special. Yeah. And if it’s a sad closing, I know, for whatever reason, I know, just have to be fully present, wherever they are. You just have to be mindful of that, too. I just had one last week, that was a sad situation. And I had to prep the title office, like, Hey, she made me emotional. I had to be, I was so glad they did the buyer part before we went in. And when they asked if we wanted to go in, I was like, It’s okay, if we wait out here, because I didn’t. It’s hard when one side of the transaction is sad. And the other is for sure. Not like happy. You know, usually the buyer is happy. Yeah, I mean, in most cases. So I think it’s good to keep that in mind when you’re like navigating the process you want to be in when I told her that I would be there with her. She was so relieved, because she thought she was going to have to navigate that closing alone. And she was nervous. Wow, I think buyers feel the same way. Yeah, when am I I’ve had buyers, you’re like, Oh, you’ll be there. And they’re so excited. I’m like, Yeah, I’m gonna be there. So why don’t you tell us who else is going to be there at a closing?

Okay, so you have the title attorney or notary? Okay, is doing the paperwork. Right. Hopefully the listing agent and the selling agent, right, hopefully, hopefully get to that buyer and the seller. And hopefully, the mortgage lender, right. That’s nice. Yeah, sometimes they come sometimes they don’t sometimes I have a parent come. Yes. Parents come. Sometimes they may have to bring their child. Back kids have had babies. Yes. Look, the room is only so big. So don’t bring everyone not a big party, but doesn’t take that long. They’re always surprised that it only takes like 45 minutes to an hour. Yeah.

And it’s going to take even less time and we’re going to talk about that later. It doesn’t take that long. Now I’ve had closings take two to three hours.

Well, you know, I have closing a little bit of closing anxiety you do? I do. I don’t particularly like closing day okay. I don’t like sitting at the table while talking with everybody. Okay, then the seller gets nervous. We’re just all waiting on copies and starts. Right don’t say the wrong don’t worry about that fan in the guest bedroom it you just have to flick the switch like three times and then the buyers is like whatever you’re like, Just be quiet. They get nervous rambling i Oh. And then sometimes no one’s really chatty and you’re just all Oh God that’s the worst sitting there. Now you have a take

on who should be chatty and when TELUS gummow I do not

think the title attorney needs to stop. They have to keep doing the paperwork and explaining what they need to explain. Yes, because you know Oh, it’s like, when people are eating, and they bring the food up to their mouth, and then they put it down and tell a story. And then they bring the food up to their mouth, and they put it down and say, and they do that like three times, and you’re like, just eat your food, right? Like when a attorney has the papers, and they’re in control of the speed of the closing. And I’m like, this just I don’t like them to drive when there’s no need for it. No, well, I can efficient title attorney,

I think there’s a fine line to I don’t want them to say nothing, because I’ve had that too. And then everyone’s just as uncomfortable. I think I want some amount of, of talking and like making people you know, to make them feel at ease. You know, let them feel like they can ask questions, but also don’t explain every word of every job when they have

at least one to two sentences to say per page. I think that is yes, you are a US citizen, please sign here. Yes. As you have allowed us to verify your credit, please sign here. I’m like, that’s perfect. Because I feel like the buyer understands without having for us to be there for so long.

Do you think that being a good title attorney in the actual actually proceeding over a closing is a skill set?

100%. Yeah. And I think in our marketplace and in all marketplaces, you know, title attorneys do wine and dine and that’s fine. But make sure whoever you decide that you choose, it’s not just because you like them, right? It’s because they are actually legit good at their job, right? Because title issues are not that common, but when they happen you need someone good. You need someone good. I

have a story for this. Okay. Well, before you tell it, I agree. I think you want a title attorney you trust I think you want if you have a chance to go back to the same one repeatedly. If you like their style, they get through the closing efficiently. They make your buyer or seller feel comfortable. Yes. And if you continue to go to the same title attorney, they will be available to you pre closing pre listing on things that might cost your client money to go to an outside attorney. I have had, you know my favorite title attorney take care of all manner of questions so many for free and taught my clients through difficult such as situations or refer them to a secession lawyer if they need it or tell them that they don’t even need that. Like you need a title attorney that you can call and ask a question. I’ve had to call and ask plenty of questions. Yeah. So before I started, I, you know, before I ever had my own closing, I went and watched closings with my broker like I saw, I would go and sit in I would be one of the people in the room. So I think that it’s good to go see one and that way you can get a feel for different attorneys to and

if you’re new some title companies will do mock clothes they do. That’s true. Go. There’s no clients there. Yeah, they go through the paperwork with you. I like that Blaine, everything that’s good to have the knowledge. Hey, tell me your story. So I was selling a friend of mines home. Okay, she had owned it for a long time before I was in real estate. And so we’re going we’re under contract and the title company who had been trying to get my business for a while, but they were handling the clothes, okay. And I haven’t I haven’t really used them much. Okay. And at first they were like, gungho really on top of things until there was a problem. Okay. They’re back, like three owners prior? Uh huh. Someone did not sign off on an acre, okay, to this house, right? And they basically told me that she did not have title insurance when she bought it. And they were treating her like, oh, well, you didn’t have title insurance. Like it was heard. Like it was her fault. And she goes, I don’t even know what title insurance is, or why I don’t have it. I have no idea what you’re talking right. You know. So we had to do it took three weeks. Oh, wow. of me trying to hunt down an air? Oh, no way. Because they were just like writing us. They were like, Oh, well, yes. Not gonna close. So. And we were kind of making progress with it. So I didn’t explore other options because I thought it was something I thought would take a few days. And three weeks later, I went, I don’t know what to do. So I met with other title company, who reviewed the file and said, we have a carrier that will insure this. And they closed it in two days. Oh, my word, but it just let me know. Like, that’s the thing when I was new, you don’t realize that there could be title complications. And you think everyone is created equal? Yeah. And like sometimes your title company has to be creative. Yeah, things work, right. I had a client one time who had a special needs child. They fell in love with this house in the Garden District. And they measured the backyard because it was very small, very small backyard to make sure that this huge trampoline would fit because they use it for her therapy. Okay. Well, in the title work, it turns out the fence encroaching on the neighbor’s property. Be by nine inches. Okay. And the neighbor was not willing to let us close with it like this and they weren’t requiring us to move. Yes, they wanted us to move the whole fence nine inches. And I don’t remember exactly what happened. But the title attorney drafted up a bunch of different options, right? One option was to purchase nine inches by 100 feet right on their neighbor’s property and move the fence. Right. Do you want to did dumb that says permission from the seller to leave all the options, but like that the times that there have been title issue? Yeah. You just need someone good in your court? For sure. You can’t just go with who serves the best party?

Or whatever. Right or? Exactly. I love a title office. Thank you. Does education. Yes. I mean, that will come and teach. And they’re, you know, into what is the current, you know, information that needs to be out there. So I think that’s important, too. Okay. I have a question. Well, we talked about who was there? Why is it important to be there as an agent?

Is this like graduation day? This is the day that everybody has been working towards, right. And this is the day that it all comes to an end. And I just think it’s important for you to be there.

Okay, I’m going to tell you a story. I’m ready. Okay, so I had a transaction that I’m gonna try and make this as brief as I can. Basically, I was the listing agent, things were seeming to go fine. Then the buyer was getting an RD rural development loan. And it was a point in time in our market where that was getting delayed a lot. Yeah. So you, if you didn’t submit it and get in line, it might add an additional 1520 30 days to your closing because the rd was so the office was so backed up, and they had to approve those files. Well, my sellers, I learned a lot. I mean, this was not the beginning of my career. But I learned a lot from this transaction. My sellers had packed it up, because we thought we were closing in like within a week. So they packed it up, they were still there. They were about to move, or like they were in the process of moving and the house where they were going, wasn’t going to be ready for two weeks. So they had arranged to stay with a friend put their stuff in storage, and then all of a sudden, three days before closing. If that, in fact, it wasn’t, it was two days before closing, I asked the agent when they were going to come do the final walkthrough. And she said, Oh, well, I mean, we’re not closing for like, but I don’t know, it’s just it just went to rd. And let me just guess, because I can’t remember, but it was backed up at least 15 days. Okay. So she said it? Well, it’s gonna be another two weeks at least. And I would if you hadn’t checked in about the final walkthrough, what was she going to tell you? That’s what I said, When were you going to tell me that we weren’t even closing in two days. So my poor lady and I said, Hey, by the way, my lady would have loved to stay in her house two extra weeks because her place isn’t ready for two weeks. But now she’s all packed up and sleeping on a friend’s couch. I’m like, this is bananas. So I’m of course upset. And we basically negotiate for the buyer to pay for the storage. Okay, so the two weeks of storage or whatever, like, let’s just say it ended up being near 500 bucks to move out and store and whatever. Okay, fine buyer will take care of it. This is where I also learned a lesson. There was an extension because the buyer needed an extension. And then there was an addendum because I needed my seller to be made whole for this travesty, right? So there was an addendum for the $500. And there was an extension, I send them both over to the agent who says they’re going to sign they only signed the extension and sent it back and I in the midst of so much didn’t even realize or notice that she only sent one back. Oh, wow. She had no intentions of having that buyer. And I don’t know

what you could have said sign the addendum and then you’ll get your extent I

exactly. I only had leverage as long as I needed to sign the extension and I should have been like and so I learned not to trust people. Do you know what I mean? Like you have to always be looking out right? So we had this yesterday. I’m like, I don’t think y’all are lying. But please sign this agenda. Because I can’t so I learned but this is this is where we get back to closing. The agent did not come to closing. When it finally happened. Not only did she not come to closing she did not send another agent or her broker. I have never got sent a client to a closing without someone from my office. Oh my gosh, someone needs to be there so she doesn’t show up. Well guess what? I see on the settlement statement that our $500 repair allowance isn’t on there. That’s supposed to go to the buyer. Yeah, well guess what? You owed me $500 And you tricked me right? So I just didn’t bring it up. No, it’s not on here. It’s it’s a benefit to my seller. Yeah, I’m letting it slide because they had agreed they just went and signed within an hour of that closing, this agent was blowing up my phone. Well, you need to give us the repair allowance. The buyer didn’t get the repair allowance. And I was like, well, you weren’t at closing, you didn’t check the settlement statement. And you said that they were gonna pay us the $500 for storage. And they did it. So it looks like a wash to me,

right? We’re breaking even here. Hey, guess what? Yeah,

but you know who last? Well, I mean, the buyer last because I mean, but really, it worked out fine. It was a wash. Yeah, it was a wash. But she was threatening to sue me. She was in I mean, I had pages of text, she wouldn’t let it and I was like, This is insane. But it could have all been avoided. On her end issue would have came to clear she got me that it didn’t it wasn’t signed, technically, my seller needed to pay the repair allowance. And I didn’t have anything in writing saying the buyer was gonna pay the 500. But that was the agreement. That was the agreement they took and they said they were gonna sign it. But either way she didn’t come to closing. So that was my you must go to closing. That’s also my you must get everything in writing. Yes, you just can’t trust. Sometimes it’s honest mistake. And sometimes people have malicious intent.

There are some agents that have the mentality that that’s not an income producing activity, like being at closing, I think that it’s crazy, stupid, like you have to be you have to be there for your clients. It’s relationship building, it’s how you get referrals,

right, and you sit there at closing the happiest day for them typically. And they tell you all the wonderful things they’re going to do about their house, and they it is you’re building that relationship on a very special day for them.

There was an agent that had been reaching out to me and was like, I want to do your numbers, I want to meet you and I want to do what you do blah, blah, blah, well, then we had a transaction together. And I was like, no wonder, wow, verbs are not so good over there. You’re just spinning your wheels. You’re not paying any attention to your clients. So he told me see you at closing. He scheduled the final walkthrough through showing time, right? I asked him to get my lockbox. He said, Sure. Well, the buyer showed it to closing and he’s not there. And I said, Hey, is he coming? And they said, well, we don’t know. He left the key under the mat for us, so that we could do the final walkthrough. He didn’t even he didn’t even meet them there. Something came out he said something came up but you can see the look on their face. They were lost, lost, confused. Disappointed in in the agent. Yeah. Then I texted the agent was like, Hey, I guess you’re not coming to closing Did you get my lockbox? Right. What are you gonna do with that? Oh, no, I he just went and put the key under the mat. And so I had to go to the house and get the lot. It just left, uh, even if things had gone well, the whole time, which it didn’t, yeah, that would have just ended things on a bad note. And that would have eliminated the opportunity to get referrals right there. Like every transaction has the opportunity to get referrals.

Absolutely. Absolutely. Okay. So but we also haven’t talked about this we are coming at this from our Louisiana sometimes weird laws. And we call it a closing I read that can be called closing of escrow. Some people call it completion. Some people call it settlement. So in different markets, it’s called different things. So I always like when I see on TV, especially I think in California, they’re like we’re in escrow, but that’s not pending. That’s not something we say here we’re not in escrow but I did want to mention one of my pet peeves okay when people say they sold their house Oh but they just got it under contract yes

like your your your offers been accepted and they’re like pelsall

Yeah, they put it all over social media my household I’m like until you go to that closing and everyone signs and you hand keys to each other that house is not sold I mean someone could die


a lot can happen so I mean like that actually. Last inspections appraisal right you bought a car loan no longer approved I mean like you cannot say you sold your house but I think it’s like an honest the consumer doesn’t know the difference I know but I’m always nervous I’m like oh my gosh do not go post on social media that you sold your house because then what are we gonna do if it goes back on the market right just confusing jacketing also you are selling your house a house is for sale and then I you’ll see some posts where they use the terminology sale wrong what I’ve never heard is oh my gosh, I’ll go find one for you later but either way Pete What did you say no. The word sale and sell using them interchangeably.

Oh like my house is for sale like I am selling a house but I’m no you’re just selling a house major coming out with you. Like it bothers me but sold is really about you gotta cook go to closing. Yeah. Okay. I have a note in here about why it’s important to choose your title company. Okay. And I think that the beamer either you want to try and choose it either way. Yes. Okay buyer or the seller.

I love it. How do you handle that agent?

Okay. I have become more listing heavy every year. In the business, less buyers, more listing, right, just this the natural progression of how things work typically. Yeah. And I’m at the mercy right of the lender. Yeah. Who I didn’t get to pick. Yeah, the title company. And yeah, the other agent. Yeah, some are good. Some are bad agree. So if I can’t control who the lender is right, and I can’t control, the other agent is right, in every single counteroffer that I have, as a listing agent, I put closing to take place at ABC rial, whatever it is, yeah, whatever title, whatever. Because I need to have some skin in

the game, right? So you can find out what’s really going on. So if the lender goes in

my day, and the agent isn’t giving me updates, maybe the lender receiving a call from an attorney asking for an update, right? Well, when I need to know that I have an attorney in my, in my What do you call Hornet corner in your corner, I need an attorney in my corner that if things go radio, silence, they are also yelling for updates. And that’s good. But that’s really like as a listing agent, that’s really the only piece you can control. So you only do

that though, if you’re writing a counter. If you’re accepting an offer as written, do you go to the length of

can’t think of the last time I accepted, but I guess if that was the only thing? Yeah. It depends on who the other agent is and who the lender is. Okay, I haven’t heard of either. We might counter just that. Just that it’s fair, or have the discussion. Like I may ask the agent. Hey, do you mind if we close here? You know, so yeah, it’s just the only thing I can do that gives me some control over the transaction. I like that.

It makes sense to Yeah, you need somebody who’s gonna help you out.

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Well, I the hardest part of being listing heavy is when deals fall through or when things go south and just those phone call sellers and I have been through too many poor lenders and poor agents, poor buyer’s agents that they don’t do a good job and we don’t that the pre approval letter actually meant nothing yeah. Oh yeah. And the buyer’s agent has their job and drop the ball and I have to make the devastating phone call so at least I need someone yeah to help me monitor it so I don’t feel so alone representing the seller. Yeah, not that that title is good. The title company does not represent buyer or seller. They don’t represent anybody they just they represent the bank. Yes, they’re just there to do the close. Yeah, but it’s nice having someone you can call and say Have you received the documents? Well, they’re trying

to get to the same goal you are which is close the sale right? They gotta do it. Okay, I want to talk about when you do close like when do you close if you’re writing an offer what is like a standard you would say 30 days right? I tried to do 30 days yeah, okay, if it’s a different type of loan is there any time when you are some situation you might do more so before

I ever even write an offer I email the lender asking for estimated closing costs at total monthly note at that price and what I should put if 30 days is okay for closing majority like that time they they send me all that information at once so when I write the offer I know how much to ask for in closing. Yeah, that’s what the closing date should be. Okay, what about a cash buyer? Do you do it shorter? Yes. I tried to do 12 days.

Yeah, so like a title company and a closing can be You handled in that amount of time? Yeah, I

think one thing they told me they need like for four to five days. Yeah. business days. That’s not bad.

Okay, that’s good to know. The other thing I wanted to mention is when I started selling real estate TRID and the laws with the three day Closing Disclosure didn’t existing

so great. I guess it’s national, I think, yes. The federal law.

Yeah. So I mean, I don’t know how it’s imposed in other places, but you could get to the day of closing and then all of a sudden, they would be like, Oh, no, not gonna close

before TRID. There are too many times where at the closing table, we were sitting there for hours waiting on lender docks or final Yeah, it was crazy to operate it.

We first when it started, I think because change is hard.

And three day a three day wait, period, that’s gonna make closings take longer, but no, it just makes you meet your deadline,

right? And if I know three days in advance, there’s a problem. Guess what, maybe I didn’t move to the you know, somewhere else or right, pack up the truck and wait, think I’m closing the next day. I’ve had clients before who had to leave all their stuff in the truck and go stay in a hotel over the week? Or like, what are they going to do pay for storage? It’s just crazy. I love trip. I love it too. I

think great things go smoother for everybody.

I agree. It’s just getting it done. So you can’t procrastinate. Yes, lenders have to get it done real

estate a few years ago, there was no three day waiting period, you could just clear to close. How fast can you get to it? Yeah, go that day, that day. And now the federal law requires you to have a 72 hour waiting period after your buyer signs that your buyer has reviewed the Closing Disclosure. Yeah, we have to wait three days. And it has been

amazing. It’s great. They do count Saturday as a business day. Oh, good. So I didn’t know that. Yeah, in some lenders, I’ve seen lenders who had a handy little chart that would say if you got your closing disclosure, your CD on X day, then you can close on this day. So if you’ve got it on Tuesday, you can close on Friday, or whatever it is. But it is so nice. That is nice. Very helpful. Okay. Well, so that’s a change that’s happened in the closings, what what else do you think and see is the future of a closing?

Well, just yesterday at Rs, majority of the documents had already been signed electronically, because that’s right. Oh,

well. So what was cracking me up, though? It was like the first one of the first times the lender had used that system. So my buyers were telling me, oh, well, I mean, this can’t be that much. Right? We signed all that stuff online. And I’m thinking in my head, well, you signed like your closing disclosure, but that’s not everything. I’m like, girl, you better get your pin ready. You gotta sign a whole bunch of flash. And she was like, Oh, my gosh, really? Okay. Well, when we sit down and the lender was there, the lender showed up after the title attorney had started. So he was going through all these printed documents that had their E sign signature on it and making them sign their names next to it.

You didn’t realize that and rely on it. Yeah, well,

because it was a new thing. So the so the lender when she showed up, she’s like, Well, wait a minute, you don’t need to do all that. And so then he stopped. But it was it was cracking me up because they had signed 66 pages online like that morning or the day before. Oh, my God, they had just done it. This is why it’s important. I think we’ll be there. Yeah, I think they had done it that morning. But the point is closing is going to shrink in time. And then it’s somewhere down the road, it will go away completely and you’ll a sigh You know everything how crazy I know. Isn’t that strange?

Are they you? The transition may be that you still have to video like conference. Okay, like a sky something. Yeah. But that’s still wonder how long until it’s all electronic? And there is no I know.

It’s very interesting. Very, I would miss the closing a little bit. Yeah, I mean, like you said, building that relationship.

So when I realized how much I was not enjoying the closing table, which is horrible to say, I don’t know why on this way. I think it’s that I found I didn’t like just sitting there. You want to be doing something even more efficient. So I started doing things at the closing table. Okay, what? Okay, I

might have an opinion on this. What type of things are you doing?

I put them in my database. Okay. You’re like using your phone kind of on the deal? Yeah, while they’re signing? Look, making sure I have the legal address that’s on the closing papers in my database. Now, I might even say, pull up my phone and say okay, I need to add it to my database. No, I’m not like playing on Instagram while you’re, I’m at work related to you. And then I just mark yes. And then I update I have a list of all my pendings lead it okay. And I move it over to close love it. And is that in Trello that you’re doing that? Yes. Love it. So I do that I move it I have closed and then I’m okay I don’t do this. But somebody told me that they did this and I thought it would be a good idea. But anyways, at the closing table, they bring an envelope with a stamp and they at the closing table, address it to their client and they make a copy of the Closing Disclosure and they Mail all the documents January 5 and say yeah me this for your tax write well right so if you do it at every closing Yeah, it doesn’t take you don’t there is no like building Hall you’re not building up a big task. Okay, you’re gonna laugh at this what? At every closing because I Okay so last year I realized so 90 closings, my goal is to drink one bottle of water at every single closing it’s a health goal health goal connected. I love that because think about it if you have 30 closings a year you drink 30 bottles of water that you wouldn’t have otherwise, right? I mean, I always do drink the water. That is amazing. Okay, buddy health

and business.

I just needed to make better use of my time. Like if I’m trapped here for an hour I’m gonna drink a bottle of water bottle water a date, my date my database check a few things off the list for this transact. That’s great. Yeah, I

tried to you know, okay, I typically bring a client survey with me that I let them fill in like their, you know, how do you want to be contacted birthdays or stuff that maybe I don’t know yet. Sometimes I find I already have most of it. So I don’t really need a lot. But I also have at the bottom, if they want to write their testimonial, then they can put it on the back. And then I type it up for them and send it in an email later so that they can post it on Zillow or realtor.com or Facebook or whatever. Wow, I also have that digital like in an email template where after closing, I send it to them and say, well, if they didn’t write the testimonial on the paper,

or awkward if they didn’t write anything on the paper when I was like, hey, here they talk.

Look, no one has ever come to closing with me real mad.

No, but I just mean that. Like, if they’re like distracted

and doing stuff and they write most of it. I’m like, hey, I can also email you for that testimonial. And they’ll be like, Okay, great. That would work. Oh my God. It’s not like weird. I’m like, right now you must do this. But um,

lenders have that in their packet. I

know. It’s a little awkward. I agree. Okay, what do you as an agent, bring the closing the deposit check. And

my phone. And that’s it. Yeah,

you bring a gift.

Oh, yeah. I’m sorry. I forgot about that.

i Yes. Okay. The gift. I bring the survey sometimes a termite certificate if my it’s been emailed, see, but I just started getting them an email. If I’ve gotten one where it was like at the

but wasn’t emailed. You have to scan it to the lender. So they have Yes.

Okay. Well, I used to bring it. Yeah, sometimes I still bring it deposit checks important. What is the buyer bringing with them?

Id updated form of ID I remind them to do that their cashier’s check made out to the title company. Okay. That’s it. That’s it. Right. Pretty easy.

I had to remind them about the ID because I have had someone show up with an expired license, and we kind of had to like, please help us home. Yeah. And like the title company was kind of like, Ooh, you know, you got to have a

current ID right. We can’t just let anybody buy

a house. We made it through the seller. What’s

the seller bringing? Key keys garage door open? Uh huh. Storage shaky? Oh, yeah. All the cool muskies Yeah. All the keys. Oh, like, pass cards to like a gate or the, you know, facility contact information? Yeah. Um, alarm code.

Like if you’ve got a burglar alarm. You gotta know what that number is? Yeah, yeah, she’s garage door openers. I laugh when I get in purchase agreement where the agent writes in garage openers so much. I think it’s because they’ve been burned before and they’ll put in two because I think also this will happen the seller will show up with one and be like, I don’t know where the other one is. We program the other car. Never use your own car. But oh, here are things that have to stay in the house that have had sellers had to go get like the gas key for the fireplace.

Oh my gosh, someone took that? I guess not. I

think sometimes it just happens on accident, you know? Yeah. All right. Well, you gotta leave that behind. And your garage openers.

Okay, you know, in our templates, we have a template for preparing for closure that goes to seller, buyer. But I like that one because it’s just all the things that you have to do and think about leading up to closing Yes. For any utilities right during your mailbox. Yeah. And I asked my sellers, please write a note to the new buyers. If you know your neighbors share the names that are with them. And also like who does your yard maybe they need a recommendation. Who does do you have housekeeper and I love that pertains to the house that might be helpful. Yeah, I just asked them to write it all down. I’ve had sellers who had to give pool school. Oh, yeah. The buyers never had a pool. Yeah, yeah. It’s like when you’re let me show let me do pool school. That’s awesome. So sometimes you got to do that during the final walkthrough because you really need to see that in person. Yeah. Okay. Okay, that

brings up final walkthroughs. Okay, I think this is kind of hand in hand with your closing. When do you do your final walkthrough?

I try to do it within 24 hours agree.

I want to make sure they’ve moved out because it’s very be difficult to do it well,

with stuff stop. It should be better to do it 48 hours because Oh, you go right before closing and they’re not moved out. What are you going to do? This is

the problem. This is where we have problems. Yeah. And I’ve also had some issues where if there’s a long list of repairs or something that if I haven’t received all the receipts, you know, a good five days before closing, I might have to do a double walk. Like, I gotta make sure these repairs are done. And then we’re going to come back when you’re moved out and just make sure everything’s kosher. Yes. What do you check for on a walkthrough?

I check repairs. Yep. Make sure utilities are on water. Yep. Electricity. Yeah, gas, right. If it’s not on, you just kind of have to figure out what you want to do with Yeah. I just walked through, make sure nothing was damaged in the move out.

Yeah, I usually still flush a toilet and run some sinks and just check underneath make sure nothing’s leaking. Especially if the seller has been out for a few days. something could have happened while they weren’t there. Yeah.

What else do you check, but that’s why I like to negotiate things with money. I know because they could show up and be like, well, we don’t like how they fix this.

That’s exactly what I’m saying. I don’t like it. A repair allowance is far superior than the seller actually doing repairs

on both sides. Yes. Then they can control the buyer, the new owner can control how they want to change their house. Yes,

for sure. I think that’s true. So definitely when you walk through, want to check things. I have a walkthrough story. Okay. It linked Atlanta about yesterday. Do you want me to tell a story about yesterday? Okay. You can No, I don’t. This is now I’m telling about okay. So yesterday was fine for the record people? Yeah. I, we had a, I had a buyer, okay, with a particularly difficult seller just hadn’t been very nice during the transaction. I mean, to the point of was, like present during the inspection, and almost with lettuce come inside. Like, it was just really weird. And I don’t know why they were moving. And I didn’t know a lot about them, but they were just not happy. Okay. Well, on the day of closing, we are going for the final walkthrough because they did not get out anytime before that. So we were pretty much forced to do it then. Well, when we showed up, the pool was green. Oh, no, it was green. It stopped maintaining and the agent was present at the walkthrough. I don’t know if he was just coming in as lockbox or if he just knew there was going to be trouble, but he was there. And he didn’t stop maintaining it. The pool pump had broken and he had to order a part. And the part didn’t come in until the date or a couple of the day or a couple of days before tricky and he repaired it. However, it hadn’t been repaired long enough. And you know, like chemicals or whatever they needed to do to get the pool that to blue and clean. Right? Well, first of all, we were never told that the pool pump broke. So we probably price we probably could have avoided some of this if three days prior or a week or whenever it step. Hey, listen, the pool pump has broken we had to order apart. It’s going to come in just wanted to keep you you know where the situation. Well, we’re surprised by this green pool. And I’m like and the buyers like I’m not buying this house with the broken pool and I’m and of course the agents there say no worries, no worries, man. It’s clean. It’s gonna be fine. It’s it’s fixed now. Okay, we got the part pools fixed and like, but we don’t know that it’s fixed because we can’t see that it’s working properly, because it’s great pool is green. And the agent got kind of feisty with it was like, Well, you’re not buying pool water. You’re buying this house. And I’m like in this pool like, I’m like you’re not buying pool water doesn’t matter what color the water is. And I said I’m sorry. I am most certainly buying pool water in the appropriate condition. Just like if I showed up here and the grass was a foot tall, I would say cut the grass, you gotta cut this grass, it’s considered keeping your house maintained because in our contract in Louisiana, it says that the seller has to keep the house in the same condition as when you wrote the offer. Well, when I wrote the offer, the pool was blue. Right? So we basically hem and haw and fuss and we find a the pool inspector who had come say he would come and clean it and make sure to shock it and get it right. And he felt confident it would be okay for 250 bucks. Great. So basically were like the seller needs to pay the $250 for us to get the pool clean or a will or else we’ll just wait and close once it turns blue. Sure. Well, the seller couldn’t wait because they were buying another house that day. So we had all the leverage. And I’m like, Hey, we don’t mind waiting. Yeah, we’ll wait until Monday when the pool is clean. You need you need

the word of the professional. Not the seller. Yeah, the listing agent. If it’s a pool issue, you need the pool guy to tell you the pool is fine, right? So I’m like, Look, here’s good news.

We’ll we’ll close today but we want the $250 to have the pool guy come back and take a look at it and we want to write an addendum that says if something is found wrong with the pool, the seller is going to remedy it. Okay? So begrudgingly they agree. But the seller was only willing to pay 200 of the 250 and I looked at the guy I’m not kidding, she just told him it was 300 baht buyer walks away He was on the phone with his wife. He’s like so upset. I looked at that agent and I said, you will pay the $50 or we’re gonna figure out he’s like, Well, I’m like, Fine, I will split but see my buyer did not want me to pay a penny towards it right? And I said, look fine, I’ll split the $50 with you, but we’re not going to tell the buyer that I’m paying this 25 bucks. Wow, this is the craziest closing I ever one of the craziest ones I’ve ever had. So okay, we’ve got the 250 the buyers feeling fine about it. I’m like bring cash to closing for this money for the pool. They show up we do our part first because it’s by on the buyer and the title attorney who I had a relationship with which I’m so happy knew the story knew what was going on and that there was some animosity happening here and that we have this crazy pool story. So when the I said he’s supposed to be giving us $250 And the title attorney said don’t worry, I got this. So he goes out. He goes to get the money. He brings it in he brings this seller in and the seller refuses to shake my buyers hand oh my

god it was so over it bizarre silly over the pool was green. Like it wasn’t even like we said oh you know something nitpicky like yeah, me and this there’s touch up paint that needs it was like oh, it was green. Yeah. Like how do we know if it’s okay, that’s a big expense. That was a crazy closing before he brought in the seller. The attorney though did put my buyers mind at ease a little and I was cracking up he was telling a story of a fistfight that had broken out during a closing all my for real. Yeah. Wow. So I guess it can get kind of tense? Yeah, it certainly can. I’ve seven I’ve certainly had you know, closings where we did not see each other at all.

No, I’ve been in separate rooms. Hey, that’s a good tip. Guys, if you have a really bad situation, just do it in separate rooms. It’s not a big deal. And I think in some states, they always do it in separate rooms. It’s not an option to sit together. Now. I I think we both agree. We like the sitting together so they can ask the seller some questions. You can you know, get the keys and kind of it’s nice for everyone to have like a clean break and be like, I’m leaving. And you know, it’s emotional. Yeah. So I think that’s good.

So closing is over. About what? Well, before you go,

I want you to tell everyone what you give as a closing gift because agents love to get ideas on this.

If it’s the seller, uh huh. And it’s a happy closing they loved the house or not. I hate the house. Get rid of it. I get the professional pictures in a book. I love this. I get it done at Walgreens. Oh yeah,

I lost about $15 Oh really nice. Really? You brought one yesterday? Yeah. And it has all of their perfect because the house looks the best on picture day no doubt and they it’s why not do something with these pictures up for so I have another so I have a listing right now where it’s a succession and this was her mom’s house. Yeah, I’m doing it for her so she’s gonna love ah, you know, I think

that’s a great gift for a seller and I’m always confused when a seller especially when they’re not necessarily happy Yeah, can I bring champagne?

Yeah, no, I just feel like this is something they can keep I like to investment Yeah, remember it they’ll say my realtor gave it to me it’s it’s on the coffee table or on a bookshelf like That’s cute. Yeah. And then it’s just fun to give and then if they are a buyer they get a like painted or drawn picture of the house a new headline anyone on Etsy or something that

will Yeah, that my favorite buyer gift is the return address stamp. I love that you so you it’s when it’s when you give it to them. It’s the whole stamp and it stamps the words thank you and there’s a code inside of it and then they get on the website and they pick whatever they want the return address to say whatever font whatever they want their initial article name or they just enter it and then they in the mail it’s gonna come and they just switch out the part of the stamp and then there they go. That’s cool. Stamp it up. Yeah, I love that’s a good one it

usually is well received I just don’t want to try to think and be creative and every time it’s hard I just need to go to Yeah,

I agree because I keep them like in my house well now yours you’re gonna have to do per like a transaction if

it’s a landlord selling one of his 50 rental property and I don’t do anything I don’t I don’t either for all sellers I write them a thank you note always Yeah, everyone gets everybody needs to thank you that’s a great segue What do you do after closing they get a after closing email Okay, reminding them of all the things they were told at Homestead Exemption changer because this will probably be the third time I’ve told them these things Yeah, then leading up right we discussed at the closing table and here’s just your reminder to transfer that termite certificate to your name. I asked them I say you know I hope that you had a good great experience I loved working with you if you have any friends or family I promise to you know treat them like family and do a great job for them love it appreciate your girls and then please leave a review on this website. I like it. I did I get it they also get a thank you note in the mail. Yes, everyone gets a note and then they’re added to my database. Yeah, and I firm request them on social media. Okay, but you don’t do that prior to closing No, I wait in till we’re done closing, okay. And then, um, unless I, we did not mesh well, and I don’t want to put them in my database, then I don’t then I don’t that and I I just let it go. And we’ve said that before. Yeah, not every producer will send the thank you note. Yes, yeah. Oh, another thing I do is if say their aunt or their mom or their dad or their friend came, I asked them for Hey, can you send me your mom’s address? I wanted to send her a thank you note. Yeah, they send it to my like that I add mom to database. Mom gets a note saying you must be so proud of Sarah for buying her first. Yo. Thank you so much for coming to the house and seeing it before closing I know your opinion meant so much to her. I love that. Lots of praise. Love it and it has a business. If there’s anything I can do for you. Please let me know. Yeah. Business Card. Love it. Mom is in my database. Yeah, it’s Christmas cards and Mayflower just have her address.

Do you need an email in your database or that’s not important? Yeah. You just want the street address? Yeah, but yeah, I think that’s good. Oh, that’s great. That’s a good tip.

Anybody that anyone that came anybody that came love it gets the boss. I’ve had bosses comms Yes.

There is a post closing practice that I like that I wish I implemented more sometimes. I’ll get a thank you note from the CO opting realtor.

Oh, I do that. Did you get my like that? Oh, it’s too late. Nevermind. We just close yesterday. You’re gonna get one.

I haven’t received it yet. Alyssa. I forgot. I am anxiously awaiting my thank you. Now you’ll have to tell me what you think. Am I stationary? I can’t wait to see it. Yeah, so I like that practices good. post closing. Okay, if it’s my listing, sometimes in my postcard series, I’m sending a postcard to the neighborhood. It just kind of depends on if I’m doing that. I used to do that. And I think I just I haven’t done in a while. I

know. Well, we used to have it automatic. Oh, yeah. Not and I see no. Yeah. Okay. Now if you if I’m like, trying to if I sold a couple in that neighborhood, maybe? Yeah, but Okay, great. So we didn’t really talk about yet the fact that things have gone electronically in like the mortgage side. Okay. So there’s two, two things to this. Okay. One is that back then, like your mortgage was like in a vault at the bank? Oh, that is what determined what you owed. Okay. And there was a bank robber in the 1930s. His name was Charles Arthur Floyd, also known as pretty boy. And he robbed the bank. Okay, and burn the vault that had the mortgages and everyone own their house. Everybody own their house, and he was celebrated as like the Robin Hood. I was just trying

to burn up every baby. I don’t know. Lee smokes. That’s amazing. Yeah.

But it kind of made me think of wire fraud. And I know we’ve heard enough about this in our industry. But they were saying okay, if you had to guess how much do you think a bank robber makes? On average? When they go in and try to rob a bank? You would think it would be like a ton 10 ton because but really high? Can you get $200,000.07 7000? The average bank robber makes off with $7,000 You can’t even hardly get out of the country. I know. How much do you think they make on wire fraud? Oh, God million average. Okay, on $100,000 137,000. Okay, so how much more lucrative? Is it to do wire fraud and sit at home on your pajamas and steal money from people on the internet? Well,

you know, I like to work in my pajamas. Yeah.

So wire fraud is like the new version of bank robbing.

Oh my gosh, it is really nerve racking. If you’re a consumer and listening to this, be sure that you talk to your title company, maybe in person I think is best. If you have to do a wire transfer, it’s fine. Just go in and fill out all your info because you honestly don’t have to give them your wire instructions until the closing table, right? So there’s no reason why you need to be emailing that just whatever you do never even say the word wire in an email.

Just don’t do it. And that is our PSA. Okay. That is really interesting. Yes. Okay. All right.

Well, you know what I think we should do for a toast today. But I want to toast Do you want to host a title attorney? Can we do that? Why not? Okay. I mean, do you want to not say a name, you want to say name

and we’ll just leave companies out.

I think that’s fine.

It’ll be a great person.

Well, I agree. I think we’re thinking of the same person have to be and and we know that that maybe she’s a good supporter of the podcast. She’s a fan. She’s a fan. Yeah. Okay, let’s do it. Okay, say it.

Nikki Besian.

Yay, Nikki, love you. You take good care of us.

She’s so smart. She

always answers my questions. She’s super smart. She’s great with clients. And she does an awesome job as a title attorney she does so if you need to learn about how to be a good title attorney, go to one of her closings? Very good. Okay. Cheers, Nikki.

Cheers to Nikki.

Yay. All right. Bye friends.

Thank you so much for tuning in to the hustle humbly podcast. Let us know who we should toast to for the next time. episode be sure to follow

us on Facebook and Instagram at hustle humbly podcast. If you have an episode topic or question please email us at hustle humbly podcast@gmail.com Be sure

to subscribe to the podcast and leave a review. See you next week. Bye. This is the goodbye

Two Realtors fostering community over competition through light-hearted conversations.



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