Important Questions Every Listing Agent Should Ask

As you know, there are many facets to the closing process. Some you can control and some you cannot. Many of the issues you cannot control on the selling side, however, can be well managed if addressed early. By asking some basic questions up front, a listing agent is the best person to initially identify some of these issues. While a few of the questions that should be asked are personal in nature, knowing the answers will allow you to help your seller (and the closing attorney) prepare for a smooth closing.

I recently learned of a new scam going on and wanted to pass this on. Several clients in other parts of Georgia have fallen victim to this. First, the buyer receives an email from his/her agent or the closing attorney with the law firm’s wiring instructions. Next, someone hacks into the law firm’s or agent’s email account and sends the buyer “updated” or “corrected” wiring instructions. I’m sure you see where this is going. Please make sure that you mention to your clients that if he/she receives an email with “updated” or “corrected” wiring instructions to contact the closing attorney by phone to verify the accuracy of the wiring instructions.

On a happier note, I want to wish you and your family a happy and safe holiday weekend. Also, I want to take this opportunity to thank everyone who has allowed me and my team to be a part of your closings this year. Wishing you a busy and prosperous 2nd half of the year!

If you have any questions regarding this post or have any other questions regarding real estate closings, trusts and estates, probate and LLC formations please call me on my cell anytime at (912) 484-1996 or email me at jgerber@brannenlaw.com (even nights and weekends).

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It goes without saying that you MUST select a great closing attorney (and staff) and real estate professional when putting together your TEAM to purchase a home. Do NOT, however, take your selection (or for realtors your lender recommendations) lightly.  The fact is a great lender can make all the difference when it comes to finalizing your TEAM.

What many people do not realize is that the lender is more than the loan officer (also known as the loan originator or the person you know at the bank that is sooooo nice). While the loan officer generally is the face of the lender in many instances and plays a critical role, there are two other components to a lender that cannot be ignored – the underwriting and closing department. Below I will briefly address the role of each of the three members of the lending team that you MUST research before selecting a lender.

One of the biggest topics surrounding real estate right now is: What the heck is going on with flood insurance premiums? Well, in 2012 the Biggert Waters Flood Reform Act (the “Act”) was passed by Congress. In part it was designed to extend the flood program five years. Why? To help eliminate closings that were being delayed because flood insurance was not available.

What also was included was a plan to bring the National Flood Insurance Program out of the doldrums and make it self-sufficient. While all that sounds great, what was never reviewed was the potential financial impact on some homeowners.

Many of the buyers I work with (not only first time home buyers) have never sent a wire. While most law firms will accept a certified, bank check for an amount less than $5,000.00, amounts exceeding $5,000.00 generally must be sent to the closing attorney’s firm by wire. While it a customary practice of mine to discuss this issue during my first phone conversation with the buyer (usually made within 48 hours of receiving a purchase and sales agreement), this is not standard practice at most closing attorneys’ offices. So no matter what closing attorney is handling the transaction, it would be a great practice to address a potential wire scenario early on. Even if you address it early on (as I do), you should also remind them of this potential issue again a week or so before the closing because (as we all know) buyers have so much on his/her mind leading up to a closing and you do not want this potentially time-sensitive issue slipping his/her mind. Let me provide you a few examples of situations your client does not want to find himself/herself in.