There are times in a real estate transaction with people simply need to do their job, but a lot of times the buyer or even the seller is left wondering, "what's going on?".
Now, if your estate agent and lender is not communicating with you on at least a weekly basis during the process, it might be time for you to give them a call. So, how much communication should you expect from your lender and your real estate agent?
When looking for homes your real estate agent should speak to you about every couple of days and provide new listings when available. A buyers agent should be on top of all new listings that meet your search criteria and price and immediately call you or send you listings when they hit the market. Properties tend to go fast around here so it's important to schedule a showing of homes that interest you in a timely manner. But what happens once you've already made an offer? How much communication should you expect then?
There is a lot of communication and information exchange at the beginning real estate transaction. You make an offer, you expect a counter offer or acceptance of an offer, you move on to the inspection, set up inspection and get the report, negotiate any inspection issues, etc... but then things can go silent.
Once the inspection has been completed it's really time for everyone to get to work, well, everyone except for maybe the buyer. You see, here's what happens: once the main interaction has happened between the buyer and the seller and the deal is 90% assured to go through, the lender needs to finalize financing, the seller need to start packing, and the real estate agents need to keep everyone on track. A lot of times, this is a quiet time for the buyer. But it might also leave the buyer thinking, what's going on?
Read More: The Steps Just After You Make an Offer
The real estate agent should ensure the buyer that things are on track and if they are not, find out why and how the agent and/or the buyer can keep things going. Perhaps the lender is missing a piece of vital financing information, maybe escrow is having issues clearing title, or financing gets slow down in underwriting. The buyer may or may not need to do anything but simply hurry up and wait.
But, the important thing is to know that everyone is doing their job and while it might seem quiet for the buyer, rest assured that there are about five other parties working hard to get the deal done by closing time. And never hesitate to call your agent just for a little reassurance. That's what we're here for. We want to make sure that our buyers and sellers understand what's happening every step of the way. However, if there's a quiet time between inspection and closing, trust that this is what's going on were doing our best to get it closed on time.
Have more real estate questions? Is the comment below. Would love to answer anything you might need to know about Portland real estate, transactions, or getting your home sold quickly.