Podcast

#22 What to Do Leading Up to The Closing Date

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Summary:

On this episode of The Most Dwanderful Real Estate Podcast Ever, Dwan tells you what you should be doing in the days leading up to the closing rather than planning out what you are going to spend the profit on. It is hard to look past the money at first, but you need to be in complete control of all parties in this transaction and make sure that everyone has their ducks in a row to avoid any delays or issues with the closing. Dwan also talks about 2 acts of kindness that she always shows to homeowners to help them get back on their feet.

Time Stamped Show Notes

  • 1:54 – Dwan is still trying to recover from all of her indulgences in New York, so she’s drinking Fortune again on this episode.
  • 4:02 – Next week is the last episode of this season! Next season will cover short sales.
  • 5:21 – If you are just finding The Most Dwanderful Real Estate Podcast Ever, go back and binge listen so you know you’re ready to close your first deal.
  • 6:36 – Last week, Dwan talked about the contracts, showing the house, and getting buyers lined up, using a title company to structure the deal. Don’t forget that joining the Dwanderful.com member site for just $1 gets you access to all of these documents as well as Wednesday’s LIVE Coaching Call.
  • 8:01 – In the days leading up to the closing, you need to control every aspect of the transaction. Learn everybody else’s job so you know what the real estate agent, title company, and investor are all supposed to be doing, and check in on them.
  • 11:13 – The majority of rehabbers use hard money lenders unless they have their own cash or line of credit, and you should ask your rehabber for the name of their hard money lender so you can call and make sure their money is lined up.
  • 14:07 – Remember: if you are not in control, this deal will fall apart.
  • 14:55 – Next, ask your rehabber about their insurance. Make sure they have set up a vacant dwelling policy at least a week before the closing date. This vacant dwelling policy is more expensive, so some rehabbers just get a homeowners policy, but this is not the right thing to do and it can end up hurting you and them.
  • 17:07 – In coastal areas that are susceptible to hurricanes, there are restrictions about when you can purchase insurance. There cannot be a hurricane in “the box”.
  • 23:22 – You also need to check with the rehabber to make sure they have switched the utilities over to their name. This is a small thing that can lead to big delays. Dwan has always paid for a moving truck for the homeowners – this ensures that they will be out of the house on time and that the house will be in broom swept condition so the rehabber can go right in. Talk to a local moving company and set up a flat rate for these moving trucks to come, load up the homeowners’ belongings, tidy up, wait while the homeowners sign their closing paperwork, and then take them to their new place.
  • 26:46 – On the morning of the closing, you should stop by the house to check on the movers and homeowners to see how they are progressing in getting packed up. If you have the homeowners and the rehabber both at the closing, keep them in separate rooms to reduce awkwardness.
  • 28:24 – The last thing that Dwan does with the homeowners is offer to pray for them and give them a speech about seeing the bigger picture in the story of their lives. She wants them to take full advantage of this fresh start and not dwell in sadness or embarrassment. Sometimes she even gives the homeowners a Bible.
  • 29:09 – Dwan describes her own foreclosure experience and talks about God’s faithfulness in turning things around for her and giving her Bill.
  • 31:50 – One more thing to keep in mind is that these homeowners likely have friends who are also struggling with foreclosure, and they are a great source of referrals for you.
  • 33:51 – Next week, Dwan will be wrapping up the season, so go back and binge listen if you need to get caught up.
  • 35:17 – If you have learned from this podcast, please share The Most Dwanderful Real Estate Podcast Ever with just one person.

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