12 STEPS TO THE CLOSING TABLE AND THE BIG CHECK KATHY KENNEBROOK 1. Make sure you get a big enough deposit from your buyer so they 3. Follow up with the loan have some real dollars invested in the deal. Even if they are going for processor to make sure the one hundred percent financing I still get as much as I can in order to appraisal has been ordered secure the deal better. If your buyer puts down a larger deposit they and that the other parts of the are usually more committed to going through with the closing, so this closing are moving along. is a requirement for me. I won’t even consider a deposit less than Many times your title agent or $1,000.00, but I always try for as much as I can get. The higher dollar your Realtor or your sales the property is, the more deposit I require. person will do this for you, after all they want to get paid 2. Make sure that the lender or the mortgage broker orders credit and too. Make sure they have an appraisal on the property immediately. Usually, I will not consider a everything they need from buyer who has not already been prequalified, so usually the credit the buyer regarding loan check has already been done. Many lenders will try to wait until they documentation. get the contracts and other paperwork in before ordering the appraisal. This is a nono. If you wait on the appraisal, it can hold up 4. Follow up and make sure your closing by two to three weeks. Plus, if this buyer doesn’t end up that title work has also been buying the property, the appraisal can be used for the next buyer. started. You want to make Most appraisals are good for six months and now you have an sure that everything is done in appraisal that has already been paid for. a timely matter so that there are no holdups when you go to close. Every once in awhile you may discover some small glitch in the title work that needs to be addressed, such as a deed that wasn’t done correctly. There would need to be an additional quit claim deed done to correct the mistake. Make sure the title agent understands the contract paperwork and what entity the funds are to be paid to. You also want to make sure they do the 1099 correctly so the right entity gets taxed.