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The Laurex Process: Investment Selection
Closing
the Deals
By Heather Seitz and Stacy Holder
Whenever you sign a contract you get a date, a very special date, this is the day your closing is scheduled for. We mark ours on a calendar on the wall and the day looms before us, sometimes it is a week later and sometimes it is forty-five days later. One thing seems to remain consistent though, they almost NEVER happen on time and they are a big waste of time.
More often that not there will be small, but costly errors on the HUD1 and it will need to be redone, why can't we view the documents via fax in our pajamas, isn't that why we got in to real estate anyway, to have that luxury? Realtors in particular seem to have a love of closing tables, they appear to have a list of things that must happen with every deal and the last thing that needs to happen is that they gather all parties together and make them sit at the same table at the same time. I can't help but to wonder why they feel that this is necessary, especially in circumstances where maybe the buyer and the seller shouldn't meet for the personal safety of all parties involved.
Don't get me wrong, there are closings that we make it a point to go to, where
by the purchase or sell of a piece of property really is satisfying. Whether
is be saving someone from foreclosure or putting a family into a home when they
never thought they would be able to buy, there are times that being a real estate
investor just makes you feel good.
Another phenomena we have encountered is that closings do not happen on time
in South Florida, we have been held up for various reasons and you will too.
Closings can be held up for hours, days even weeks, from estoppel letters to
appraisals to title issues, once a house was even sold to someone else the day
before our closing. A great real estate investor needs to always be aware of
what is going on, do their fair share of troubleshooting and always be ready
for a challenge.
A very successful investor we have had the pleasure of learning from and working
with considers himself to be a real estate doctor, he finds what the problem
is, where the pain is coming from and he fixes it! So when the phone rings on
the day before your closing and the bad news comes follow these steps and get
moving again.
Ask Questions and identify the problem, sometimes things are held up by symptoms
of the problem, not the actual problem itself.
Find out who the decision makers are, these are the people that can lead you
on your way to the closing table. We have learned that solutions can come from
the craziest places, even the dog catcher can be your ally.
Call your team!! They are there to support you, your mentors, your support team
and other investors; these are the people who can help you.
On your closing day call in, find out your scheduled time and remember NOTHING
is solid until you are on your way to the bank or to a new house with a set of
keys.
Heather Seitz and Stacy Holder -
In our first ten months in business, we did 26 deals and continue to do between
2-5 deals each and every month applying the same techniques that we teach our
students.
We have since gone on to work with many instructors and trainers nationwide.
We are proponents of continuing our education and continue to participate in
various seminars and training events regularly, both as students and support
staff. We have taken the time to learn both sides of the seminar business and
pride ourselves on delivering educational, inspirational and motivational products
and presentations on investing and developing personal wealth.
Article Provided by:
Heather
Seitz & Stacy Holder
Real Estate Investors |
