Helpful Tasks Your Real Estate Transaction Coordinator Can Help You With
As a real estate agent you know your main job function is to work with clients and help them find a property that fits their needs and assist them in the purchase process. Because you spend such a large amount of time talking with your clients, touring through homes, and driving around town to and from appointments, one of the last things you want to worry about is all the computer and paperwork that needs to be completed to manage your real estate business.
However, you can hire a transaction coordination service to help you handle all the busy work and paperwork that goes on behind the scenes of working with clients. Here are some ways a real estate transaction coordination service can help you.
Manage All the Transaction Deadlines
When you help a client submit an offer to purchase a home and it is accepted, the clock immediately starts ticking on all the deadlines that you have stipulated within the contract. These deadlines can include items, such as the mortgage loan approval deadline, closing deadline, and the repair request deadline.
When you have hired a transaction coordinator to help you, they will make sure each deadline is met with the specific conditions outlined within the contract. This will ensure your buyer will not miss out on, for example, renegotiating the purchase price of the home if some problems come back from the home inspection. If any deadlines need to be extended due to extenuating circumstances, your transaction coordinator will complete the necessary addendum and make sure it is signed and submitted before the deadline ends.
Arrange For Professional Services and Repairs
Along with the importance of managing and meeting deadlines is the task of hiring professional inspections, appraisals, and needed repairs on the property before the close can take place. Your transaction coordinator will make sure that a professional inspection is called and set up to occur before the inspection deadline. If this task is not met on time, your buyer will miss out on the opportunity to have the home professionally checked out and prevents them from having the opportunity to renegotiate the purchase terms if any problems were discovered by the inspector.
The transaction coordinator will also arrange to open the escrow account for a new purchase contract agreement and deposit the earnest money into the account. This is one of the most important steps and beginning processes once a home is under contract between a buyer and seller.
To learn more about the role of transaction coordinators contact an agent near you.