Timing can certainly matter when it comes to closing real estate deals, and it’s ideal to close on homes as quickly as possible. A fast closing decreases the chances that the other party can change their mind or the home fall into foreclosure. Typically, we close on homes within one week for standard deals. If you’re finding yourself with longer closing times, consider the following tips to help you close faster.
Order title search fast
You’ll want to get right on the title search to be sure that the property does not have a lien. Contact your real estate attorney as soon as you can to get that ball rolling. Because if there is a lien on the property, having an early start affords you sufficient time to get that lien cleared.
Get an inspection quickly
Be sure that you schedule the inspection as soon as possible. Once the inspection is done, you should be able to get the inspection report within 24 to 48 hours. Don’t be afraid to ask the inspector just how fast they can get it to you, as time is of the essence.
When talking to a motivated seller, use the scripts that provided in our training to negotiate and seal the deal. Then, you set the closing date as quickly as you can, rather than ask the seller when they’re going to be ready to close. You take charge and communicate directly your intent to close on the deal as soon as possible.
Not every deal will close as quickly as you want because the reality is that everything doesn’t always go as planned. However, many times things DO go as planned, so be confident when you set your closing date. Your attitude and faith in yourself can go a long way. Always let the sellers know that you are there for them should they have any concerns. Be enthusiastic and optimistic at the same time. The more deals you close, the more confident you’ll become.
Take note of closing hold-ups
If you run into something that causes a closing to be delayed, jot down what happened so you’ll be able to avoid it the next time. If you merely make a mental note, you may forget down the road, and the same delay could happen again.
I go over closing deals in detail in my courses, so you’ll have plenty of opportunities to learn the tips and tricks of closing deals with lightning speed. You’ll also learn the various things that can potentially slow down the process of closing, such as using a lender to purchase a home.
As you continue on your real estate investing journey, you’ll surely learn more about closing deals quickly. As with any business, getting experience is helpful from start to finish, and investing is no exception. Keep learning and be consistent, as it will undoubtedly pay off for you just like it has for so many others.