Bob Ramseur NCREEA Presentation

by Brian Pate

CARY,NC- Bob Ramseur, Vice Chairman of the NC Real Estate Commission and a partner at Ragsdale Liggett, did a presentation to NCREEA members and other instructors in Cary, NC on March 23, 2017.

In the vain of David Letterman’s Top Ten Lists, here are the top 10 things that Realtors do that cause issues with closings:

 

10. Having contract terms that do not comply with lending guidelines (ex: seller credit to the buyer)

9. Failure to have a “plan B.”  ex: Having a closing on Friday afternoon at 4pm and the buyers expect to move in before the weekend.

8. Submitting invoices to the closing attorney at the last minute.

7. Failure to allow sufficient time foe Due Diligence and Closing. (ex: It can take 3 weeks to get an appraiser out to a property so don’t do a 21 day Due Diligence.)

6. Ineffective communication with the closing attorney.  Agents often call on the phone and say, “I will email that to you in a minute,” and the email never comes.

5. Carelessness in drafting the contract. (ex: Listing the buyer as Betty Sue when her name is Elizabeth Suzanne)

4. Failure to send information to the closing attorney securely.  (Ramseur recommends a secure server for Realtors if possible)

3. Failure to properly review the closing statement with clients.  (ex: agents calling after the sale has been recorded to note an inaccurate commission split)

2. Not being an active participant in the closing process.  Don’t assume the attorney has everything under control.

1. Failure of the agents to properly fill out and complete the buyer/seller information sheets in a timely manner.