Timeline Tips for Closing a Deal Faster?

Question

What strategies help you close deals more efficiently?

I’m trying to streamline my workflow and would appreciate any insights on speeding up inspections, appraisals, or underwriting steps.

Kevin Sobilo · Answer

@Michael Santeusanio, you can make it go faster by overlapping them.

Generally, the process starts with inspections. That step is first because it is the most likely to cause an issue and cause the deal to go south. After that the appraisal, followed by the title search.

The loan application and underwriting goes on behind the scenes but isn't on the critical path to getting you to closing until the final days.

If you are willing to risk a little money, you can do inspections, appraisal and even the title search all at once. However realize if the deal falls apart you will have spent more money this way because you did all of these things before the deal fell apart.

On a separate note, why do you want to close faster? Depending on your strategy you may have other work to do during this time. For example, if you are doing a BRRRR or flip you might be developing your scope of work, getting quotes for work, etc etc. That is time well spent, not time wasted and doing it BEFORE closing is more efficient because you aren't paying any interest on money before closing.