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I’ve got an exciting announcement to make today. I’ve joined a new company!
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Red and blue were the colors that everyone became sensitive to in 2016 because of the election and politics. In a non-political sense, they represent something else for us. We are transitioning from the blue of Coldwell Banker to the red of Keller Williams.
After much thought, I’ve decided to join Keller Williams right here in Pittsburgh. KW has a growing network both nationally and internationally of more than 150,000 agents.
This office alone has grown 54% in just two years. They offer exceptional training here at the office and remotely.
I am excited to join Keller Williams.
They have a full-time commercial division based right here in the city and the flexibility for agents to rewrite contracts and tailor them to the individual needs of the client. I have my own private office too where you can come in and discuss sensitive financial information privately without being interrupted or overheard by others.
As I move, I hope to see you in the coming year to get reacquainted. If we haven't met, I’d love to get together as well. If you have any questions at all or want to set up a meeting to talk real estate, give me a call or send me an email. I look forward to hearing from you!
Have you ever heard of someone in a real estate transaction being referred to as the processor? Who is this person? What do they actually do?
You can think of the processor as the coordinator of the transaction. They’re the ones who keep all the parties involved when getting a loan to closing. They make sure those parties interact with each other and that all information is accurate and ready for the lender. A more localized bank here in Pittsburgh may have their own processor. A mortgage broker, though, may be the processor intermediary with the lender, who may not be here in Pittsburgh.
A processor’s first job is to set up the file to get all information from all parties so they can start coordinating. This involves ordering the title search to go to the county courthouse to ensure that there are no problems with the property. If there are any issues, they’ll parley with either the buying agent, the listing agent, or the property’s previous owners to get it straightened out.
From there, they’ll contact both the buying and listing agent to send questionnaires to their clients in order to gather all possible information from the buyer and seller so they can settle any disputable issues and verify that everything is done correctly at closing.
A processor is invaluable in getting a deal to close.
When the title work comes back, they inspect it to ensure that the right property is named, the property is accurately described on the title, and there is no defect in the transfer. They also verify that the buyer is gainfully employed and parse all available financial information from them, such as their pay stubs and credit report. If necessary, they’ll check the deed for accuracy and make corrections by consulting the master attorney.
If you’re a buyer, it’s important to note that the person that you talk to to get the loan application is not the processor, and they often don’t know the details of what’s going on behind the scenes.
As the transaction moves toward its conclusion, the processor makes sure that all the final tax prorations and numbers are ready for closing. They then pass off that information to the closing attorney so they can also make sure that it’s accurate and the deal closes on time. After that, they verify that all bills were paid that should’ve been paid at the closing. Finally, they terminate the file after they are satisfied that everything was handled correctly.
If you have any questions about this topic, please feel free to call me or shoot me an email. I’d love to talk with you!
“He was wonderful. We were totally pleased with how everything turned out. The sale of our other residence and the purchase of our ranch house - we were totally satisfied with how he handled it and it was done in a timely fashion. We weren’t made waiting and hanging. He was always available to us if we had questions or whatever. We never had a problem with long delays or not being able to get in touch with him or anything like that. It just went very smoothly.”
