Closing on a house is an exciting time for homebuyers and sellers. This is the very end of what can be a long and complicated process. Unfortunately, the closing process can be extremely complex as well. Even experienced real estate agents can get stressed out during a closing. The good news is, a title company can make the process much smoother.
Because title companies take care of essential components such as title search and insurance, they have to work closely with real estate agents, buyers, sellers, and lenders. This puts them in the perfect position to make the closing easier for everybody. Many title companies are opting to incorporate an AI-powered virtual closing assistant to better serve their client base. Let’s look at how this resource can help the closing process.
Get Closing Cost Estimates Ahead of Time
There are always closing costs associated with the sale of a home. Most of the time, the buyer is responsible for them. These costs can be significant, which means the buyer needs to get estimates in advance. A title company with a virtual closing assistant in place can facilitate this process. This AI-powered resource can generate closing cost estimates quickly and with little effort. All the closing agent has to do is enter a few pieces of information. Both buyer and seller estimates can be generated for the real estate agent or involved parties via the virtual closing assistant. This automates the process so there’s no need for phone calls or emails.
Ensure the Lender Has All Necessary Information
A mortgage lender will distribute the home loan to the closing agent when a real estate transaction is wrapping up. The lender needs to have all the necessary information about the buyer, title, and insurance during this process. A title company can make this step easier by directing the lender to their AI-powered virtual closing assistant. This allows the lender to get their questions answered through a chat interaction. The great thing about this is the virtual closing assistant is always available, which means the lender doesn’t have to wait to get the information they need. This helps avoid bottlenecks that could prolong the closing process.
Make Sure All Documentation is Accounted For
There are a number of documents that need to be signed by the buyer and seller before a transaction is final. This is the last step in the closing process. Because this is such a complicated process, real estate agents often gather all documentation for their clients. When a title company has an AI-powered virtual closing assistant in place, the agent can get access to everything they need. The title company also has the option to allow the agent to reach out and verify what documents they’ve already received. There’s no need to play phone tag with the title company to ensure everything is in order. This makes the process easy for all parties involved in the closing.
A Smooth Closing Process Every Time
A title company’s ability to facilitate an efficient closing for their clients will result in referrals, repeat customers, and business growth. Using an AI-powered resource will improve the chances of this happening.
Alanna.ai develops scalable software for the title industry. To learn more, request a demo today.