3 Deadliest Time Wasters in Real Estate Deals
For real estate investors, time isn’t just money—it’s momentum, opportunity, and reduced risk.
A protracted closing process can kill deals, erode profits, and turn wins into nightmares.
After closing $48 million in multifamily deals, Erik from Fernweh Property Group has identified the three most common—and costly—time wasters that derail smooth closings.
Today, he’s sharing his proven strategies to eliminate them.
The 3 Biggest Time Wasters (And How to Eliminate Them)
1. Disorganized Document Flow
Chaotic document exchanges between buyers, lenders, attorneys, and brokers cause most delays.
When emails are lost and versions are confused, the entire process grinds to a halt.
The Fix: Implement a Single Source of Truth.
Use a shared data room like Google Drive or Dropbox with clearly labeled folders (e.g., “01 - Lender Requirements,” “02 - Title Commitments,” “03 - Due Diligence Reports”).
This ensures everyone is working from the latest version of every document, eliminating confusion and backtracking.
2. Slow Lender or Title Responses
Underwriting, title searches, and estoppels can sit idle for weeks while everyone assumes “the other side is working on it.”
This passive waiting is a silent deal-killer.
The Fix: Become Proactively Persistent.
Set a Cadence: Set calendar reminders to follow up every 48 to 72 hours.
Hold parties to the deadlines they provide.Be Preemptive: Provide every document they could possibly ask for before they request it.
Organize insurance quotes, entity docs, and rent rolls early.Manage Third Parties: Stay on top of critical external items yourself—water certs from the city, inspections, environmental reports, zoning confirmations, and appraisals.
Don’t wait for the lender to chase them.Keep the Ball in Their Court: The golden rule is to ensure nothing is ever waiting on your side.
The moment you receive a request, prioritize it and return the completed item immediately.
Your goal is to always be the one waiting for them, not the other way around. This relentless responsiveness keeps the needle moving forward.
3. Last-Minute Legal Review Chaos
The final week often descends into a frantic back-and-forth on legal documents, with crucial details hiding in endless email threads.
The Fix: Systematize the Legal Process.
Schedule a “Legal Alignment Call”: Two weeks before closing, get all attorneys on a call to lock in major terms and identify potential sticking points.
Use an Issues Tracker: Circulate a simple shared document (e.g., a Google Sheet) that lists every open legal issue, who owns it, and its status. This prevents items from being lost in inboxes.
Demand Daily Updates: In the final week, ask counsel for a daily update on all open items to maintain momentum.
Pre-Close Checklist
Knowing the problems is easy. Having a system to prevent them is what separates pros from amateurs
The most effective system is a definitive checklist that ensures no critical task falls through the cracks.
Here are the 10 Essential Elements of a Pre-Close Checklist:
Final Due Diligence Verification: Confirm all inspections, property condition assessments, and financial audits are complete and satisfactory.
Appraisal & Valuation Confirmation: Ensure the appraisal report is finalized and meets the lender’s required value.
Title Commitment & Survey Review: Resolve any title exceptions or survey issues before closing.
Entity Formation & Signing Authority: Ensure your purchasing entity is properly formed and that signing authorities are documented for the title company.
Financing & Loan Documents: Thoroughly review all loan documents and note any required changes well in advance.
Insurance Coverage: Bind your insurance policy and provide proof of insurance to the lender and title agent.
Closing Statement Review: Scrutinize the final ALTA statement for accuracy in prorations, fees, and closing costs.
Rent Roll & Financial Verification: Provide a certified rent roll and verify operating statements.
Tax, Utility & Permit Clearances: Obtain proof that all property taxes, utilities, and permits are current and clear.
Final Legal Document Execution: Finalize and execute the core documents: Deed, Bill of Sale, Assignment of Leases, FIRPTA, and Closing Affidavits.
Don’t start the process without these essentials locked down.
Your Ultimate Tool: The Pre-Close Master Tracker
Now that you’re aware of the major deal-killers, the next step is to systematize your process to avoid them entirely.
The single most effective thing you can do is to create a Pre-Close Master Tracker checklist template for every project.
A tracker like this transforms a complex, stressful process into a manageable, sequential workflow.
It ensures nothing is missed and everyone on your team knows what needs to happen next.
Ready to save time and stress on your next deal?
Get the same system Erik has used to close $48 million in deals.
Email Erik at eswanson@fernwehpg.com to receive your free, customizable Pre-Close Master Tracker template—and never lose another deal to delay.