Jacob Realty’s Top Tips to Keep the Closing Process on Track.
While buyers and sellers both have the best of intentions when it comes to making the closing deadline on time, sometimes unexpected obstacles stand in the way and that can lead to a domino effect of negative consequences. If you are on your way to setting your closing date, or you already have one in writing, here are some tips to ensure you are able to close without any hitches.
Prepare for Unexpected Turns from the Seller – While all of us hope that the terms of agreement will hold true and all will be smooth sailing, there are unfortunately bumps in the road that creep up when you least expect them to. For one, your seller may contact you to say he can’t move out on the agreed upon date, or he can’t repair the items he promised to. Whatever the case, by setting strict deadlines and addressing potential issues early on, you can avoid being blindsided by an unpleasant surprise that may slow down your closing process.
Stay in Constant Contact with Your Lender – Just like your agent is expected to regularly check in with the seller, you need to continue communicating with your lender as well. You may be required to submit additional documentation, or resubmit a form or two, and this type of paperwork can really bog down the closing process if it’s not dealt with right away.
Ask Your Agent to Play Watch Dog – Once your future home is under contract, you need to make sure your agent is in touch with all parties involved, on a regular and consistent basis. If red flags flair up or anything changes, they can nip it in the bud before it escalates and costs you your property.
Stay Clear of New Financial Dealings – If you are financing your new home and in the process of obtaining it, avoid signing up for a new credit card, purchasing a car, or buying anything else substantial since that new debt can either cost you your loan or delay the whole process.