Avoiding Closing Delays in Real Estate
Buying or selling a house is hard work. It’s important to remember that having a contract on a house is not the same as closing on a house. Buyers’ will often lose the steam or urgency once they have a contract and not stay focused on getting to the closing table.
Your REALTOR® should ensure that the schedule stays on track until you sign at closing. Here are some tips to help buyers understand what needs to be done.
I have repeated myself to buyers a gazillion times. It is important that when you are ready to buy a house that you allow yourself enough time. All too often, I heard from prospective buyers who decide they want to buy a house. They are renting and their lease is up in 30 days and they want to take the leap and buy. My suggestion is that if you are even thinking of buying in the future, that you talk to a REALTOR® as soon as possible. This will help to avoid any hidden pit falls that may occur.
Once you talk to a REALTOR® your next step is to talk to a mortgage officer to determine the dollar amount of the home you can buy. It makes no sense for a REALTOR® to show you a home priced at $650,000 when you can only buy a home priced at $450,000.
Once you have a pre-approval start gathering documents that the lender may require. They will also need updates throughout the process. The next step is critically important – keep your finances stable. Now is not the time to change jobs or make any expenses that are not necessary. Before changing anything that will affect your finances, talk to your mortgage officer.
One of the most important issues to remember is to allow enough time to complete the steps necessary. For example: often buyers are anxious to get to closing so the agent indicates in the offer that they will go to closing sooner than they can complete several steps. Getting a home inspector will take time to set up an inspection. Appraisals will take longer than most people expect. A VA loan will require their appraiser and that make take even longer.
If you are thinking of buying or selling, talk to a real estate professional – talk to a REALTOR® – who can give you the information you need to make an informed decision.
As always, if I can help with any of your real estate needs, please feel free to text or call me at 301-712-8808 or email me at RolandLow1@gmail.com.