Ways To Avoid Delays Before Closing on Your New Home
Closing on your new home is usually a very exciting time for most people, that is unless there is an issue along the way that causes a delay in the process. This is when the stress usually kicks in. Most of the time when buyers and sellers agree on a closing date it is done in good faith, meaning that they both are trusting one another to come through on the day of. When you go to set a closing date with the seller there are some steps you can take to ensure that the process goes smoothly and doesn’t get delayed.
Keep Your Lender Updated
We cannot stress this one enough. As a buyer it is very important to check up with your lender on a regular basis. With all of the paperwork that goes into the mortgage process sometimes certain pieces of information are needed multiple times and if your lender cannot get a hold of you, it can delay the process. If you are asked for any follow-up documentation get it to your lender right away. Even a missed signature on one paper will delay the closing. The worst case scenario is if you have a rate lock and a delay occurs then you could lose your rate and be forced to lock in at a higher rate.
Have Your Realtor Keep an Eye out for Any Problems
Once the contingent property is under contract, your agent should be checking in with both you and the sellers at least once a week, if not more. A good agent will know what you need to be on the lookout for as far as an surprises or changes that could occur. If your agent does notice a problem he or she will likely be able to mediate the situation and hopefully avoid delays.
Keep Your Finances Stable
You have probably heard this time and time again. When obtaining financing for a home mortgage it is very important that you do not make any major financial changes before closing. Even the smallest change can likely affect the ability to close on the home. The reason being is that any new debt you obtain will change up your debt to income ratio. This also goes for changing or losing a job.
Beware of Any Last Minute Seller Surprises
When dealing with someone who is still living in the home that you are looking to buy, sometimes there can be delays coming from their end. If they are waiting on a deal to go through with their new home or maybe they aren’t able to move out on time or if they are failing to make the agreed-on fixes to the home this will likely cause delays. If the seller does agree to make repairs prior to your closing make sure that the realtor gets this on paper and gets a corresponding deadline to go along with it. Also, make sure that you do a walk-through with the seller before closing to ensure that those repairs that were agreed on were completed. Your satisfaction with the repairs will also slow down the closing process.
Most of the time these delays can be avoided with some careful planning, communication, and a good realtor and loan officer to mitigate the process. They will help to stay on top of both parties involved to ensure closing on time. If you are interested in learning more about obtaining a home loan or would like to go through with a pre-approval, simply contact us here for more details!
