If you have ever closed on a house before then you know that it can be a tricky process. While some closings can take minutes, others can take hours, days or weeks longer than you originally planned. There are times when the causes of these closing delays can’t be avoided. But, a bit of careful planning can go a long way by heading off potential closing problems. Here are a few ways you can avoid getting derailed while closing on a home.
Check and double check: Every piece of paperwork needs to be checked and rechecked for correctness before it’s submitted. A seemingly insignificant error in spelling or numbering can delay your closing. It’s a good idea to ask for paperwork as far in advance as possible, that way you have extra time to look through it thoroughly and completely. And if you have questions, you’ll have time to contact your real estate agent or banker for clarification.
Bank on a smooth transaction: When preparing to buy a new home, the last thing you want is for a banking error to stretch things out. Instead of leaving the payment step to the bankers, you can choose to bring the down payment in the form of a cashier’s check to the closing, or you can ensure that your closing agent receives the payment a few days in advance. If you end up sending more money than required, you can count on a refund.
Stay in Touch: Make a few new friends! Work closely with your real estate agent during the whole process, in case any discoveries are made during the final walkthrough. Expedite your loan package to your closing agent, and confirm that it has been received prior to the closing date. Contact your loan officer and make sure no last minute requests have been issued.
Arrive on Time: Don’t be late! One of the best things you can do is make sure that you, your spouse/partner and everyone else involved with the closing shows up on time and ready to finish the job.
Don’t get tripped up during the final lap of the home buying marathon. Get organized now for the closing. That way, the deal can be done correctly the first time.
