When you set a date to close on a home, you'll want to make sure that the closing goes through on the agreed upon date. Delays in closing can have financial consequences. While there may be no financial penalties involved, a delay can affect your plans—especially if you are selling a house at the same time you are buying one. In fact, it could affect the seller as well if the seller is also looking to buy a house but can't do so until they close the sale on their old house. Here are some ways to avoid delays in closing:
Communication Is Key Make sure you are communicating clearly with your real estate agent in the days leading up to the closing date. Your real estate agent will be checking in with the seller and keeping you updated on potential problems and necessary paperwork.
Be Frugal with Finances You may be tempted to begin buying new furniture using your credit cards. Hold off! Any changes in your financial situation, such as the addition of more debt, could affect your loan, which not only could cause a delay in your closing but could even result in the loss of the loan.
Update Your lender Don't let missing documentation hold up the closing process. Missing paperwork can delay your closing. It can also cause you to lose that mortgage rate you thought you had locked down. If your lender asks you for follow-up documentation, get it to them immediately!
Allow Time for Repairs In the weeks leading up to your scheduled closing date, you'll want to do several walk-throughs. Report any issues to the seller's party immediately to give them time to fix those issues. After the repairs have been completed, you'll still need to do a final walk-through at least a week before closing. A final walk-through is not to find new issues, it is to confirm that the property condition hasn't changed since your last visit, and that home repairs have been completed to satisfaction.
Author:Stephanie Gonzalez Phone: 214-454-4646 Dated: October 7th 2015 Views: 1,158 About Stephanie: About Halo
We understand that for many people, buying or selling a home is probably the largest i...
We understand that for many people, buying or selling a home is probably the largest investment decision that they will make in their lifetime. Halo Group Realty LLC thus became active in selling Real Estate in 2008 and was setup to make this process a simple and painless transaction. Your dedicated agent will guide you every step of the way to make purchasing or selling your home enjoyable and exciting… as it should be!
Today, Halo Group Realty LLC is at the cutting edge of technology in offering assistance to those in need of real estate services, and we have revolutionized the method of delivering education to consumers. Halo is established as the place for consumers to get the knowledge and assistance they deserve in the process of facilitating the Real Estate transaction, positioning you in the best possible situation to get the best price when you either to buy or sell. With leadership, innovation and forward thinking, Halo Group Realty, LLC is poised to make a huge impression in the real estate market while providing clients the keys to home ownership.
Our goal is to help make your dream a reality and take away all of the stress that goes along with purchasing or selling your home. Whether you are purchasing new construction, an existing home, or just an open space for future enjoyment, representation by a Halo agent is a valuable tool in making your dream become a reality.