We all know that the closing process for real estate feels like an eternity. However, the closing process doesn't have to take too long. Here are some tips to help streamline the real estate closing process!
Be Financially Prepared
Buying your first home may be exciting but do not get swept up in the excitement. Make sure you are prepared financially before you start talking to your real estate agent about offers. These offers are no good if you do not have a lender's approval. If you do not approval by a lender, you may end up with escrow delays. Worst case scenario is that the deal falls apart completely.
Stay on Top of Everything
Once you signed the purchase agreement, it is in your best interest to stay local. This way you can keep in touch with all the important people of the closing deal; the real estate agent, escrow officer, and other people involved in the transaction. You have to be ready in case important documents need to be provided.
Always keep track of home inspections and be prepared to fill the necessary paperwork for them. This includes inspections such as termite inspections, roof inspections, and general home inspections. Your escrow officer will need the paperwork as soon as possible to ensure that the closing process is on track. If you miss an appointment with your real estate agent, or the inspector, it may cause your real estate closing process to be delayed.
You need to be prepared to follow instructions that may occur during the closing process, and complete them as soon as possible. Your real estate agent, your lender, or escrow officer may give you instructions during the real estate closing process. The longer you take to comply to their instructions, the higher the chance that there will be processing delays.
Be Prepared to Close
Closing day can be hectic and will require that you are prepared to close the deal. Make sure that if you have any questions that you have them in mind and ready to ask upfront. The real estate agent you have been working with should be there to help you with any questions. It is also important that you bring a calculator, and bring a representative to help you. This way you have a way to run the numbers and a person to help you understand what you need to know.
Share27 September 2017
Once I paid of the mortgage on my house, I decided I wanted to buy an investment property. I had no idea that the buying process would be different, but it really was. There were so many things to consider that I hadn't thought about, and even the loan application process was different. It occurred to me that if I didn't know about it, others likely didn't either. I built this site to help others see what I went through buying my first investment home. I hope that it helps you to approach the process with more confidence and understanding.
