Subscribe and receive email notifications of new blog posts.
RSS Feed
- 2020 | 12 Posts
- 2019 | 42 Posts
- 2018 | 47 Posts
- 2017 | 45 Posts
- 2016 | 47 Posts
- 2015 | 54 Posts
- 2014 | 13 Posts
21
How to Keep the Closing Process Moving Forward
You've found the house of your dreams in Bellefontaine, Indian Lake, or any of the beautiful neighborhoods of Logan County and greater Central Ohio (or at the very least, the house for the current phase of your life), you've gone through the offer game between you and the seller, and now it's time to close, to make that house yours. Unfortunately delays do crop up, some out of left field, but most are avoidable if you're prepared.
Once your closing date has been agreed upon—don't commit to one if you have any doubt of being able to meet it—here are four tips for how to keep the closing process moving forward and staying on the right track to getting those keys in your hand:
1. A real estate agent worth their salt will be keeping tabs once the property is under contract. Your agent should be checking in with all involved parties at least twice weekly. The sooner a problem is discovered, the sooner it can be addressed. Any agreed upon terms with regards to inspections, repairs, or replacements need to be honored in a timely fashion.
2. Keep your mortgage lenders in the loop with how the contract proceedings are going. Lots of paperwork is required for home loans, and it often needs to be revalidated every 30 days. If you are asked for additional documentation, or to re-submit updated documentation, DO NOT DELAY. A single missing signature can hold up a closing. Mortgage rates also ride on closing dates; you don't want to miss locking in a great one or having to start the whole process over because you the estimated rate you were working with for preliminary numbers changes.
3. Last-minute surprises can crop up from your seller, such as, they aren't ready to move out on time or they failed to get those negotiated fixes and changes done. It's a good idea to add a deadline in those negotiations which states IN WRITING that the repairs will be done at least a week prior to the scheduled closing. This gives you a little bit of breathing room if the time comes, and they aren't done. Or they aren't done to your satisfaction.
4. It is crucial that you keep your finances level while going through the home-buying process. Do not settle on a closing date and then run out to start accruing debt. You'll have plenty of time to go shopping for that new bedroom suite or living room ensemble after the keys are in your hand. A lender can, and will, pull your funding if your debt to income ration gets off. By the same token, if you take on a car payment or change jobs, this will basically nullify your loan application and you will have to start over.