4 Secrets to a Faster Closing Process
If you thought finding a home you love took a long time just wait until you begin the closing process. Many are under the impression that once a house is selected, they will be able to move in within a few days. This is rarely the case. Closing can be slow, and at times you may feel like you are completely stalled. Here are a few secrets to keeping the process moving along smoothly.
1. Put Your Agent to Work – A real estate agent's job is not just to show you homes and then sit back and wait to collect their commission check. No one can recognize potential problems to address as well as they can, especially if they have been in the industry for a while. You are paying your agent to work on your behalf, so do not feel guilty about asking them to keep on top of things. They should be checking with all parties involved at least twice per week. If they identify a potential concern it can be addressed promptly before it becomes a lengthy delay
2. Assign Deadlines to Everything – There is nothing more frustrating than a closing process being at a standstill because you are waiting for the current owner to handle repairs that they agreed to take care of. If you do not assign deadlines to all major points of the closing agreements it can get dragged out for a long time.
3. Do not Make Changes to Your Finances – Just because you are pre-approved or pre-qualified does not mean you are in the clear. Keep your finances as stable as possible. This means no opening new lines of credit and make sure everything is paid on time. You also want to avoid applying for anything that would require a credit check.
4. Check in with Your Lender – You may feel as though you should be your lender's main priority, but you are not the only client who feels that way. Gathering all necessary documents ahead of time is helpful, but somewhere along the way, your lender will likely need some other random document or bit of information. Check in frequently to see how you can help.
You probably had people tell you that the process was going to take a while, but you did not fully understand just how slow it could be until the transaction was started. Closing can drag, but if you use these tips, you can help to push it along a bit faster!