Keep Your Capital Region Closing Process Moving
To a Capital Region buyer or seller, nothing can be more infuriating than a long, drawn out closing process. When you’re anxious to move into your new home or dying to get out of your old one, a long closing process can make both buyers and sellers mad. In some cases, a seller who is selling one home and buying another home can delay the closing deadline. In other instances, the buyer may have a hard time getting a loan approval from the bank.
When delays pile up, they can make tempers rise quickly, especially as that closing deadline draws nearer and nearer. So how can you proactively stop closing deadlines from being missed or pushed back? Here are four great ways to keep the ball rolling on closing deals in Capital Region. Use them if you need them.
Communicate Often with Lenders
Buying a Capital Region home requires a lot of paperwork, Just missing one document could slow down the process by several weeks. While you’re in the process of buying a home, it is important that you keep in touch with your lender.
For example, if you’re not sure the bank has all the documents needed, check in to ensure that you haven’t missed anything. Many documents must be turned in on time, and missing those deadlines can delay closing deadlines even more. By checking in, you ensure that your bank knows what you’re doing every step of the way.
Keep Your Agent on Watch
Your agent has seen a number of deals go through and fall flat. They can recognize certain red flags from miles away, and they may be able to see closing problems before they even occur.
When going through the buying process, make sure you’re speaking with your real estate agent at least twice a week. This will keep you up to date on any transactions going on and stop you from any nasty transaction surprises you weren’t expecting. If a problem does occur, you’ll have all the information needed to help fix the problem before it blows up.
Financial Changes
Unfortunately, the world doesn’t stop because you’re buying a home. Certain changes to your financials can throw a monkey wrench into your closing process. For example, if you apply for a new credit card or buy a car, your loan may be affected by the added debt. If you decide to take a new job or quit your old one, you may have to wait to finish closing a deal.
When buying a Capital Region home, it is important to remain as stable as possible. Plan ahead for these types of financial decisions before going into the buying process. While some instances are unavoidable – such as buying a car when you’re old one unexpectedly breaks down – most of them can be planned around buying a home.
Unexpected Seller Requests
Sellers want to make sure they get the best price for their property, which can sometimes cause added delays. They may decide to do a few repairs. In other instances, they may be delayed in moving out or even making the agreed repairs to the home.
The best thing the buyer can do is set deadlines in the contract. Get it in writing that all repairs must be done by a certain date and that the owners must leave the property by a certain date. This will help force sellers to move along and get the work done.
Try to leave a bit of extra time after repair deadlines for any added work that needs to be done. This will stop delays if you’re unsatisfied with the repairs the seller made.
Of course, you can’t plan for every closing process delay in the Capital Region, but you can do your best to prevent some of them. Work with your realtor and find out how you can make the closing process in the Capital Region as smooth as possible.