By Living Room Realty, January 24, 2020
Closing on a home sale is the culmination of more than a month of gathering and preparing documents. For closing to go off without a glitch, your closing officer, your loan officer and your real estate agent have to work together to get everything in order and processed correctly.
If your closing gets pushed back a day, that means they do it on Tuesday instead of Monday. Sounds simple, but it can cause a giant in their world of a buyer. That buyer might have a moving truck scheduled and deadline to vacate their current home. Your loan commitment has an expiration date and so does your escrow. Meaning it’s most critical for the buyer, just as it is for the agent and loan officer to stay on top of things. As a buyer, you are free to call your lender for updates and check in with the title company to make sure things are rolling along. They should be already doing that with you, but if not, know that its OK to check in. Lots at stake when purchasing a new home.
Last minute delays can happen because of an error in documents, mortgage delays or last minute requests from the lender (copies of a rental agreement, a canceled deposit check -that can leave you scrambling and lead to closing delays). When a lender asks for information try to have no delays in getting them what they need. As a buyer you will need time to wire money for funding it get a cashier’s check, look into wire transfers at your bank and what form needs to be filled out.
Finally, don’t wait until closing to bring up any issues. Get them resolved beforehand. If your agent has asked with you would like a physical walk-through of the home before closing and you deny the offer, don’t ask for the walk-through while you are at the table signing your loan papers. If you now have that need, you’ll have to postpone the closing while we work it out. In some cases, you may prefer to just accept responsibility for the problems rather than delay closing. Alas, it will all work out as it should in the end, breathe deep.
As a buyer its best to check in with yourself a week before closing make sure you are happy and understand what the next steps are. If not, then check in with all parties so we can have a stress-free successful closing and give full support where support is needed.
