Closing on your Windsor real estate is filled with volumes of paperwork where every word is carefully scrutinized. You simply cannot make any mistakes as it will cost the parties involved and everything must be documented. It’s not an easy process and can often be stressful and incredibly frustrating. In fact, for many buyers, finding a home is the easy part, it’s everything that happens afterwards which causes the most anxietySo how do you have a have a successful closing in the quickest amount of time? The key is to stay on top of the details and be very organized.
Let’s take it step by step.
1. Hire An Experienced Real Estate Agent:
If you know you want to move through the process quickly, hire an agent that has handled many closings. A real estate agent knows what you need, what to expect and can often assist you in moving the deal along. They will work with appraisers as well as inspectors and make sure that all necessary paperwork is forwarded. With the tremendous amount of paperwork that is needed, it’s good to know that you have an agent that knows what they are doing.
2. Keep Appraisal On Time:
Appraisals are required when a bank is loaning the buyer money. Therefore, you want to work closely with the seller to make sure that the appraiser can access the house in a timely manner. The last thing you want for quicker closing is an appraiser that is not accommodating. If this is the case, then contact your lender, as chances are they use other companies as well. Finally, don’t put off having the appraisal done as it could add several days or weeks to the closing process. You also want to have plenty of time to negotiate with the sellers if the appraisal comes in too low.
Order a home inspection once your offer has been accepted. You may need to have repairs completed before the closing can occur.
4. Secure Insurance Early:
Purchase homeowner’s insurance plus any other coverage that is necessary and make sure your escrow company gets this information. While you are not paying for it until the property closes, you will want to have this information available so it can be determined if you have enough coverage. Take a day and compare various companies to get a good price and get recommendations from your real estate agent, family or friends. You want an insurance company that has a good reputation and is financially secure.
5. Keep A Folder With Paperwork:
Make a folder that deals only with pre-closing information. Here you can keep copies of your financial documents such as bank statements, receipts, pay stubs, etc. Include a “To Do” file and go through it daily to make sure you are on top of the requests that your lender will require from you. Keep all phone numbers together as well as fax numbers and addresses with contact names. Find out prior exactly how much money you will need at closing, including down payment and all costs. We have seen closings delayed because the buyer didn’t have enough funds.
6. Return All Calls, Emails and Correspondence Promptly:
Don’t wait several days to return calls to your escrow company. You may think a piece of information they request is insignificant, but you don’t want to take the chance that not providing something will delay the closing on your property. By returning calls promptly and even checking in occasionally with your bank, you can be assured that your loan is being processed in a timely fashion. Keep in mind that miscommunication can happen and paperwork can get lost of misplaced. Unfortunately, these things happen. Therefore, follow-up a few days after sending the required paperwork to make sure the correct person received it. If they haven’t, send another copy immediately. Keep detailed notes on when paperwork was forwarded and to whose attention. Especially with the busy spring buying season ahead, banks will be getting busier. It’s best to stay on top of it.
7. Read All Paperwork:
Take the time to read the paperwork prior to closing. Go through the figures, including interest rates, to make sure they are correct. Also, make sure all names are spelled correctly. Believe it or not, the name of a homebuyer was misspelled and it almost delayed the entire closing. If all the facts are there and correct then it’s one less problem at closing.