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Tips for preventing closing delays

by | Dec 28, 2020 | Residential Real Estate |

After you put in an offer to buy a new home, you often have to wait a few weeks for the closing date. During closing, all involved parties with the transaction receive payment and you get the keys to your house.

According to a study put out by NerdWallet, buying a home was a priority or 75% of Americans as of 2018. To prevent any delays with owning your own home and reaching this goal, there are certain precautions you should take before closing.

Stay in touch with your lender

Communicating with your lender is essential in the days leading up to closing. Every time you submit a document, confirm with your lender that he or she received it. You should also review documentation and sign items when requested instead of putting them off.

Review closing documents beforehand

Ask your lender to see the closing documents before your closing appointment. Look for any discrepancies and let your lender know if you notice anything wrong.

Keep an eye on your finances

Even slight changes in your bank balance or credit score can impact the purchase of your new home. Wait until after you close to apply for new credit or make major purchases, even if the purchases you make are for your home.

Watch out for seller surprises

If your seller is purchasing a new home along with selling his or her current one, any delays in that transaction can delay yours. Put contingency plans in place in case something gets delayed with your purchase in advance of closing.