Sticking to your closing date can sometimes be a difficult mission – but it is one you should work to adhere to. Not only are both parties anxious to keep the closing process moving, but there are also some situations where financial penalties can be doled out when the closing process goes longer than planned. To avoid these extra costs, as well as to get you into your new home as soon as possible, here are four ways to help you keep the closing process moving forward.
Issues can and will happen once the home is under contract. To help solve these problems and make the closing process less stressful, it is important that the agents are in contact at least a few times a week. By talking with each other often, a plan can be quickly setup and any problems quickly solved.
Communicate With the Lender
It is important that you talk with a lender at least once a week. Throughout the closing process they may ask you to send in or sign additional documents. You will want to do these as quickly as possible so as to not slow down the closing process; if you take too long you may miss out on your fixed rate.
Giving Yourself Time
There can be some complications before closing, which is why your contract should make clear that any repairs – or anything else that needs to be done – are completed at least a week in advance. This provides time for the sellers to make sure everything is done and for you to make sure that you approve of the repairs that are done.
Keeping Your Bank Account Stable
As a buyer this is a key piece to making sure the closing process goes as smoothly as possible, completing on time. The lenders will be reviewing your finances often and if they see that anything changes – changes like large purchase or a change in jobs – they will need to delay the closing date in order to investigate and determine if this change means you won’t be able to afford the home. This delay could last for a while so it is important that you as the homebuyer do everything you can to make sure this does not happen.
There are many things both the buyers and sellers can do to ensure that a home will close on (or at least near) the agreed upon date. By being prepared, communicating with everyone involved and being smart about big purchases, both parties put themselves on an on-time track. If problems do arise a quick plan can be created to resolve.