Help Buyers Avoid Closing Delays in 5 Easy Steps

As an agent, you want a home to close fast so you can move on to the next big sell. As a home buyer, you just want to get into your new home. The problem is, there is so much that can drag out the closing process that it is hard to imagine you will ever get in to the property. The good news is you can avoid some of the delays with a few simple steps.

Learn the Industry Now

Via Flickr by Schwaps

Step one in ensuring your sale happens fast is simply to know the industry and tools. Know the steps. Your agent can help you, as can resources such as FreedomSoft, to educate your buying decision. Know the process, be ready with paperwork in hand, and anticipate the next step.

Get a Handle on Your Lenders

Via Flickr by choiyaki

Most property buyers should have financing lined up prior to even house hunting. Be clear with your lender that you want to close on the deal within 30 days. Ensure that your lending agent has done everything he or she can do to ensure that can happen. Even more importantly, stay on them throughout the process. The squeaky wheel gets attention. It helps to let the lending agent know that you have friends planning to buy in the near future and a recommendation of the agent is well on its way.

Cut Out the Major Life Changes

Via Flickr by Jim Corwin’s PhotoStream

Moving is a big life change and your creditors are watching your finances carefully to make sure your situation is not changing too much. In other words, lenders want to ensure you can afford to buy this home. If you are suddenly getting new lines of credit and racking up the debt on your credit cards, they may put a halt to the entire process. Do not make big purchases other than buying a home until the close happens.

Focus on the Home Inspection

Via Flickr by SignatureListings.com

Home inspections can slow down sales especially if the inspector finds problems. One thing agents can do is encourage the buyer to make the sale of the home contingent on the home inspection. This way, if the owners are hemming and hawing about the inspection, the buyer can walk away no harm done. On the other hand, if they really love the property, encourage the new owners to take on the repairs and ask for a break from the seller to do so. Be ready to tell them how much such repairs will cost to encourage a fast decision.

Don’t Let Busy Agents Slow You Down

Via Flickr by BellevueRealEstateAgent

Consider your agent and the broker’s attorney. Though it is more expensive to have your own real estate attorney (especially if the broker provides one) be sure this professional can work fast on your transaction. A qualified professional understands your rush and, again with that squeaky wheel, can help you to close faster by moving through title searches faster.

Let’s face it. Moving in is the goal and delays are not a good part of the conversation. Yet, you do want to make a good buying decision. You do not want the wrong sale just because it is faster.

http://www.realestateproarticles.com/Art/7447/263/Prevent-Real-Estate-Closing-Delays.html

http://www.investopedia.com/articles/mortgages-real-estate/09/10-problems-prevent-closing.asp

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