Lessons For A Pain-Free Closing On Your Home
So you've finally found somewhere new to live. All that's left is to do is close the sale.
But there's a lot of things that can go wrong at this late stage. And the ramifications can be dire.
So what lessons can we learn from those who learnt the hard way?
Check All Documentation
Sellers often find themselves in a lot of trouble because they didn't take the time to check their documentation. Perhaps they were in a rush and didn't have time. Or maybe they expected that by this late stage, any errors would be corrected.
That's an assumption that has gotten many home buyers into difficulty. For instance, some buyers have found that they have bought homes with only a few years left on the leasehold. Others have signed agreements with the wrong selling price listed or the wrong rate of interest.
These can prove to be costly financial mistakes. So it's always worth double checking all documents to make sure that there are no errors.
Grab A Mentor
Closing on the sale of your home is a complicated process that involves a lot of work. It's something that many of us do only a handful of times during our lives. As a result, mistakes are often made.
That's where a real estate closing attorney can help enormously. Usually, they will take care of all aspects of the sale for you. That could include coordinating agents, acquiring titles and working with lenders.
Keep On Asking Questions
Many home buyers assume that all parties have all the information they need to make a successful sale. But often that's not the case.
Sometimes it's a good idea to keep asking questions of your agents and loan officers. It might be that they have gotten the wrong end of the stick. And if they have, this can prove costly for you.
So don't be afraid to get on their case and ask them questions. Make sure both you and they understand how the sale is progressing. And try, if you can, to build a positive relationship with the people you are working with.
Make All The Necessary Checks
Failing to use all the necessary checks may jeopardize your ability to get a loan and therefore sell your existing house.
This is particularly relevant if you happen to have somebody cosigning your mortgage agreement. Usually, the lender will require that that person has a series of 12 checks on their account. This is to make sure that they have made prior mortgage repayments.
But if only a fraction of those checks has been carried out, this can put the whole sale in jeopardy. The lender may refuse to lend the money, and the deal on the new house may be canceled.
Take Time Off Work
Selling a home is a full-time job in itself. That means that on the day of the sale, you probably don't want to have other factors getting in the way. Take the day off and concentrate on getting the deal right. It will be worth it in the long run.