Purchasing a home is both wonderful and overwhelming at the same time. Statistics show that a home sale in the United States averages 50 days, and it’s only getting longer. Buyers often find themselves pulled around by banks, real estate agents, appraisers, and insurance companies. It’s easy to understand how you could become frustrated as deadlines are missed or deals fall through last minute.
Following These 5 Tips Might Help You Close Faster
The most successful buyers are proactive in their quest to complete the buying process with focus and perseverance. Remember, speaking with a licensed real estate attorney is a great option for discussing your particular situation as they carry no biased interest, unlike an agent.
Pro Tip #1. Improve and Organize Your Finances Far in Advance
Mortgage buyers are subjected to the entire underwriting and approval process when trying to by a home. Prior to purchase, plan in advance for at least 6 to 12 months. Pay off all debt, organize your accounts in one location, and monitor your credit score. You could even go as far to draft your estate plan and ancillaries to prove that all of your affairs on in order. Avoid taking out any major loans during this time, as well.
Pro Tip #2. Work with an Appraiser Known for Speed and Accuracy
Appraiser disparities can easily slow down the closing process. For example, the bank won’t approve the loan without an appraisal, but if the appraisal comes in too low, then it could hold up the sale due to renegotiations. In a way, it’s like trying to hit a moving target. However, buyers have much better luck when they work with an appraiser that has a stellar track record of fast closings.
Pro Tip #3. Hit the Ground Running with Homeowner’s Insurance
Purchase homeowner’s insurance before you close or move in. The reason for doing this is that most banks will not allow you to enter the home until it has been insured. Your insurance company can schedule coverage to begin on the day of closing or the day you anticipate moving in.
Pro Tip #4. Stay Apprised of Any Contingencies
Some sales involve the seller needing to purchase a new home before selling you the one they live in, which can also delay the closing process. Try coordinating with the other party to determine if they have similar goals. You can be polite and have a serious discussion about your needs. Sellers can be motivated by cash sales or offer to pay closing costs.
Pro Tip #5. Clear Up Any Title Issues Quickly
Closing may be delayed further by a lien placed on the property. At this point, you should probably work with a law firm such Adam Leitman Bailey to get it resolved. They may be able to get the lien paid out of closing proceeds of the seller.
Stay Organized. Stay Focused.
When it comes to purchasing a new home, it seems like timing is everything. Delays in the mortgage and closing process could equal realestate.usnews.com/real-estate/articles/buyers-your-real-estate-deal-fell-through-whats-next">missed opportunities. By taking control of your finances, communicating well, organizing your documents and staying on top of the details may help you close on your sale more quickly.