If you know how to fast track home closings, you’ll probably be able to move into your new house with few pitfalls. Practically every residential home sales transaction incurs hiccups. And, some encounter serious issues. Among all of these hiccups and issues are problems which delay sales and settlements or closings. The good news is you can do much to speed the process along. Or, in the very least, keep problems to a minimum.
How to Fast Track Home Closings
In a balanced housing market, one which gives near parity to buyers and sellers alike, about 10 percent of all real estate transactions fall through. In a market favoring sellers, or a true seller’s market, that percentage increases approximately five fold. That means the number of delayed or cancelled settlements rises to near or just over 50 percent. However, this doesn’t mean you have to be surprised by unexpected events.
When it comes to getting a mortgage, the faster you can close, the sooner you get the keys to your new home – and the less of a chance there will be hiccups along the way. So how can you help the process go as smoothly as possible? To start, getting organized and making sure your paperwork is in order can be a big help. —Yahoo News
You can help to smooth out the whole process as a buyer, if you are proactive and stay attentive from the day you apply for a mortgage to the day you close on a house. It begins with pulling all three of your credit reports (which you can do for free once per year at Annual Credit Report.com) and disputing by snail mail any inaccuracies. Once you have your credit files in-order, saving a down payment and setting aside money for an earnest deposit, inspections, moving, closing costs, and miscellaneous expenses is next. Thereafter, you can do the following to fast track your home closing:
- Get a home loan pre-approval. It’s really not enough to be pre-qualified for a mortgage because that’s just a cursory look at your credit history and finances. You need to obtain a home loan pre-approval, which is a more in-depth examination of your credit, finances, and employment history. This will let you know how much you are able to borrow and tell sellers you are serious.
- Narrow your choices of homes. Instead of house hunting far and wide, with a long list of must-haves and wish list items, narrow your choices. This means letting go of all those fanciful wishes and dream items and focusing on what’s truly important. Compromising will help to reduce the time spent looking for a property.
- Look for homes lingering on the market. When you are house hunting, be sure to include those properties which have been on the market the longest. You’ll likely find eager, anxious sellers who are more willing to negotiate. And, if you run into a stubborn seller, don’t waste too much time and energy, just move on.
- Avoid making any lowball purchase offers. One way buyers undermine their own efforts to buy a home is to submit lowball offers. While you might get lucky, it’s not very likely and will cause you more frustration than necessary.
- Have all your paperwork in-order and ready. You should have the latest quarter’s bank statements, income statements, and other important documentation ready at all times. This way, if it is needed, you’ll be able to accommodate the request.
If you are interested in buying a home and making the closing process go quicker and smoother, then contact us at 407-616-7286. We’d be happy to speak with you about finding the right property for a reasonable price. We serve the entire Orlando area and can help you through the whole process.