Most consumers are likely anxious to complete the home buying process, so the last thing they want is a last-minute surprise while they’re closing on the house. The closing process is the final hurdle buyers face after they have agreed to purchase the home, but it’s important to be prepared to avoid obstacles that may delay the sale.
There are several ways buyers can ensure the closing process goes smoothly, but this is where a good agent works behind the scenes to make sure things stay on track.
Understand the closing procedure
Know what to expect, buyers can ask appropriate questions and clarify aspects that they may not understand. Also, do not make any new purchases while in the process of buying a home, like buying a new car, boat, furniture, anything with monthly payments as this may disqualify you for the loan approval and you could end up losing your chance to buy your home.
It’s also important to ensure that all parties are kept in the loop for a smooth transaction. That is why we take care of you and make sure that your lender, title, escrow, Home owners insurance company and you are are aware of where we are in the transaction, so things run smoothly for you and no costly mistakes are made. Human error is natural, but details that get lost in the cracks can lead to delayed or canceled home sales, according to MSN Real Estate.
Buyers need to sit down with their lenders and turn in all documents they have asked for.
Once the appraisal is completed, the lender will review the loan and all paperwork in their files to make sure it qualifies.
Then loan docs are drawn up and sent to the Escrow dept.
Escrow will then prepare the HUD statement for the Lender to review first before calling in the buyers to sign their loan docs.
Once the buyers sign, the docs are usually sent back to the lender for review. After the lender okays the signed docs, the Lender will then fund the loan and wire the money to the Escrow dept, who then will pay out all those involved that are required and they will also record the buyers as the new owners with the county.
Once your escrow dept. has given the agents acknowledge that they have recorded, the buyers are now considered the legal owners and their agent can give them the keys to their new home.
In addition to the check, buyers will likely need a copy of their photo ID, homeowners insurance policy and good faith estimate, on top of their loan documents.
Posted on September 9, 2014 at 8:28 pm by Heidi Gilbert