Boston Property Management: How to keep Closing process moving on
It is important for buyers and sellers to meet the closing deadline in good faith. There is no issue if you don’t close on time in certain parts of the country while some allow a few days’ delay. The only caveat is that it will lead to a penalty or a renegotiation.
The downside of not closing on time is that it can lead to problems for others. For example a seller won’t be able to do the purchase closing of a home till the current home is sold, while the seller needs to close to buy.
This is why you need to be cool when signing a contract and don’t set a date till you are sure. Once you have a closing date, these are the steps you can take to make sure that the process does not get delayed.
Have your agent watch for problems
The buyer’s agent should check with all parties twice per week once the property is under contract. A good agent is one who will be able to tell you If there are any surprises or changes. In the end both buyer and seller agents should be able to pinpoint potential problems before them happen and solve them.
Boston Property Management: Keep lenders in the loop
If you are a buyer you need to be in touch with your lender as you will never know what sort of paperwork they might require. Keep your documents handy as they can always ask for it. Just make sure that they are all signed as an unsigned one can delay the closing. The worst part is that you could lose out on a locked favorable rate and have to re-lock it at a higher rate.
Beware last-minute seller surprises
It is awful when the seller is unable to move out on time or make repairs to the home. The wise way to handle this is to set the deadline for repairs when you make a deal. They should be able to get it done before the closing. Just make sure that it is in writing and has to be done before the closing.
Keep your finances stable
Don’t go wild with your finances before you finalize your closing. Any change to it can affect your mortgage. So make sure that you have a good buffer in the event that something happens. You don’t want to lose out on your home.
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