Are you one of the many the market this spring for a new home or is that on the horizon for you in the coming summer months? If you have ever bought or sold a home before, you can know that there can be several hurdles or setbacks when it comes to finally closing on a home. While buyers and sellers set a closing date and plan to meet it on good faith, there seems to almost always be a setback that can jeopardize that timeline. In some locations of the country, there is no wiggle room for closing delays. In other places, you may get a few days wiggle room but not much more. Weston Dean Custom Homes, a premier New Braunfels custom builder
, shares tips that can help keep the buying process moving along to close.
The first thing to do when you get to the point of either buying or selling a home, is be sure to be realistic up front about timelines and expectations.
For example, if a buyer must sell their home before they can buy a new one, that needs to be understood and taken into consideration ahead of time. When a deadline can’t be met or is in jeopardy of not being met, it effects more people than just the buyer or seller. It can also cause tempers to flare, which is why from the get-go any deadline should be set very realistically to avoid any problems moving forward.
The next step to keep the process moving to final closing, is to keep the lenders involved in the loop in terms of anything going on. There is so much paperwork that needs to be dealt with today that you may need to send the same documentation multiple times. You don’t want to be in a frenzy trying to get your lender what they need last minute and not being prepared ahead of time.
Also, be sure to keep an eye on your rate for your loan, and if any delays will affect the rate. A delay to the seller could affect the buyer’s ability to purchase the home.
The third thing to keep in mind is to beware of last-minute surprises by the seller. If the seller plans to make fixes to the home before closing, be sure and put a deadline on those fixes so they can be done at final walkthrough. If the client is doing the work themselves, ask for them to put it in writing along with the date it will be done prior to the final walkthrough.
Last and very important, you will want to be sure to keep your finances stable until after the closing of your home. Even the smallest change could affect your ability to close on your new home. Be sure to hold off on buying a new car or applying for a credit card until after the home buying process is complete.
If something comes out of the blue to disrupt your finances during the closing period, just be sure to notify all parties and tackle the issues as soon as possible.
These simple tips can save you a world of headaches when it comes to closing on your home in a timely manner.
Weston Dean Homes is a San Antonio area custom home builder. For more information call (210) 408-9107.