Three Ways To Speed Up Your Home's Closing
If you are in the process of purchasing a new home from one of the many realtors around the country and you are trying to get your family moved in before school starts, you probably only have a few weeks. While that can be a very small window of time, if your lender is able to process your documents, it is still possible to get it done but it is going to take some work on your part, as well as on the part of the real estate agent.
Identify Your Real Estate Attorney Prior To Signing Your Contract
One of the first things your lender is going to need to know is who your real estate attorney is. There are things that they will need to do as a part of the process. Your lender will have to know who to contact. Make sure you make contact with the person and open the lines of communication. If it is not an attorney that you use on a regular basis, it is important that they know who you are before your paperwork starts landing on their desk.
Order Your Information Upfront
Make sure that your real estate attorney orders a title search and performs a title analysis even before your ink dries on your contract. If there is any liens, judgments, or encumbrances on the property, these will have to be cleared up prior to you being able to close.
If there is not a concurrent survey of the property, have your real estate attorney to order one. Make sure your property is clear of any encumbrances. For example, if your neighbor has put in a new driveway or a new fence and it is slightly over the property line, this will have to be dealt with prior to you being able to close.
Pay For Your Upfront Fees
There are certain fees that your lender will have to collect prior to them being able to begin processing your loan. Most of them will require them at the time of your application, but even if they give you time to pay them, they will not be able to request the services until they are paid. Some of these include:
- Application fee
- Origination fee
- Appraisal fee
- Discount fee and more
Ensure that you are given a print out and break down of the expected fees prior to you signing your contract. Sometimes the difference in fees can determine which lender is offering you the better deal. Your real estate agent will be able to review these with you, as well as help explain what the fees are for.
Once everything is done, be flexible on the closing date. It takes a lot of work to get everything processed and where it needs to be, but once your attorney or lender contacts you to tell you that your closing packet is ready, don't be the holdup: schedule your closing.
For assistance, talk to a company like Celia Dunn Sotheby's International Realty.