I am waiting, waiting and waiting some more on a closing on one of my listings. This closing is predicated on financing. Oh, that should be easy….NOT! So during this time, Sellers get antsy. Buyers get crazy. And we, as their REALTORS, are running around trying to keep everyone calm…and that my friends, is not easy. So in order to attempt, notice I say attempt, to have a calm, peaceful closing, there are ways to prevent the craziness.
- Make sure the Buyer has been pre-approved.
- Be sure that the Buyer knows that a lender will continue to ask for constant updated information. Lenders are extraordinarily strict about updated information. So if you make your Buyers aware that this is normal, the constant verification of employment, funds to close etc., they will be less inclined to get overly excited.
- There are mountains of information that Lenders need, and it is fine that the Buyers ask all the questions they have so that they understand the process.
- Review all documents, the parties involved have the right to view the HUD 1 – 24 hours prior to closing.
- If there are repairs to be made to the property that the Seller agreed to make, double check to make sure they have been completed.
- Make sure that Buyer and Seller understand title insurance.
- Make sure that you walk thru the property so that all is the way it is supposed to be, that appliances were not switched out or there has not been a flood or leak.
- All in all, keep all sides calm and informed, the closing will be an enjoyable event and not one that either side leaves upset.
Stay tuned for next week’s blog as I will be traveling to my birthplace, but more importantly where federal legislation impacts our industry & private property rights: Washington, DC.
Until Next Monday…