What happens when houses are closed in today’s market

houses market While people are adjusting to create a new normal that suits us today, many parts of the country are on fire. You have spent weeks and even months searching for the perfect house that you can call home. It’s time to start moving in, or is it? There is also a small detail, the closing of the house (aka “closure”) must be completed before you sign the document and accept the key.At this time you will be happy to have a shrewd person Real estate professionals On this road full of many factors, working by your side, these factors may slow down or even kill the transaction.

So, how long does this process take to complete? The short answer is one month (or one month or so), because it is possible to complete this task in about 30 days, but most professionals recommend that you plan to shut down in close to 45 days. “We need at least 30 days [for the closing to be completed] Provided in cash, but when using financing, we can expect up to 90 days,“Jeffrey Morgan said LIV in Colorado Sotheby’s International Realty.

Let’s take a detailed look at the process from start to finish, so you know what will happen and what to avoid…

Close the house: The process from beginning to end

You will first open an escrow account, which will hold all funds related to the sale. The next step is to conduct house and pest inspections to find problems with the property, as your mortgage lender will usually require these inspections. You can then choose to return to the seller and renegotiate the price based on your findings during the inspection.

Unless you are involved in a cash purchase, plan to spend a lot of time completing it mortgage Apply and provide the necessary documents. Then, you will continue to evaluate the house to meet the mortgage lender’s requirements. The hope is that the valuation confirms the agreed purchase price, but if it is too low, then you need to take time to renegotiate with the seller. Be sure to find a reputable title agent for title search, so that no one can try to claim your property; and also issue title insurance (risk insurance) to further protect your investment.

At this point, you start to see the light at the end of the tunnel enter the field of view, but don’t be too comfortable or look away from the prize. The escrow/title agent should let you know the tentative time and date of closure, which is the time at least when you can start putting champagne on ice.You need to talk to your real estate professional or Real estate lawyer Confirm that the details and costs involved in the closure are correct. After your final exercise, you will proceed to the final steps of signing your name on all the paperwork and then receiving your key.

Although there are many steps in the closing process, it doesn’t seem so daunting when you complete it step by step with a real estate professional. Delays in delivery can be caused by a variety of reasons, but they usually include property, financing issues, or are affected by your geographic location. Jeff Morgan specializes in real estate in Colorado mountain communities, adding, “The evaluation of these communities is very slow and difficult to arrange, so the due diligence and inspection date must be determined at least 45 to 60 days at the time of financing. “

Close the house: Plan for potential problems and delays

Although there are always situations that are inevitable, such as the sudden death of the homeowner, or you discover that the house has a lien on it. These types of delays are disappointing because they often add unexpected fees and time to your checkout process. If problems are found during the inspection, or if the evaluation result is significantly lower than the agreed price, you may need to renegotiate with the seller.Sean Salari Brad Officer Group Said in Jacksonville, Florida, “One of the most common problems we see today is maintenance negotiations between buyers and sellers after inspections are completed. This will have a trickle-down effect, as these delays will also delay evaluation during these negotiations.

You want to minimize these time delays, but they are important to confirm the quality of the purchase and the price you will pay. Fortunately, under the guidance of your real estate professionals and/or real estate lawyers, many problems can be solved quickly or avoided altogether so that you can get your keys in time. “In order to further reduce delays, I remind buyers that for larger projects, such as roof, electrical, plumbing, HVAC and foundations, renegotiations should be reserved; and do not postpone closing because of small problems that can be resolved once they own the house ,“Sarari added.

Once your offer is accepted, you should work with your real estate professional to develop a timetable for your transaction so that you can complete the documentation and scheduled inspections correctly and quickly.Many buyers today have become more efficient Pre-approvedThis is not always a guarantee, but it can usually avoid many possible financing problems. You may be excited about the idea of ​​buying new furniture for your new home, but experts encourage you to resist the urge to spend money or open a new account before you own a home, as this will have a negative impact on your credit score. Planning ahead and making an informed decision is a good starting point.

Financing may be a major issue in the closing process, but you want to take the time to understand your Credit score, Get pre-approval, then organize and prepare all paperwork. As a buyer, you may experience financial delays, but if the seller needs to delay the transaction because they need more time, financial delays may also occur. The paperwork when buying a house is very extensive, but as long as you read everything carefully before signing and have your real estate professional and/or real estate lawyer review it, then you will sign the final page and open the door to your new home , And opened the champagne to celebrate the successful closing at once.

Congratulations on your purchase of a new Home!

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