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How To Streamline The Closing Process: 14 Steps For Homebuyers
In real estate, it's always tempting to count your chickens before they hatch. When you're halfway toward closing on a house, or even three quarters of the way there, you almost start thinking of the buying process as a done deal. Then complications may begin to arise, and they could even compound on one another to bring the agreement to a halt.
As agents and professionals, it's important to put steps in place to make the closing the easiest thing ever for a client. Choosing a house is a massive decision, and if you can make the clients' acquisition easier, they'd be even happier to close the deal. Here, 14 members of Forbes Real Estate Council suggest key steps homebuyers can take to streamline the closing process so that there are fewer hiccups.
1. Read Everything Again And Again
Read everything. Read everything again. And again. Ask for closing statements so that you know exactly what the costs are. Obtain all of the required insurance for possession. Schedule your final walkthrough a few days before closing, not the day of or the day before. Bring a pad and a pen to make sure every item that you’ve identified is checked off. - Mike Shapiro, Mike S Shapiro
2. Review The Settlement Statement
Most homebuyers purchase a house three to five times in their life. Their No. 1 challenge is understanding the settlement statement (aka HUD-1). Loan docs are the last item on the closing list. The buyer goes to close and notices a mistake or an incorrect fee on the HUD-1. There is little they can do except swallow and pay. The lesson is to review the HUD-1 before going to the title company. - Stuart Gethner, Dobson Property Management, LLC
3. Pursue Title Insurance
A clear title for the potential homeowner is not just important; it is vital! While all other types of insurance protect you against future events, title insurance protects you from the past. It prevents someone from stepping in at the last hour, saying, "Hey, I have a mortgage on that house” or “There is a lien against it." There could even be an unknown heir. You need a clear title at closing. - James Prendamano, Casandra Properties, Inc,
4. Mind Your Paperwork
Read the documents. Last minute delays at closing are often born of paperwork. Closing costs may come in higher than the original closing statement listed. The title company and bank may not be communicating well, or there may be those all important (and sometimes dreaded) adjustments. Make sure you are on the same page about property taxes and insurance costs/credits. If you're in the Northeast, don't forget the fuel oil. - Kristin Geenty, The Geenty Group, Realtors
5. Perform Your Walkthrough Early
Perform your walkthrough five days prior to closing so that there is enough time to address with the seller any outstanding issues from the repair request. Check in religiously with the lender to confirm that documents and funding are on time, answer any last-minute document requests super promptly. Sign the closing disclosure immediately upon receipt. Communication with escrow, title and lender is key. - Courtney Poulos, ACME Real Estate
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