A Timing Process:
From the time that you sign the contract for your home until you finish signing the last document of your closing paperwork, you are on a kind of timeline “From Contract to Close.” The contract itself has a stipulation that states that the home must be closed by a certain date. Most of these dates are set by the real estate agent’s contract requirements and are reasonable for the condition of the home and the status of the buyer. However, when things get backed up, which can happen from time-to-time, timing can become a crucial part of your home buying closing process.
An organized and efficient agent can help you through the closing process by assisting all communication efforts from the buyer to the seller to the lender to the appraiser to the home inspector to the title company – with a few other companies probably thrown in, in between! That is why when you choose your agent, you need to make sure it is someone with excellent communication skills, who makes and returns phone calls in a timely manner.
A lot of the closing process is spent sending paperwork back-and-forth to the lender, which is where my financing paperwork tip comes in. That part of the process can be nudged along with consistent followup as well. If you find that you aren’t getting the response you need from your lender, you can always ask advice from your agent to see what can be done to expedite the holdup.
Once the paperwork “clears” the lender, the lender should then send along the file to the title company to evaluate the property (pulling the title research / abstract) and then pulling the closing paperwork to prepare for the closing. Phone calls can start “flying” during this time period as the appraisal comes through, the abstract is delivered, and the title company asks you for the pertinent information they will need to prepare the closing docs.
Once everyone has been contacted about and answered all information, the date of your closing is scheduled. Usually you will have a head’s up if there are issues with the title abstract or survey, or if any outstanding liens or cancellations have to be taken care of before the closing deadline stipulated on your sales contract. So, the only reason a closing should have any tension or problems would be problems that you know about in advance. Your agent should be your #1 advocate during these situations to make sure that all parties are doing what they can to solve problems before coming to the closing table.
Once at closing, make sure that you ask any questions of anyone about money amounts, terms, requirements, insurance, or warranty information that is given to you on the day that you close on the sale of your home. This is a HUGE financial expenditure, and you don’t want to walk out of a closing with niggling issues or questions in your mind. All parties attending a closing are there to give you any and all information you need, so speak up and ask your questions, no matter what kind.