With all of the changes within the mortgage industry over the years, fast closings are thought of as a “thing of the past”. Though it is not impossible, fast closings are rare. In today’s market, you can expect to close on your home in about 30-45 days. Of course that time frame will vary depending on what type of loan, conditions of the contract, etc.
So, how can you set yourself up to have a super fast, smooth, and easy closing?
Here are a few tips for you…
1. Choose the right Real Estate Agent
An experienced agent will be able to provide the right guidance to you along the way to make sure the hiccups you might experience during the process are slim. The right agent can help you be prepared as much as possible so that are essentially one step ahead of the game.
2. Be Flexible and Realistic
If you are a seller, make sure that you are working with your agent and the potential buyers on showings, appraisals, and inspections. Letting people into your home while you are still living there is not an easy thing, it is sometimes an inconvenience.
If you are a buyer, make sure you are realistic on your request to the seller. Whether that means for showings, inspections, request to remedies, etc.
3. The Inspection Period
Part of the purchase contract includes time for inspections and a request to remedy, if necessary. Make sure that there is enough time to conduct the proper inspections. Often times you might have a general inspection where a concern pops up and another estimate or specialized inspector is needed. To prepare for this possibility, make sure to schedule your general inspection in such a way that will allow you to have additional inspections or estimates completed in a timely manner and preferably within the inspection period. Extending the inspection period could potentially extend the closing date.
4. The Right Title Company
Title companies help you complete the closing on your next home. They do the necessary things to transfer title from one person to another. Make sure the title company you use is a reputable company that will only assist in your closing, not delay it. In most states and in Ohio, your agent can negotiate which title company to use into the purchase contract.
5. Buyer Be Prepared
Buyers, make sure you know what you need for closing. Cashiers check for your down payment and closing costs? Does your spouse need to be there? Do you have your drivers license? Do you have your homeowners insurance lined up? Make sure you are prepared so that you are not scrambling in order to close on your new home.
6. Quick Response
When it comes down to the wire and the closing is almost here, make sure you are responding promptly to requests from your agent, lender, or title company. In today’s market, lenders are known to ask buyers for last minute documents in order to get the loan through underwriting and into the title companies hands. Requests like these are not uncommon.
If you keep all of these things in mind you should be able to prevent delays, be prepared along the way, and have better chances for a super fast closing!
If you are looking to dive into the housing market this year, contact The Brandt Group with RE/MAX Affiliates! We would love to help you find your dream home and move in, super fast.
Let us know how we can help!
Brad and Rob Brandt
The Brandt Group
Direct: (740) 272-0038