Smoothing The Path to Closing

When you’re finally ready to buy or sell your home, the wait for closing can seem endless. You’ve made your choice, you know the time is right for you, but you can’t move in or out yet because all the paperwork has to be completed. The process always takes time, but the difference between a smooth closing and one that is fraught with complications and setbacks can sometimes be small.


Twenty-five percent of realtors report delays in getting to the settlement table. These delays can last from days to weeks, in some cases, and are frustrating for all parties. Common reasons for delays are financing issues, inspection problems and title disputes. What are some ways to avoid being held up at the last moment before you can walk away from the closing table with the deal finalized?


Communication is key. Be sure to speak with your realtor, lender and title agents well in advance of closing day to make certain you know what is required of you. Ask questions, if there is anything you are unclear about. Maintain a list of what needs to be done beforehand and what you need to bring with you to the closing table.


If you are a buyer who will be getting a mortgage to finance the property, there are several things you can do to speed up the loan process and be sure the deal closes on time. Buyers who have been pre-approved by a lender are usually able to finalize their loan application faster and more efficiently than those who have not been pre-qualified.


A day or two before closing, contact your lender and ask if everything will be ready for the closing date. Verify with your closing agent that the loan documents have been received. If not, ask what is causing the delay and if there is anything you can do to help expedite the process. Often, it is a case of just one missing document or need of a final verification.


If you are the seller, it’s wise to have a general building inspection completed before you list your house for sale. You may find problems that you were unaware of, which gives you the chance to preemptively correct them, or at least disclose them to potential buyers. Prior to closing, be sure that the property is in the condition promised, with all required repairs completed and the house and yard cleared of any personal items


Also, ask a real estate agent, local title company or closing agent to perform a “preliminary title report” for your review, especially if you suspect there is or might be a possibility of a prior lien, estate or divorce problem that could affect your title. By reviewing this report early on, you can avert a possibly long delay due to title defects.


There are a many moving parts to a real estate closing, and one of the best ways to expedite the process and make certain that all the pieces come together in a timely manner is to have an experienced title company working for you. At Setco, we build relationships with lenders, title insurers, realtors and our individual clients so we can smoothly coordinate the closing process. Please click below to find a local office or learn more about how we can help you have a happy closing day!

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