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Afraid of Delaying your Closing?

June 17, 2012 By Doug Francis

Photo: Peopleimages.com

Real estate sales involve a dozen or so people who can easily derail the process. Your objective, when you are buying a home, is to avoid being that weak link that may be delaying closing and adding additional stress.

I like to categorize one role of a buyer’s agent as a transaction manager helping you stay on track.

In 2012, the delayed closing has become routine since mortgage lenders scrutinize your file one last time before they give you 80% of the cash to purchase your new home. So here are a few items to put on your real estate checklist to help you avoid being the reason your closing was delayed.

Cash to Close

The money that you are going to use for your down payment needs to be available on the day of closing. Although this seems obvious, some clients ran into a jam when their bank placed a “hold” on their deposit citing bank policy for deposits of checks over $2,000.

If you have funds coming into your account, have them “wired” into the account and then they will be available immediately. And, if your mortgage lender sends up a red flag, the wire transfer provides a very clear record showing where the deposit came from. (Avoid wires from loan sharks and bookies, okay)

Mortgage Lender Checklists

You would assume that your lender has a rigid checklist for the loan processor to use, but that may not be the case when the processor has ump-teen loans to process.

This scenario surfaced only after I checked in with a client’s loan processor to make sure everything was on track. Her answer shook my confidence when, in an off-hand manner, she said that the closing may need to be delayed a couple of days.

To make a long story short, she assumed the borrower knew that he needed to get her updated bank statements and a bunch of other little odds and ends. Really?

You may have gotten the good-to-go from your lender a month ago, but you need to expect them to want updated information:

  • like your most recent bank statements
  • like your most recent pay stub

Oh, and remember that just before closing they will:

  • contact your employer to make sure you are still employed there
  • check your credit report for any “new” lines of credit

The take-away here is to contact your lender a week before closing to check in and make sure they aren’t waiting for you to get them a statement or two.

 Home Owner’s Insurance Policy

Having an insurance policy in place on day #1 is a lender requirement. I always recommend that my real estate clients get this established early on in the process to compare rates, deductibles and more.

The big “more” is that your insurance company is able to check the ultra secret CLUE database for excessive claims by the current owner. Yes, if you ever file a claim then it goes into an insurance company database that could impact the cost of getting a policy on the home.

Check in, and be pro-active

Although your real estate agent should be helping you manage a checklist of tasks, understand that being proactive on these steps can help you avoid being the reason your real estate closing gets delayed.

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  • Where is my House Survey?(dougfrancis.com)

  • New Town of Vienna Trash Schedule(dougfrancis.com)

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Filed Under: Blog, Home Buyer Tips Tagged With: buyer agent, real estate

About Doug Francis

A Realtor specializing in unique and new homes around Vienna, Virginia, Doug started writing a first-hand blog about his everyday real estate experiences a decade ago. In-depth, helpful and fun has always been the objective. Outside real estate, he was profiled in a commercial for Verisign's "Where the World Clicks" global ad campaign, and was quoted in Money Magazine's Best Places to Live article on Vienna (#3!). He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

Helping my clients add value to their homes has always been important to me. My step-by-step recommendations are intended to increase market appeal, return more than invested, and help net more when selling.

Beyond just sellers, I have helped many new homeowners make smart design decisions when remodeling. We gutted our house and totally remodeled it, and I pass that experience along because living in a nice house is simply better.

My background… I’ve been an active licensed agent in Virginia for 25 years, work at TTR Sotheby’s International Realty in McLean, and sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Questions? Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. Cheers!

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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I have been a full-time Realtor licensed in Virginia since 1991, and cover a big territory specializing in the Vienna real estate market and custom homes for sale.

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