6 Tips For a Painless Closing
Well, we can't guarantee "painless", but here are some helpful tips for making sure your closing goes as smooth as possible! (Source: MSN)
- Ask Questions
Knowing what to expect and communicating with all parties involved in the deal are key. Don't be afraid to bother your loan officer or your real estate agent. - Anticipate Human Error
- Review Loan Documents in Advance
One way to ensure all is going as planned is to tell the lender tha tyou want to review the documents before closing, or ask your attorney to do so. Compare your HUD-1 form to the good-faith estimate you received when you applied for the loan. - Take a Check
Another reason to review the loan documents in advance is so you know how much money you must bring to closing. You will need a certified check at closing. - Take The Day Off
A smooth closing may take less than 30 minutes, but you won't know for sure if your closing will go as planned until it's done. Trying to close during your lunch break is a bad idea. - Expect the Unexpected
...including typos. Double-check the numbers on the mortgage note you are signing. To prepare for these unexpected delays, borrowers should try to schedule their closings for earlier in the day. And don't wait until the last day on the contract to close.
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Share preliminary closing documents to buyers or sellers for their additional review. Stay on lenders to provide closing packages timely so they may be adequately reviewed or delay closing.
ReplyDeleteDo the final walk through and I also remind them to bring their driver's license. They joke that they always have it with them, but it's not always the case. I also had one client who had to run to the Secretary of State before closing to renew his license! If you do a preliminary cost sheet when the offer is accepted, there shouldn't be too many surprises at closing :)
ReplyDeleteThese tips really need to us and i following these tips and in there are many people involved in the closing process. Everything is excellent in this post.
ReplyDeleteREPAYING THE FIRST-TIME HOMEBUYER TAX CREDIT
ReplyDeleteYou may find yourself working with a seller this year who purchased a home in 2008-
2011 and received the First Time Home Buyer Tax Credit. Bellow are two links directing
you to the IRS web site that provides information regarding repayment requirements
for the credit, and the form the IRS requires your seller to fill out.
http://www.irs.gov/newsroom/article/0,,id=253009,00.html
http://www.irs.gov/pub/irs-prior/f5405--2011.pdf
Thanks for the links to the information Marygrace. Do you have a favorite website, newsletter or other resource that helps you keep current with the latest government incentives and regulations?
Delete