So you’re under contract on your first home and everything has been quiet… Almost too quiet. Then, suddenly right at the last second something crazy pops up putting the transaction at risk causing a lot of unnecessary stress and anxiety. No one wants to be in this position but sometimes it happens weather it’s in your control or not. This week I want to focus on 3 under the radar tips that first time home buyers can focus on to ensure a nice smooth closing.
First things first, let’s talk about financing. You’ll be wiring over your final cash to close funds to the title company from your bank account the day before or so and it’s really important those funds arrive with no delay. Where we sometimes run into problems is a lot of folks in the area have just moved here from other parts of the country and may still be banking with a regional bank that has no branch offices locally. While most banks wont have a problem issuing a wire transfer over the phone or online I have come across some banks that have policies in place requiring you to initiate the transfer in person at one of their branch offices. This would definitely be an unpleasant surprise and you may end up finding yourself taking a long drive or even a plane trip to get this done.
The good news is, with proper planning you’ll be well ahead of this and it should never be an issue. All you need to do is contact your bank about a week and a half prior to your closing and just confirm what their wire transfer requirements are so that if something crazy like an in person requirement comes up you have a few days to try and work out alternate solutions with the bank rather than running around and stressing about potentially having to delay closing.
The next simple tip to ensure a smooth closing for first time home buyers is be sure to give yourself a few extra days on the back end of your closing before scheduling your movers or lease end date. The reason you’ll want to do this is again giving yourself some breathing room should closing be delayed for any reason. No one ever wants closing to be delayed but sometimes there are things that happen out of everyone’s control which could delay closing by 3 days or more. One example of this kind of delay is your lender is required to deliver you your final closing disclosure 3 days prior to your close date. If that doesn’t happen then closing needs to be pushed out to 3 days after whenever they deliver the closing disclosure to you. A delayed closing is stressful enough to deal with and you don’t need the addedd stress of having to beg for a few extra days to get out of your current residence or have to pay storage fees for your belongings. Luckily it’s a simple enough solution as long as you stay ahead of it.
Finally, take the day off for closing. I know this is not possible for everyone and it’s not as important of a tip as the first two but taking the day off for your closing does have it’s benefits. First, if allows you to choos the closing time that works best for you and your lender. I always suggest schedudling closings for 10am or later. This way everyone has a few hours that moring if any final changes or work needs to be done. Secondly, buying a home is a very exciting and emotional process and having all your work responsibilities on your mind at the same time only adds to the pressure. Whatever you can do to keep your nerves calm and focusd on the task at hand will greatly help. Finally, you’re going to want to celebrate once you get those keys! Who want’s to go back to the office right after when all you’ll want to do is drive right over to your new home and run around screaming in excitment or whatever else floats your boat.
Overall the key to a smooth real estate transaction from start to finish is to be as organized and prepared as you can. Plan for the worst, work for the best and you’ll be just fine. Remember, this is all about you. Your dream, your home.
If you’ve been thinking about buying a home it would be my pleasure to learn more about what you’re looking for and help however I can. Be sure to click CONTACT US and drop me a line or give me a call.