The Challenge of Closing

“Closing” transfers the title of the property from the seller to the buyer. The buyer receives the keys and the seller receives payment for the home, minus money to pay off the existing mortgage and other transaction costs. Deeds, loan papers, and other documents are prepared, signed, and filed with local property record offices.

The good news is that much of what needs to be done before the closing is the responsibility of appraisers, loan processors, attorneys, and inspectors – and it’s your Bella Casa realtor’s role is to coordinate those responsibilities. You agent will help ensure that others do their jobs promptly and correctly and that the closing isn’t jeopardized.

Bella Casa realtors have extensive experience in handling problems that may arise during the time between contract and closing; they can anticipate difficulties and address them in time to ensure a smooth settlement for all involved.

When things go wrong, closing can easily fall behind. Here’s how much time to expect on particular delays:

One-Week Delays

1. Buyer submits incorrect information to lender

2. Source of down-payment changes

3. Escrow fails to notify parties about missing documents

4. Principals leave town without signing all necessary papers

5. Unknown defects are discovered in the property

6. Last-minute liens discovered

7. Cloud on title

8. Move-out date changes

Two-Week Delays

1. Lender decides at the last minute it doesn’t approve of the borrower or the property

2. Lender raises interest rates

3. Lender requires last minute reappraisal or repairs

4. Appraisal too low

Published on: Oct 12, 2012