There are two ways to learn the things you should and should not do when closing a real estate: The easy way and the hard way. Unfortunately, most home buyers learn the hard way.
Whether it has been occasioned by a lapse in judgment or the stress of buying a home, sometimes a buyer can make mistakes that might end up delaying the closing process. Here are some of these mistakes:
Failing to stick to the closing timeline
Besides laying out the terms of the home purchase, your purchase agreement also serves as one large timeline that indicates exactly what should happen – and when – in order to ensure that the transaction is as smooth as possible.
The agreement may outline specific timeframes for inspections, securing financial approval for a loan and appraisals. Failing to adhere to stipulated timelines may amount to a breach of contract.
Failing to follow up
You do yourself a major disservice if you don’t follow up on every step of your home purchase process. Check with the home inspector and make sure they provide their report in a timely fashion. Keep your mortgage loan officer in the loop — and ask them to keep you apprised of any delays or progress.
Making another big financial decision during the escrow period
Don’t get excited and buy a lot of furniture or appliances during this time. This is never a brilliant idea as it could alter your credit score just after getting a pre-approval. You want your finances to be as healthy as possible, and this is why you should avoid making a financial decision that can negatively impact your debt-to-income ratio at this time.
The home buying process leading up to closing can be overwhelming. Remaining vigilant while avoiding these mistakes can ensure that the closing is timely, hassle-free and successful.