How To Make Sure Your Closing Doesn’t Get Delayed
You’ve finally found a buyer for your Long Island New York home and are headed down the home stretch of finalizing your transaction. Now comes the tricky part — closing the deal without complications or delays.
There are numerous issues that could arise before a closing, prompting a delay in finalizing the transaction to sell your home in Long Island. Errors in documents or problems with financing could cause complications that slow down the transaction. By being aware of difficulties that could arise, you’re more apt to avoid last minute issues that can throw a monkey wrench in your closing.
As the seller, you play an important role in selling your home. It’s important you stay abreast of your transaction to ensure it goes as smoothly as possible to the end. By doing your part to stay on top of your sale, you could minimize or prevent prospective problems that could delay having your transaction completed within the timetable you desire. If you’re on a busy schedule, you’ll appreciate having your closing on time so as not to further cut into family or work obligations.
If you want to sell your home with as little issues as possible, keep your eye out for some of the following problems that could postpone a closing.
Errors in Legal Documents
Even a simple error such as a misspelled name or a transposition of a number in the home address can prompt a delay in your home closing. If an error can be correctly quickly, the delay may be a matter of hours. Major errors may cause longer delays which could complicate your plans for moving or purchasing another property.
One of the best ways to avoid delays is to preview all paperwork in advance. Take time to peruse all documents concerning the sale to ensure personal details and financial data are correct. If you spot a problem, report it right away so it can be fixed well before your closing date. If you have any questions, don’t hesitate to ask. You don’t want any last minute surprises to thwart the sale of your Long Island NY property.
Problems with Financing
Your buyer may experience mortgage problems at the last minute, causing an unexpected delay in the closing. When it comes to financing, various issues can arise to complicate the purchase of a real estate property. Misunderstandings concerning loan amount, down payment or monthly mortgage payments could cause delays in buyers getting the loan they need which will affect the closing. Sometimes a buyer is missing certain documents that lenders need to make a final loan decision.
If a buyer’s financial situation changes between the time he applied for a loan and receives it, lenders may ask for additional financial information before approving a loan. Buyers may need extra time to get these financial records together, making it impossible for them to meet their closing deadline.
As a seller, you have various options that can help minimize financial issues in selling your property. If you’re looking to sell your home quickly, you can request financial information from prospective buyers before accepting an offer. This gives you an edge in knowing which buyers have the financial means to buy your property. A buyer that’s willing to pay in cash could be more appealing than one who has to get mortgage approval. You can also consider buyers who have pre-approved loans and can show proof of financial backing to purchase your home.
It’s easier to sell your home to someone you know has the finances to buy it. Even so, you should have your realtor stay in touch with your buyer to ensure the process goes smoothly all through the closing.
Glitches in Cash Flow
Last minute glitches in cash flow can easily delay a closing. A buyer may experience problems with his bank in transferring his down payment to the agent handling the closing. If the money is delayed in getting to the agent or is less than required due to a bank error, the closing will be delayed.
There are various ways buyers can avoid this problem. They can bring a cashier’s check with them on the day of the closing or transfer funds to the agent several days in advance. If a buyer isn’t aware of exactly how much money he needs for the closing, he can always transfer more funds than necessary as any extra funds will be refunded to him once the closing is done.
Unexpected Issues at Walk-Through
Buyers generally schedule a final walk through a property before finalizing a sale. If they discover problems with the home at this time, they may delay the closing to have these fixed. If your objective is to sell your home fast, you should ensure it’s in the best possible shape up to the end of your transaction. If you agreed to fix problems with the plumbing or electricity that were revealed in the home inspection, you need to follow through. You don’t want to risk your buyer pulling out of the sale at the last minute due to your neglect.
A final walk-through may reveal a totally different issue that the buyer hadn’t considered before. If so, you can try negotiating with the buyer to resolve the issue as quickly as possible. Depending on the problem, you could offer to cover the cost of repairs or assume more of the closing costs to offset the cost of this expense to the buyer. As the seller, it’s to your advantage to resolve all issues before the date of your closing so nothing stands in the way of finalizing your sale.
Working with professionals to sell your home in Long Island can eliminate much of the stress and pressure of selling real estate property. Professional realtors can often foresee potential problems in finalizing the sale of a home and will work on your behalf to eliminate issues that can delay your home closing. This lets you benefit from quicker, more successful home sale results.