Once a home is under contract, there are several dates and deadlines that need to be met to close on the agreed upon closing date. A delay in closing could create implications for both parties. For instance, it could be interest rate changes, added negotiations, or changing the date of the move-in day. However, there are ways to dodge and prevent delays.
- Agents should watch out for any problems early on. It is up to the agent to maintain consistent communication between all parties. A seasoned agent will know what to look for and can address any situations that may arise.
- Keep lenders in the loop. It’s crucial for communication among lenders and their clients. Avoid delaying lenders by ensuring they have all the requested financial documentation they need. A delay in the loan process could result in a delay in the closing date.
- Be aware of last minute seller surprises. Sellers can sometimes delay the process by requesting to move out later and failing to fix repairs. Be prepared for anything and allow adequate time for repairs to be addressed and fixed.
- Keep all finances stable. The slightest change in debt or financial obligations will most likely affect the ability to close on a mortgage. Prior to closing, avoid buying a new car, opening a new credit card, and investing in any major purchases. This is not an opportune time to change your credit!