How A Closing Can Go Wrong

You can avoid closing problems and delays by understanding what might go wrong. Closing can take more than a month of gathering and preparing documents. In order for closing to run smoothly your closing officer, lender or loan officer and real estate agent have to work together.

Issue: Errors in documents

Solution: Preview everything

Ask to see every piece of paperwork as far in advance as possible and pay special attention to loan documents.

Issue: Mortgage delays and last-minute requests

Solution: Check in with everyone Find out exactly what documents the lender needs to complete your file and write your loan. Call or email periodically to make sure they have everything. (Your Signature Premier Properties real estate agent may also be doing this so check with them as well.)

Issue: Cash flow

Solution: Bring it You can avoid bank glitches such as transfers falling through due to some bug in the bank’s system and the money either doesn’t get there in time or what comes through is less than the amount you need. Bring your down payment in the form of a certified or cashier’s check or, arrange the wire or bank transfer of funds so it reaches the closing agent a couple of days early.

Issue: Title isn’t clear

Solution: Read the title report Get a copy either from the title company or your lender as soon as possible and read it carefully.

Issue: Something’s incorrect at your walk-through

Solution: Jump on it right now Figure out what’s acceptable, how much it might cost. You can negotiate a credit on your closing fees or have the appropriate amount from the seller’s proceeds placed in escrow until the problems are fixed.

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