How can buyers streamline their transactions and realize more success in 2016?
Getting a handle on the home buying process is crucial for buyers. Fortunately, there is a lot that buyers can do to better control the process, and streamline it. Don’t underestimate the importance of what I am saying. There are a lot of factors can delay and derail real estate transactions. The risks are much more serious than just the inconvenience of being stuck in a hotel for a few days and having to take an extra day off of work to close. It can mean damaged personal and industry relationships, stress, lost deposit money, and high lost opportunity costs. Fortunately for us, there is a lot that can be done to squash these risks. Make sure you pay attention to the following:
Know Your Stuff
The more you know about the real estate purchase process, the more successful you’ll be at navigating it. Know the steps, what can go wrong, and how issues can be prevented. Ask questions, different questions, and more questions. Don’t be afraid to ask the same questions twice, or repeatedly until you get it. There is a lot of money riding on your decisions; make sure you know what you are doing.
Predetermine the Process
You need to know each step, but you also need to preset and arrange the best methods of communication with your key vendors, and when you should expect updates. If you don’t have another job, it can be tempting to hound your Realtor and mortgage broker for minute to minute updates. Remember, they have other clients, and they need time to actually make progress on your transaction. That progress is normally only being made when they are not on the phone or responding to you. Discuss things in advance, and chose the best method of contact. Will you panic if you haven’t heard anything for an hour, or not until it has been 2 weeks?
Get the Paperwork Together in Advance
One of the biggest drags on the real estate process is missing paperwork. Know what documents you’ll need in advance. Know what extra paperwork you could possibly be asked of you. Make sure you can provide what will be required. Get it together in advance. If you are missing something, it could take weeks to replace. So get the jump on it.
Check Availability of Vendors
If you are going to be on a tight closing schedule, make sure all the vendors you need will be available. This includes property inspectors, appraisers, agents, title companies, and more.
Get Your Hands on the Condo Docs Early
If there is a condominium or homeowner’s association, make sure to get your hands on the documents early. This includes the rules, costs, notice of special assessments, if the association will qualify for financing by a lender, and if there is a good fit for you and your intentions for the property. Will you even be able to rent out your unit, or have two cars parked in the community? These documents should also include information on any application requirements. Will you have to pass credit and background checks? Review and file any applicable forms as soon as possible.
Get Underwriting Conditions Cleared Fast
Underwriting conditions are like bowling pins; you need to knock them down and get them cleared to finish the game. Hitting a strike and knocking them all down early is best. Even once you get them submitted, they can take several days to clear, so don’t delay. Anticipate anything that could become a condition of your loan being funded and have that handy too.
Choose a Smart Closing Date & Time
Trying to close on a Friday afternoon, on weekends, or during holidays can be a nightmare. If the paperwork is wrong, the chances of connecting with someone to fix it can be slim. That can create all types of stress. Choose a date and time that is likely to go down the smoothest.
