Profile picture for seminasher

what can i do as buyer to have the closing done on time.

We are buying a home and closing date is set march 1,2013. We have 3 weeks more to go and we just now found a lender and begin processing on Monday 2/11/13. What can i do to close on March 1?
  • February 08 2013 - Edmond
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (10)

Best Answer

This is a great question. So often closings are delayed and although we can't control everything, there are definitely certain things a buyer can do that will help the process move forward as smoothly as possible. (Keep in mind, that I practice real estate in California so there may be some differences based on your state's real estate practices, but I will try to cover the most general, common items.)

First, the loan itself can be a challenge. You have not given your lender much time to get the loan done. Much of the timing is going to depend on the bank's timeframe. You should ask your lender how quickly they can fund the loan if all goes well.

Second, in order for your lender to get their action items done on time, they will depend on you to get the paperwork they need. So anything they ask of you, try to get it back to the lender the same day, if possible.
Here's a tip: find out who in your company will provide the lender with your employment verification. Give this person/department the heads up that your lender will be contacting them. This will happen toward the end of the transaction. I've had quite a few clients lose days on the loan, because the lender could not get employment verification quickly.

Third, get your appraisal ordered right away. The lender will do this for you, but they often need your go ahead, and your credit card, so they can order the appraisal. Have your agent follow up on the appraisal and make sure it gets scheduled, etc. Appraisals can be another time-suck. Sometimes, the appraisal order gets lost in the shuffle, or the appraiser can't schedule the appointment for a few days, etc. You want to have your agent stay on top of this.

Fourth, schedule all your inspections as soon as possible and negotiate any repairs immediately after you have done all your due diligence. You never know what an inspection is going to uncover, and it may lead you to additional inspections or bringing in an expert on something. You want to make sure you have the time to do all this. 

Fifth, make sure you start working on your homeowner's insurance.The lender will require proof of insurance before they fund your loan. Don't leave this to the last minute. Do your insurance shopping. Find out if you have to order the insurance or if the title/escrow company will do it for you. In California, escrow will order it and the buyer pays for the first year's premium in the closing costs.

Sixth. make sure all your funds are in order. If you need to move money from accounts or take money out of retirement accounts, etc, this takes time. Don't leave it to the last minute. Also, find out what your bank's process/timing is for wiring money.  

Lastly, just make sure you don't quit your job or buy a car or any other expensive items before you close on your new home. This may sound silly, but I've heard so many stories where the buyer did one of these things, and ultimately they couldn't get the loan. Just make sure you consult your lender before you do anything that may adjust your financial situation.

I always like to tell my clients that a close date is kind of like a pregnancy due date. It may happen on the scheduled date; it could be a day early; it could be a few days late. It's an estimate. But as you can see there are many things you can do to help close on time.
  • February 09 2013
  • 4Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Ensure all requested documents are turned in, in a timely manner. Keep in constant contact with your lender to make sure everything is moving along.
  • March 23 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for soldbywayne
Confirm with your loan officer and title company that all documents and requirements are met and your settlement company has received the funding package from the lender. 
[Promotion and website removed by Zillow moderator. Please see our Good Neighbor Policy.]
  • March 23 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for AndreaLJones
Communication is the key as well.  Always return calls from your lender promptly and get requested documents to them as soon as you can.  Don't be afraid to call and ask the status of the loan.
  • March 23 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

A closing on a home is the date on which the sales transaction is complete. The transaction comes to an end when all documents are signed and payments are made. It's usually an exciting and nerve-wracking day for both the buyer and the seller because a great deal of money is about to be exchanged.
  • March 22 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

This is a great question. I would make sure everyone is doing their Part. Title company, lender, and buying and selling realtors. Everyone should have a copy of the contract. Make sure you get lender everything they request from you. Get appraisal done along with home and termite inspections. If any repairs need to be completed make sure they are done a Good realtors will usually take care of everything Hope this helps, Best regards, Boston
  • March 22 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for SoCal Engr
At this point, make sure that you know everything that the lender needs from you and get the information to them yesterday. And then, ask the lender about what "might" be needed, and have that information tee'd up and ready to go.

By making the offer before engaging with a lender, you've put your lender on a tight schedule, and hopefully there is nothing in your job history, credit history, or financial disclosures that are going to require additional rounds of information.

If I was a  betting person, my money is on you missing the original closing date.

Were you working with a REA to find the house and make the offer? Didn't the REA explain the importance of pre-approvals and having a lender "ready to go"?
  • February 09 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You should have had that discussion with the Loan Officer prior to proceeding with the loan application. Some lenders are geared to close loans in 3 weeks and many are not.  When you have a 3 week closing/contract date, you only work with the former. Since you are already in process, I would tell you to get every document the lender has requested no later than today. Ask lender to go backwards with you and tell you what date they need to submit for final Underwriting approval in order to have their closing documents to the title by Feb 28th. That date is crucial and needs to likely by the 25th or 26th of Feb, but only your lender can control that timing.  They know what they can do or not do, and being upfront with you now is important.
  • February 09 2013
  • 2Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Ofe Polack
Seek the expertise of your buyer buyer agent on this follow up.  The lender received the P&S, I am sure right after it was signed by both buyer and seller, how long ago was that? I do not know how much time he was given to process the documents, nor do I know if there were items missing from the package that needed follow up.  If it is straight forward, he may be able to do it.   
  • February 09 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for JoshBarnettREIB
Have your Realtor stay on top of everyone.  

Ask the buyer you should be relaxing and picking out new colors for the rooms, different window coverings and such, let your Realtor do the work, that is why you have hired them.  

Best of Luck
  • February 09 2013
  • 2Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.