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Seller slip-ups
Repairs not made, items that fail to convey, or other contractual hang-ups can delay the closing. To avoid these traps, take the list of agreed-upon items to the walk-through and check them off. Be prepared to set a dollar amount for a trust fund for items that fall through the cracks.
Wrong mortgage
It can be pretty confusing, trying to figure out all the ups and downs to the many kinds of loans that are available today. That's why it will pay you to take advantage of your real estate agent's experience and expertise from the beginning of your home buying adventure through closing on your dream house. They can advise you with the best mortgage for your particular situation, but of course the choice is yours.
Closing rush
Insist on seeing the closing documents the day before closing. That way, you'll avoid last-minute problems- such as an interest rate other than you agreed to showing up on the paperwork.
Sometimes missing the closing date because of an eleventh hour snag endangers the locked in interest rate or the entire sale or generates extra cost. Don't get trapped by a too close closing. Get a 90 day lock in for your loan interest rate, if possible, and give yourself that much time to close the sale.
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Copyright ©2009 Peter Kunz. All rights reserved. |
Royal LePage Partners Realty is an independently owned and operated brokerage. |
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