5 Tips to Prevent Closing Delays on Sunset Park Homes in South Tampa
When you set a date to close on a Sunset Park home for sale in South Tampa, you'll want to make sure that the closing goes through on the agreed upon date. However, it can be very frustrating and disappointing when something unexpected happens and there is a delay in the close date. Here are some tips that should be followed during the process to avoid any closing delays.
1. Make sure you have met all the conditions of your loan
One common cause of delay is a buyer who fails to line up homeowners insurance prior to closing. Remember that without it, you won’t be closing. Ensure that you have a homeowners insurance policy on your new real estate for sale in Sunset Park South Tampa prior to closing and notify your lender about it. Lenders require homeowners insurance because it is a form of protection for both the lender and the seller. Do not forget to bring the insurance policy, along with a paid receipt, to closing or have your insurance agent send a binder to the settlement attorney.
2. Communicate regularly with your lender
Keeping your lender on the loop is highly important if you want to steer clear of closing delays. As a buyer of South Tampa homes for sale in Sunset Park, you need to check up with your lender on a regular basis. The mortgage process involves a lot of paperwork. If your lender cannot get a hold of you to ask for certain pieces of information, it might delay the whole process. Remember that even a missed signature on one paper can delay the closing.
3. Be extra careful with your credit score
Avoid doing anything that might negatively impact your credit score in the days leading up to closing. Opening up a new line of credit can change your debt ratio and might cost you a delay in moving into your new home. Keep in mind that many lenders run a second credit report before closing.
4. Stay with your current employment
Changing jobs, becoming self-employed or quitting your current work can prolong the process of purchasing your dream home. Underwriters typically require you to provide a month’s worth of paystubs during the home buying process. If you change your employment, your income will be affected and you will need to provide the Lender updated work information. If this happens, the closing date can be pushed back indefinitely or not happen at all.
5. Allow time for repairs
Several weeks prior to the scheduled closing date, you will want to do a professional inspection of your future home. If you spot any issue or problem, report it to the seller’s party at once to give them time to address and fix those issues, Once the repairs have been made, you will still need to do a final walk-through prior to the closing. Doing so will help you confirm that the property condition hasn't changed since your last visit, and that home repairs have been completed to satisfaction.
Consider these five tips to prevent most closing problems. Visit http://www.TampaTodayRealEstate.com today for more helpful tips on home selling and home buying.
