The Real Estate Investor’s Resource

Turning Intentions into Action

Successful Real Estate Closings

Real estate attorney, Traci Ellis, and I held a teleclass today to discuss overcoming barriers to closing.  

Here are some tips for successful closings:

Buyers

Be sure to get Owner’s Title Insurance. Lender’s require that you buy Lender’s Title insurance but you must request Owner’s Title Insurance.  It costs very little and can protect your from nightmare situations should issues arise regarding title.

Don’t apply for credit before you close your loan.  Applying for additional credit after you apply for your loan but before closing can stop your loan from going through.  Lenders check your credit (again) prior to closing.

Do your walk through prior to the day of closing. If things aren’t just right, you’ll still have some time to  work with the seller to fix them before closing.

Sellers

Be sure that your buyer is prequalified for a loan and can close.

Make sure that your title is clean and clear for closing (i.e. -no judgements, liens or issues)

Get an earnest money check.  If you have an agent, be sure they have the check.

Bring keys, warranties, garage door openers, etc. to closing.

Buyers & Sellers

Manage the closing closely to ensure success.

Submit all requested documentation immediately.

Expect changes.  A lot of things happen with closings.  Don’t be surprised if there are changes and/or things that require your attention through the process and on the day of closing.

Request a copy of the settlement statement from the closing attorneys office before you go to the closing.  Review it and immediately call the closing attorney if anything is incorrect so that it can be resolved  prior to closing. 

Selling a Property?  www.tipstosellyourhousenow.com

Buying a Property?  www.dealsorduds.com

When you’re ready to close www.traciellis.com

 

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June 19, 2008 - Posted by | Uncategorized | ,

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