Here are 10 tid bits of advice to help you have a Quicker more Efficient Closing on Your Salt Lake City Home or Property.
1. Select a multipurpose real-estate agent
Choose an agent with the history of following through. Make sure he or she has the capabilities to manage the complex escrow process actively and properly. A dedicated real-estate agent can slice days or weeks off a closing.
2. View closing documents 24 hours before closing
A few short hours reviewing your documents and getting questions answered can prevent unnecessary chatter and long winded explanations during the closing itself.
3. Bring a certified check Be sure to check with your escrow company to see if they prefer payment coming via a wire transfer or a certified check. You should not come to closing carrying a check you just ripped out of your personal checkbook. By bringing a certified check you are saving as much as two weeks or the number of days it takes the escrow company to verify funds and cash your check.
4. Keep the appraisal process running smoothly
Work with the seller to insure the appraisal process is fast and efficient so the appraiser can access the house in a timely fashion. If you stall the appraiser you could add several days or weeks to the closing process.
5. Specify repair provisions in the contract.
Time should be allotted for inspections that let buyers determine if they want to purchase the home ‘as is’ or buyers should specify the time frame for completing the repairs after the inspection.
6. Hire a reputable escrow company
Escrow is basically a trusted third party account through which money for the home purchase is received, held, and disbursed.
Selection of an escrow company is key as it is maintaining an open line of communication with your escrow contact. 7. Line up your insurance early
On the day your escrow is opened you should buy a homeowners insurance policy, plus any other necessary coverage. Make sure your escrow officers get your insurance brokers number as soon as possible. Note: Your policy will not take effect until your closing is concluded.
8. Build a pre-closing paperwork folder
Get a list of all your financial documents that you will need for closing from your Mortgage broker. Get it together right away. The usual stack includes bank statements, and copies of pay-stubs.
9. Respond quickly to requests for more information It’s up to you! Drop everything and get it done, even if it seems insignificant because it will require the file to go back in the que and have the underwriter review.
10. Verify your past 2 years employment history
A way to get your file to the finish line the fastest is to supply that minimal 2 year work history. Note: You should never embellish your work history or wages. The lies will come out and extend the process – or worse cause the loan to be denied.