The process of buying a house can be an exciting, and sometimes daunting, experience. You spend countless hours looking at home after home until you finally find the one. You work with one of our skilled agents to determine the best price to offer and before you know it, you and the seller have agreed on a price. Now what?
Recent studies found that most closing periods average sixty days. Two months can seem like an eternity when you’re an excited buyer. Unfortunately, there are a few hiccups that can extend a closing date. Read the tips below to help ensure smooth sailing during your closing period.
Money – The most common reason for a delayed closing is buyer’s financing. To strengthen your offer and speed up the process, obtain a mortgage pre-approval letter from a financer prior to putting an offer on a home. A pre-approval letter shows buyers that you are qualified to purchase and that financing won’t cause a major headache when it’s time for the final signatures.
Appraisal Discrepancies- appraisals are a must in order to receive a mortgage from a lending company. If the appraisal comes in low, you’re back to the negotiating table. A seasoned agent from our Wellington office can help you navigate this sticky situation and get the deal back on track.
Homeowner’s Insurance- securing homeowner’s insurance is another must prior to occupancy and can easily cause a delay in closing. Make sure you secure your homeowner’s insurance with plenty of time to spare during the contract period.
To avoid these common mishaps during the contract period, call one of our veteran Realtors for more information. Our expert knowledge of the buying process in the West Palm Beach area will have you living in your dream home in no time.