Concessions have been negotiated, an offer was accepted, and the closing date is fast approaching. While it may seem like smooth sailing once the home has been inspected and appraised, the time prior to closing can be fraught with potential landmines.
These ten tips from Flat Fee Realty will help Triangle buyers and sellers come to the closing table with confidence:
- While it is typical in North Carolina for sellers to take most appliances, be sure to leave behind any appliances that were included as part of the sale.
- Do not remove any items that are permanently attached to the home, such as window blinds, curtain rods, ceiling fans, or light fixtures.
- Make sure that all agreed-upon repairs or improvements are completed prior to the final walkthrough with the buyers.
- Many closings are conducted with buyers and sellers present. If either party is travelling long-distance to the closing, confirm travel arrangements and allow adequate time for travel delays.
- Don’t forget the keys and the garage door openers! Buyers will expect a key to the home, but also remember any other keys and remotes.
- Buyers should provide their lender with all requested documentationas soon as possible. In these days of due diligence, lenders often double and triple check financial information, so don’t take additional requests personally.
- Be upfront about any upcoming life changes such as maternity, sick, or family leave. These can raise red flags if left for the lender to discover on their own.
- Refrain from applying for or opening any new credit cards or loans. Do not excessively use existing credit cards, or co-sign loans for others.
- Avoid moving money around more than absolutely necessary. Transferring funds between accounts, changing banks, or rolling over a 401K can all lead to last minute delays.
- If a large financial transaction is unavoidable (such as purchasing a car to get to work), inform the lender in advance so they can properly notate the loan file.
A delay or cancellation of closing is frustrating for everyone involved, but most delays are caused by minute issues that are well within the control of buyers and sellers. Whether you are taking on the sale of a home as a FSBO or are a first time buyer looking for expert guidance, Flat Fee Realty can help. Give us a call to find out how!
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This post on selling and buying a home in the Triangle is brought to you by the team at Flat Fee Realty and is intended for informational purposes only.
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Photo: MarkMoz12 / Foter / Creative Commons Attribution 2.0 Generic (CC BY 2.0)