How to Ruin Your Closing
Of course neither you nor your Summit NJ real estate agent would ever really want to ruin a closing date. After all that work finding a home, making the offer and negotiating a final price the last thing you’d want to do is make a mistake that could cause a significant delay or even cost you your dream home. Here’s a short list of a few mistakes that could do just that.
Forget the check.
Your agent will let you know the exact amount you need to bring to the closing table. This has to be a certified cashier’s check, not a personal check. Verify when you pick up the check that it is made out for exactly the right amount. Any discrepancy will likely mean a rescheduled closing date. And don’t leave the check at home.
Spend all your cash.
Keep some cash in reserve for your closing. You won’t have the final tally till just a few days ahead so put off buying the new furniture or lawn tractor till after you close.
Leave the documents at home.
If your Summit NJ real estate agent tells you to bring a piece of paper to the closing, bring it. If you think you might need it, bring it. It’s better to have document you didn’t need than to delay your closing by not having the ones you did need. Some of these may need to be notarized to be sure to check with your agent.
Fail to complete contracted tasks.
As a seller, you and your buyer may have negotiated certain tasks, like repairs, that must be completed prior to closing. If you fail to complete the list, you have not fulfilled you part of the contract and you could risk losing your buyer.
Show up really late.
Your closing attorney, the real estate agents and the other party to the sale all have other appointments. Be on time for your closing or your attorney may have to reschedule it.
Change lenders at the last minute.
Arranging financing is not a task that is best left to the last minute. Give you lender sufficient time to process your applications to ensure you have your financing ready for the closing. If you make a switch in the middle of the process, you may not have your loan in line when you need it. A seller may not be willing or able to wait.
Quit your job or get divorced.
Any major life change just prior the purchase of a home can upset your financing. A divorce or job loss can put a quick end to dreams of home ownership. If your personal life is not currently stable, it’s best to wait a bit before attempting to buy a house.