You should be careful when buying or selling a home – follow the right processes and conduct due diligence on different aspects. However, this doesn’t have to take a long time. You can close on a home without delays.
Here is how you can speed up a residential real estate closing:
1. Have your finances in order
As a buyer, you need to prepare your finances. If you can pay in cash, consider doing so. Conversely, if you want a mortgage, get pre-approved by a lender. You should also be ready to handle other costs you may incur in the process.
As a seller, you may cover some costs, including title search fees, title insurance premiums and homeowners’ association (HOA) fees, among others. Thus, you should also be prepared.
2. Respond to all requests on time
Your real estate agent will keep you up to date with the proceedings. Responding to their requests and giving them in-depth responses on time can eliminate delays. Confirm dates, agree or negotiate with provided requests and attend in-person meetings when needed.
3. Gather your documents before you start
The buyer and seller should provide certain documents to close the deal. Not having what you need can delay the process. Therefore, ask your realtor what documents you need and gather them up so that you can make sure you have all the bank records, credit card statements and other items you need.
4. Get professional help early
Several professionals are involved in real estate. In addition to a real estate agent, it will help to work with an appraiser, a home inspector, a pest inspector and so on, especially if you are the buyer. Consider looking for these professionals early – even before your offer is accepted. This gives you enough time to find a reliable one.
It’s possible to speed up the closing process when buying or selling a home, but it takes careful planning. Consider getting professional guidance to protect your interests.