6 Tips to Speed Up Closings

Happy 2017!

​A New Year brings new challenges, triumphs, and opprtunities. It brings a fresh start and a clean slate. It gives us a chance to sit down and figure out what we want to accomplish in 2017; for many people that includes putting down roots and buying a new home. 

Whether you are a first time home-buyer (which is SO EXCITING, congrats!) or you have been through the process before, it can seem to take a lifetime to get the keys to the kingdom and move into your brand new home. To find "the one," write the offer, negotiate, schedule the home inspection, negotiate some more, deal with the appraiser, do a little more negotiating, go back and forth with the lender, and run screaming victoriously to the attorney's office to sit down at the closing table and sign the thick stack of paperwork before being handed the house keys...it takes planning, patience, persistance, and faith in your Realtor that they will keep everything on track and get you to the finish line. 

These tips from a fantastic article from realtor.com should help to get you from contract to closing faster and easier so that you can enjoy your new home sooner.  It's worth it. 

​Home buyers in a hurry to move into their new house may be discouraged to know that the average time to close on a property is 50 days, according to Ellie Mae. But a more focused home search and being proactive about paperwork, among other things, can help to shorten the time-frame. An organized buying process is particularly important for those of you who are simultaneously selling and working against tight moving deadlines. These tips will help you as buyers to help get this important transaction completed in a shorter amount of time.
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1. Get pre-approved, not just pre-qualified. A pre-qualification is just a quick conversation with a lender who may glance at the your credit score. However, a pre-approval is a more thorough review of your credit history. "It makes your offer look stronger," says Adriana Mollica, a sales associate with Teles Properties in Beverly Hills, Calif. "It also minimizes any surprises that may delay or force a cancelation during escrow."
2. Narrow your options. Buyers who have a long wish list of home features will rarely be satisfied by the houses they see. This is an opportunity to have a heart-to-heart with your Realtor about what your MUST-HAVES are (how many bedrooms, bathrooms, etc.), what is on your wish list (a pool would be nice, granite countertops on every surface), and what could be a deal breaker for you (like not living on a busy street with lots of traffic when you have kids). Narrow your wish list down to your top must-have features, and make sure to look at only those homes that fit your criteria. And don't worry, your Realtor will be looking for those extras for you. 
3. Look at homes that have lingered on the market. Homeowners who haven't been able to sell quickly enough are often the most motivated to negotiate a deal. Buyers do have some leverage when making an offer on a home that has been on the market for a long time. But remember that "a long time" means something different in various areas. "In some markets, that may be a week or two," Shaffer says. "In others, it could be a year or more."
4. Don't make lowball offers. A strong offer doesn't have to meet the full list price — but it may mean vowing to make a larger down payment, offering up more earnest money, or accepting an early closing date. Sellers who have a sense of commitment from you as a buyer may be more likely to accept your offer.
5. Waive contingencies — maybe. Contingency clauses are notorious for sparking delays, but you should weigh whether to give them up. Some contingencies may be worth fighting for. You dont want to suffer from buyer's remorse or land in financial trouble if you waive contingencies. Definitely talk to your lender and Realtor about what needs to be in the contract for you to feel  most comfortable. We want to get you the best deal, for the best price, terms, and conditions.
6. Put paperwork in order. I would make sure to have at least three months of bank statements, pay stubs, and letters of explanation for any unusual expenses or financial gifts being applied toward a down payment. Even with a pre-approval, you as a buyer will still need paperwork to finalize the transaction, and having it ready up front could save time. "In most cases, things get held up because paperwork and information isn't readily available," says Raena Casteel of the Casteel Little Real Estate Group in Tucson, Ariz.

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Once you find the home of your dreams, you want to get through the front door pretty quickly. Just be patient with the process; some things do take a little bit of time. But these tips will help the transaction go more smoothly so you can enjoy buying your new home instead of stressing about it. 

If you have any questions about the home buying (or selling) process, you can contact me through my website at any time! And make sure to subscribe so you don't miss tips & tricks to help you buy or sell.

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Source: “Got the Need for Speed? 10 Timely Tricks for Buying a Home in a Hurry,” realtor.com® (Dec. 12, 2016) **edited for the purposes of this post.