Many buyers believe that closing the contract is the easiest part of the real estate transaction. This is not so, buyers and sellers alike have been known to drop deals for various reasons. The closing process is rich in paperwork and legal issues.
It is important to understand that there are a lot of fees involved next to the closing costs and the mortgage. So expect the price to rise by 2 to 7 percent more than the agreed-upon selling price. Do not forget about property taxes and repairs.
Also, closing could take quite a long time. If you're not preapproved, it could last up to 30 days to process the loan. If you are, then two weeks would be more appropriate.
For instance, if you need a mortgage to complete the purchase, it could take up to 30 days to process the loan and close the sale. However, if you're preapproved for a mortgage, you might be able to close in as quickly as two weeks from the date your offer is accepted. In any event, make sure you're preapproved within 5-10 days of acceptance.
I will be supporting to you through it all should you choose to make me your real estate agent.
Sincerely,
Steven Wright
720-989-5283
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