Bulletproof Your Home Purchase: Close The Deal

When buying a home, there can be a lot of things that go wrong. From inspections, appraisals, loan approvals, job loss, to any number of reasons. Buying a home is not a simple task. As a matter of fact, in today's real estate market, getting your home to close on time, is just as likely as you winning the lottery. Well, I guess that depends on every situation, but getting a home to close on time, has become an art. 

Let's flash back to the good 'ol days, which was about 3 years ago. I use to be able to get a home, loan approval, inspections, appraisals, and all, to close in as little as 3 weeks! Today? Fat Chance!! Well, unless you're a cash buyer, that can happen, but if you're getting a loan, oh no, no chance. 

How Do I Bulletproof My Home Purchase?

Now, this is where getting a home to the closing table becomes an art. Let's just go over a recent example I had. I wrote an offer on a home for one of my buyers on February 17th of this year. We finally got the home to close on May 21st of this year! Why did it take so long you say?

Well, turns out, underwriters these days need your entire financial history. Including a credit card that was in my buyers name when she was in high school. Her dad gave her an emergency credit card, and she never used it. But the underwriters needed to make sure, that in high school, she knew how to use a credit card...

Anyways, long story short, we finally got my clients into the home they wanted. Not an easy task by any means, but the key was knowing what could happen, and preparing for it. We bulletproofed their transaction by preparing for the worst, and knowing how to handle the situation.

By following three simple rules, constant communication, proactive prevention, and problem solving, my clients were able to move into their new home. 

 

The Art of Bulletproffing A Closing

Constant Coummincation - Whether your a buyer or a seller; keeping in contact with your agent, loan officer, and inspectors are crucial to bulletproofing your transaction. 

• Agent contact - Knowing what your agent is doing for you, and knowing your deadlines are a must.
• Loan Officer - Make sure you are providing your loan officer with all the information they need, and in a timely manner. Remember, a contract is time sensitive.
• Inspectors - Be prepared for repairs. If you're a seller, and you're asked to make repairs. Get them done, and don't hesitate. If you're the buyer, make sure what you're asking for is reasonable, otherwise, it can stop a deal in it's tracks.

Proactive Prevention - Know from the get go what it is you actually want

 to achieve, and prepare for the obstacles preventing you from that goal.

• What do we want to achieve?
• What do we need to consider?
• What will we do if...?
• Reassure yourself, We're on track, and doing fine.

Problem Solving - Problems arise in every transaction, if not, consider yourself lucky. 

• What do we need to do now?
• How can we get it done?
• What's it going to cost?
• Is it worth it?

Bulletproofing a transaction is the difference between signing documents, or the anxiety attack of a deal going sour.  By choosing a great real estate agent, experienced trustworthy lenders, and thorough inspectors, your being proactive in the purchase/sell of your home. Be prepared, stay educated, and enjoy the ride. If you practice these bulletproofing techniques, you'll be barbecuing in your new home in no time! 

Lisa Udy

Immaculate Homes

Logan Utah Real Estate

Logan UT Homes

Lisa@LisaUdy.com