Anyone who has bought or sold a home in the Cherry Creek School District in Colorado over the past several months knows that there are a myriad of reasons that closings are being delayed or sometimes even called off. The Bibeau Group team is here to help make sure that all of our clients make it to the closing table, and want to pass along a series of tips that will help make your transaction smooth and stress-free!
One of the areas of a real estate transaction that has become increasingly important is the handling of the inspection process. When a buyer conducts a home inspection and the seller agrees to fix a specific set of issues, this information is now required to be shared with the buyer’s lender. Since the lender has a stake in the transaction (because the home is being used as ‘collateral’ against the mortgage), they have a keen interest in getting confirmation that any necessary repairs have been completed.
This is where your tip comes in….
If you are selling your home and have agreed to perform certain repairs through signing an ‘Inspection Resolution’, it is in your best interest to:
- Complete the repairs as SOON AS POSSIBLE
- Complete the repairs EXACTLY as required in the Inspection Resolution (i.e. use licensed contractors, complete by a certain date, provide documentation, etc), and
- Provide detailed receipts to your agent as soon as the work has taken place so that they may be passed along to the lender in a timely manner.
Believe it or not, something as simple as an incorrect address on a repair receipt actually has the potential to cause a delay in your closing. Each mortgage underwriter is different, so each will have different requirements, but if you follow the advice above, you will be helping to move along a sometimes complicated and frustrating process.
If you are in the market to purchase or sell a home in the Cherry Creek School District, The Bibeau Group is the team to call. We specialize in real estate in the Cherry Creek School District and have the expert knowledge and professional experience to help you through a successful real estate transaction!
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