Three Ways To Speed Up The Closing Process When Buying A Home
Waiting to close on your house can be a long and arduous task. All you want to do is move into the new place, but you have to deal with tall stacks of paperwork and numerous phone calls from lawyers and banks. There's nothing you can do to get around having to deal with the closing process. It's just a part of buying a home. However, there are a few things you can do, as a buyer, to help speed up the process.
Work with a dedicated real estate lawyer.
There are some "general practice" attorneys who deal with real estate law along with criminal law, business law, and a host of other specialties. These lawyers are not usually the best choice if you want to close quickly on your real estate. They're not always as familiar with the real estate process as a dedicated real estate attorney tends to be. Plus, they don't usually have the same real estate connections in the area, so it may take them longer to push certain paperwork through. Work with a lawyer who specializes in real estate, and your closing process should move along more smoothly.
Get pre-approved for your mortgage.
One thing that slows the closing process down is the process of having the bank approve you for a mortgage. You can speed things up by taking care of this part before you even start shopping for a house. Find a bank that offers good rates (you may have to visit a couple), and hand over all of the required information so they can approve you for a loan up to a certain amount. When you find a house you want to buy, having already been approved will take at least a few days of bank work off your closing time.
Stay in good communication with the bank, your lawyer, and your realtor.
Throughout the closing process, you can almost bet that your lawyer or the bank will call you a few times to clarify something or have you sign a document that got skipped over. If you don't see the message for a day or two, that's more time you'll have to wait before closing. So, keep your phone on and near you. Check your email often. If you do get a message or a phone call, act on the request promptly so those working on your real estate purchase can keep moving.
With the strategies above, you stand a better chance of closing promptly and on time.