closing tips from downers grove real estate agent

Common Closing Roadblocks | Downers Grove Realtor

closing tips from downers grove real estate agent

Closing on a house is not as easy as some potential buyers or sellers might think. There are a number of hiccups that can occur. Issues with the title, lending roadblocks, and unforeseen issues related to the condition of the home are a few circumstances that can cause delay. Therefore it is critical to rely on qualified professionals to help you make it through your real estate transaction. Here are a few tips from Downers Grove Realtor Shanon Tully to get you to the finish line.

Mortgage Preparations

The first step in preventing mortage issues is to choose a trusted lender. This will eliminate many issues that can arise due to inefficiency. It is a good idea to ask about the loan processing time of the lender that you would like to use. Also, take the time to tend to any credit issues that might come up during the mortgage process. Most agents would recommend getting re-approved for a loan as well. When looking for a home it is important to know how much you are able to spend and the pre-approval will help with this. Another helpful tip is to assemble all the required documents prior to looking at homes. Here are a few to keep in mind:

  • Bank statements
  • Income history
  • Pay stubs
  • Tax returns

Ask your lender about a checklist for other required forms. It is best to do sound research in the beginning. This will make the mortgage process a lot smoother overall and prevent unnecessary obstacles. Contact Realtor Shanon Tully for more help with preparing to buy.

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Typical Roadblocks

There are a number of typical things that can come up during the real estate process that will delay making it to closing. For example, disagreement regarding repairs on the home or significant structural issues will take some time to work through. In some cases, there are lien issues from the past that need to be cleared. At times there can be a delay of the buyer’s funds to make it to close. Watch out for these and similar challenges when buying or selling. By way of prevention, get an inspection to reveal the true condition of the home. This will help with agreement regarding repairs. It will also help when negotiating on the price of the home. Your trusted real estate agent will be able to help you navigate through such challenges.

Time to Close

It is necessary for the buyer to prove that they have enough funds for the down payment and closing costs. If you are getting down payment assistance, all the required paperwork will need to be in order. Your Realtor and lender will help with this. It is imperative that this is secure before closing. It is also important that all the necessary repairs are completed before closing. Allow your real estate agent to take the lead here as well. A final inspection should occur a few days before closing. To get the professional help needed to make it to close contact Downers Grove real estate agent Shanon Tully today!

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