Closings could be stressful! Especially if you do everything remotely like we do.
There are so many moving parts to a real estate closing, from your lender, attorney, real estate brokers, insurance company, closing company, wire transfers and more – everything must line-up for a pre-defined date.
So how do you manage all of that with no stress?
The answer is planning…
- First make sure that all the players are aware of the schedule. Don’t assume that they know, validate with them (and more than once)
- Take your buffers – define some deadlines for you and your vendors and ask your vendors to comply
- Have a backup plan. If something will not work according to the plan, make sure you have a backup plan – It is guaranteed that not everything will work as per the plan
We usually have a few backup plans for some of the moving parts – we provide our representative in the closing a Power of Attorney so he could sign on our behalf if there are any last-minute changes.
have a few backup plans for some of the moving parts
We also make sure that we have sufficient funds in our bank account to count for any unforeseen expenses that were missed in the HUD 1 document.
We submit the loan documents before closing to ensure that the lender is satisfied with the docs.
By taking those simple steps you can make your closings a walk in the park rather than your nightmare…