When you have looked at several homes for sale and worked with your exclusive buyer's agent to negotiate a price, you do not want to let all of your efforts go to waste by having problems at closing. Delays at closing can be costly, as the interest rate could change and you could incur additional fees. Common causes for a delayed closing include problems with home loans, the home inspection or liens against the property. As the buyer, you can take these three actions to avoid delays at closing.
Protect Your Credit
When the closing date is set, avoid doing anything with your credit. Do not open or close any lines of credit. Avoid checking your credit report or credit score. Wait to make any purchases on your credit cards and avoid asking for any increases in your credit limits. These actions can wait until you have closed on your new house.
Plan Your Expenses
Make sure you have enough cash in your checking account to cover the closing costs. You should plan on 3 to 4 percent of the home's sales price for closing. The closing fees must be paid with a certified check at the time you sign all of the documentation with the seller. You should get your HUD-ONE statement three days before closing and have a certified check made out from your bank.
Have Your Documents Ready
Make sure you have all required documents for closing. You may need proof of insurance coverage. Bring a paid receipt for the homeowner's insurance policy. You will also need to bring your state-issued identification or driver's license as proof of your identity at closing.
Sources:
Things a Buyer Should NOT Do Before Closing a Real Estate Sale. homebuying.about.com
The Buyer’s Perspective: 5 Tips to Avoid Closing Delays. retradio.com
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