With financial cut backs on staffing of home loan bank processing centers, and their move out of state to somewhere else in the solar system, real estate sale closing delays happen.
The low bidder to provide loan processing services when a bank decides to do away with its in house paperwork underwriting arm is not always the fastest horse out of the gate.
But an on the ball real estate agent, broker, REALTOR can help stream line the one at a time revealed many last minute glitches.
The ones that get played painfully slow individually, not all at once to tease, delay and even lead to derailment of a house sale that just dies on the loan processing table due to missing puzzle piece(s) of paperwork.
Keeping the clear to close instructions from being sent to the real estate closer lawyer, title company or however your area wraps up the property transaction. Going in if you can know about rough edges that exist in the bank loan closing file on a transaction you are working on, you can reduce or eliminate all the red flags that come up one at a time to cause extension, after extension to the real estate purchase and sale agreement.
And we all know the longer a deal lingers, the more life events come in to play to derail it. Keeping you from that real estate property listing final closing. You know the one.
That buyer, seller, you, the attorneys are calling each other back and forth, on the hour, every hour to see if you know what the delay is now.
To save time making excuses or second guessing the bank loan processing center on the other side of the revolving blue and green marble can be often avoided.
Here is one more tip to add to your bag of tricks for quick bank home loan real estate closings. So you can screw on more your brand SOLD real estate sign riders and get on to other listings, sales of property in your market area.
The home buyers insurance binder for the property naming the bank as the insured better not have more than a $1000 deductable.You and I know to save money, often you want "cancer coverage". Something for insurance that covers a major disaster, total loss but that you have no intention of making a claim on a small incident. Like a rock gets picked up by the lawnmower and breaks an outside storm window.
That you fix out of your pocket to not trigger a claim, to not risk making your perfect record insurance rate not go up. Thinking fire, a hurricane, car comes in to the front living room during a sporting event on television is what you would not be tackling out of your own wallet totally. So why not have a $2500 deductible on the insurance binder... the final piece of paperwork that needs to be in force, in writting before the bank mortgage holder will let the real estate closing table game begin.
By the time you figure out why the closing for Friday of this week has been pushed in to next week, make sure the borrower of the home loan has not shopped for a bigger than $1000 deductible on his home owner coverage.The buyers, sellers of real estate count on you to know everything about marketing, financing, the appraisal process, legal end and everything in between on a real estate sale. Share other little sticklers below that can hold up a real estate closing. And make you waste lots of time second guessing why when you should know going in and avoiding the delays.
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