Do you have a motivated buyer? Maybe someone on a time crunch to move in? All of those bring the baggage of having a sprinted closing. Here are some tips to help you keep your sanity and have a speedy closing.
Learning the difference between prequalification and pre-approval could help a buyer. Pre-approval can mean the difference between speeding up the closing process and hitting a snag that may throw the closing date for a loop. Pre-qualification is when a lender may look briefly at a borrower’s credit score, without looking deeper into their finances. A pre-approval is a true look into whether the borrower has a possibility of qualifying for the loan, eliminating any surprises dealing with finances, for the most part.
Eliminating some of the farfetched desires the home buyer may have within their geographic area and price range will help slim down the search and cut down on wasted time looking for things that may not be a possibility. The reality of buying a home is a tough pill to swallow when all the buyers desires aren’t met. So making it a real experience will help move this along.
Look for motivated sellers. One of the best places to find those are sellers who have sat with their home one the market. Make sure your buyer knows why this is a good leverage point. Motivated sellers means motivated closing.
Commit. Don’t be afraid of a good earnest money deposit. Also do not be afraid of a good offer, lowballing a seller may show you aren’t committed to the home.
Contingences. A necessary evil? Maybe not. Some contingences are in place to protect your buyer, but they have also been known to hold up a closing. So weigh the options with your buyers as to weather they want things done, or they want things closed.
Pay stubs, banks statements & all of the necessary documents. Make sure your buyer has all of the documents from months out so all of the proof is there. This will help the waiting process narrow or be eliminated all together!