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5 Ways To Prevent Closing Delays

Posted in: Home Buyer Tips | December 17, 2018

Purchasing a new home is a wonderful milestone, which shouldn’t diminished by a delayed or problematic closing. There are several ways to prevent closing days. Here are a few to keep in mind if you are buying a home in Massachusetts.

Select a Good Lender

Choosing the right lender can make all the difference when it comes to your closing. From our experience, local lenders are great to work with. They often have local staff that are easy to reach and focus on customer service and satisfaction. Online lenders can sometimes be more impersonal and difficult to reach (especially if their call centers are located in another part of the country). Local lenders include small companies and/or large ones with local branches/staff. So, you can still pick the type of lender you wish to work with.

Set a Reasonable Deadline to Begin With

The most common mistake for buyers is entering a mortgage commitment and closing deadline in an offer or P&S without first checking with their lender. The time needed to process and close on your loan will vary depending on the lender and the amount of loans in their pipeline. Thus, you should check with your lender before entering any dates into an offer. This also avoids the need for requesting extensions later in the process.

Provide Paperwork to Lender Promptly

As part of their due diligence, your lender will request quite a bit of information from you. You may have given them a lot already for your pre-approval, but it’s common to see additional requests as your loan is reviewed. Be sure to promptly reply to their requests to prevent closing delays. This includes signing of disclosures, as some must be done a certain number of days before closing (per law).

Sign the Purchase & Sale Agreement as Soon as Possible

Most lenders can’t submit loans for processing until they have a signed Purchase & Sales (P&S) agreement. The P&S provides the detailed terms of your purchase, which must be reviewed by your lender as part of their approval process. It is also needed to order an appraisal, which is a critical step in the process. Thus, it is in your best interest to have the P&S negotiated and signed as quickly as possible.

Hire a Good Real Estate Attorney

You will need an attorney to review and negotiate P&S terms on your behalf. Although any attorney in MA could technically assist you, it’s best to go with a real estate attorney since they will be more familiar with real estate laws and best practices. Also, make sure your attorney is readily available to assist with P&S contracts.

Although some closing delays are out of your control, there are some that can you prevent. Contact us for assistance with your next home purchase or home sale in Massachusetts!

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Tags: closing delays, Purchase And Sales Agreement

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Hagopian Law Group, LLC

Phone: 781.333.5244
Fax: 781.218.2073
Email: melanie@mhagopianlaw.com

754 Massachusetts Avenue
Arlington, MA 02476

Recent Reviews

Jake L.
Oct 25, 2016
 by Jake L. on Hagopian Law Group, LLC

Melanie was a pleasure to work with during what was an otherwise rough house purchasing process. During negotiations, and during the closing Melanie always... Read More

Michael B.
Oct 25, 2016
 by Michael B. on Hagopian Law Group, LLC

We used Melanie to help us close on our condo sale and she did our will, power of attorney, etc. Very responsive and friendly. Answered all our questions... Read More

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