4 Tips to Close Quickly on a Home In Tooele
There are more than 4 tips I could share about how to close quickly on a home in Tooele. But these are pretty common, and hopefully move you on your way. There are also a number of reasons that home buyers seek a quick close – Maybe they need to move to start a new job. how about a expired lease?
Today, average closing time on a home purchase is 48 days, (nationally) according to Ellie Mae’s Origination Insight Report (this number fluctuates monthly). That time frame may not work for you.
If you need to close on your new house quicker than that, pay attention to these tips
1. Pay cash for the Property
Paying cash for a home does away away with a lot of the elements loan that take time when closing a loan. No financing contingency in the purchase agreement, is the greatest. Not needing to qualify for a mortgage substantially reduces the time it takes to close on a home.
Although many cash buyers hire their own appraiser to determine if the home is truly worth what they’ve agreed to pay for it, since there isn’t a lender involved, the appraisal – something that tends to slow down the process -- isn’t mandatory.
A “clean” cash purchase – one with few contract contingencies – can close in as few as seven to 10 days.
2. If you need a Mortgage, see a lender before house hunting
Get the loan approval process over before you even start looking at homes. Since the loan process takes up the most time in a typical purchase, the further you are into the loan process, the quicker you can close.
For a quick close, ask for a full loan approval instead of a pre-approval. This way, if the underwriter asks for additional supporting documents you can take your time supplying them, without worrying about holding up the transaction.
3. Stay Away From distressed property
Foreclosed homes including HUD Homes and pre-foreclosures are a no no if you’re looking for a quick close. You need to keep the transaction lean and mean. The fewer people involved, the quicker you can get to settlement
Distressed homes – foreclosures and short sales – are notoriously slow in closing. This is mainly because of the additional people that are involved in the transaction. From the lender’s facilitator to its loss mitigation department – with a lender as the seller, every aspect of the transaction takes longer.
4. Keep Contingencies To a Minimum
Experienced real estate agents know how to submit an offer that, if accepted by the seller, will advance quickly to closing. This means doing away with anything that is time-consuming.
Ensure that the title report is ordered immediately. Liens or other clouds on the home’s chain of title take time to investigate and remove. If the title report is ordered as soon as the transaction opens you’ll have time to deal with any problems that may come up without slowing the process.
Talk with your agent about other aspects of the contract that can be tweaked to get a quick close and what you can do to make getting a loan easier.
Finally, select a mortgage lender that has a history of getting the job done quickly. Your agent knows who they are.
If I were your real estate agent, I would recommend as many as 3 lenders that I know could make your required dates. Then you would have 3 lenders and 4 tips to close quickly on a home in Tooele UT. Call me: Berna Sloan 435-840-5029
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