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Real Estate News Real Estate News

How to Make Sure You Dont Fall out of EscrowBuyers Version


Written By: Jaymi Naciri
Monday, June 10, 2019

So how do you protect your purchase and make sure you get to the finish line? These four tips will help.

1. Prepare yourself for the inspection

Especially if yoursquo;re buying an older home, there are bound to be some surprises in the inspection report. The sale fail trend is particularly pronounced for older homes. ldquo;Homes built from 1959 through 1969 had the highest sale fail rate at 5.2, compared to homes built in 2016, with a dropout rate of only 2.6, which is among the lowest proportion of failed sale bands,rdquo; said The Truth About Mortgage.

While you canrsquo;t be prepared for everything, you can go into the process with a realistic understanding that the condition of the home may reflect its age. Expecting everything to be in tip-top shape will probably leave you disappointed.

2. Buthellip;dont be afraid to negotiate

That being said, the defects and recommended repairs that end up on inspection reports can be a lot to digest, and you have every right to expect a renegotiation for anything major. Your real estate agent should be able to provide guidance on how much seller cooperation is reasonable so it doesnt put your home purchase at risk.

3. Donrsquo;t be cavalier with your credit

Yoursquo;ve been pre-approved for a loan. Yay Maybe you should celebrate by buying a new car or a house full of new furniture. No Your preapproval is based on a number of factors, but credit score and debt-to-loan ratio are two of the big ones. Any change to those figures during escrow and you could find yourself with no financing.

ldquo;The underwritermdash;employed by your mortgage lendermdash;will check your credit score, review your home appraisal, and ensure your financial portfolio has remained the same since you were pre-approved for the loan,rdquo; said Realtor.com. Since underwriting typically happens shortly before closing, you donrsquo;t want to do anything while yoursquo;re in contract thatrsquo;s going to hurt your credit score. That includes buying a car, boat, or any other large purchase that has to be financed.rdquo;

You may think itrsquo;s rare that a financing issue hampers a closing, but, ldquo;In fact, 32 of settlement delays come from buyer financing issues which can crop up at the very last minute,rdquo; said Homelight.

4. Make sure you have all the required documents when you go to close

The last thing you want is to get to your closing and realize you forgot one of the documents you need. Donrsquo;t leave the house without:

bull; A driverrsquo;s license, passport, or some other government-issued photo ID
bull; Proof of your homeownerrsquo;s insurance
bull; A copy of your sales contract
bull; Any and all home inspection reports
bull; Any other paperwork the bank used for loan approval double-check with your lender in plenty of time
bull; A notarized document giving you power of attorney if your spouse wonrsquo;t be present at closing
bull; A bank check or wire transfer for the full amount of your closing costs check with your lender on the means of payment and final amount



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