Three Important Tips to Close a Home Sale

Closing a sale is not always simple. It can be complicated from time to time, especially during the final days of closing when both the homebuyer and the seller are both going through an emotional rollercoaster. This is the time when the home buyers are on the verge of getting a bad case of buyer's remorse or fear, while real estate brokers are anxious about completing the sale and having all the paperwork submitted and approved on time

Despite this, all home buyers and sellers alike would agree that closing a sale is the most important process of buying a home. Call it stressful; call it toxic -- but without it, you'll still be living in your one room apartment and sharing a bathroom with twelve people

Now, if the thought of sharing a toilet with strangers is making you squirm right at this minute, then you might have the right motivation to pass through the closing process unscathed. Here are some tips that will help you close that sale with the least stress as possible:

Get a Home Inspection Done  

Did you know that home inspections can vary from state to state?  What's more, they are different across cities and countries. Some factors at play here include the home inspector and the association they belong to, so don't be surprised if the inspectors you talk to sometimes contradict each other

Despite these differences, you should always make sure that inspections are done in the early weeks after both the buyer and the seller (and other parties) sign off on the final offer. There are times when transactions go down the drain after ratification, and the cause is usually something that was found during the inspections

This shows how important doing a presale inspection is before buying a house, so make sure you have as much information as you can about the property before shelling out your cash. Hire roofing and drainage specialists, engineers, furnace contractors (and etcetera) to get a second opinion if you can, and remember that most transactions often fall way on the side because of a simple “failing grade” during an inspection

Follow a Financing Checklist

Once everything has been checked and you've gotten the green light from the inspectors, then you need to put your attention to your loan contingency. Loan contingency is a way to protect you in case you are not able to qualify for a loan. You usually have 17 days to complete the loan process and have your loan approved. If you can't obtain one, then the bank (or the sellers) can give you a loan depending on the loan limits you set up for yourself. This is a rigorous process, and one of the most important requirements here is that you provide the seller evidences that you have enough liquid funds to close the home sale

Loan approvals are basically quick as long as all the documents are given promptly and you have enough funds to buy a house. Those who are self-employed or who do not fall under the W-2 income however, will find that it takes much longer to be approved

Be Prepared for Closing

Closing can happen as early as a week or two, especially if inspections have been accomplished and tied in an all-cash deal. However, it can take longer if it's under an appraisal contingency

An appraisal contingency gives you the right to request that the price of the house you're buying be reduced closely to match its appraisal value. This should be agreed upon by both parties, and if the seller doesn't agree, then you have the right to terminate the contract without getting any penalties

Preparation is the most important key to closing a home sale.  Make sure you do your research so you can meet all the requirements that your seller needs from you. Once you have everything on hand, then it wouldn’t take long for you to realize that you are now a proud owner of your dream house