The Closing Process: Buyer’s Perspective
Here at Maine Source Homes & Realty, we never get tired of helping home buyers with the closing process. If nothing else, we love to see the excited look on your face! You’ve gone through the process of looking at home after home … and now you’ve finally found THE ONE. Better still, the seller has agreed to your offer.
So what happens now? What do you need to know about the closing process?
The Closing Process—3 Key Things to Remember
First, you should know that the average closing period can take up to 60 days. And sometimes it takes that long because of “hiccups” that are often avoidable with a little pre-planning and preparation. To make sure your closing process goes as smoothly as possible, make sure you’ve addressed these 3 key areas:
Your Financing . . .
The #1 most common reason for delays in the closing process is the home-buyer’s financing. To maximize the speed and strength of your offer, you should secure a mortgage pre-approval letter from your financer as quickly as possible—ideally BEFORE you even make an offer. Your pre-approval letter—which Maine Source Homes & Realty can help you with—shows buyers you have been financially vetted to purchase a home, and that financing will not be an issue.
Appraisal Variance . . .
To receive your mortgage from a lending company, you must have an appraisal. An appraisal is, essentially, a professional determination of the house’s market value. Securing and handling the appraisal can sometimes be a bit tricky and sticky—especially if the appraisal is at significant variance with the offer. But Maine Source Homes & Realty agents can help you navigate everything and keep your deal on track.
Homeowner’s Insurance . . .
Securing this is another “must-do” on your closing process checklist. Failure to get it can easily cause a delay in the closing process. So make sure you jump on this and secure your homeowner’s insurance ASAP during the contract period.
The closing process can be fun and memorable, but only if you’ve done your homework and gotten your ducks in a row. For help with home buying in the Lewiston-Auburn area, we invite you to call Maine Source Homes & Realty. We’d enjoy putting our 47 years of experience to work for you!
ABOUT MAINE SOURCE HOMES & REALTY
MAINE SOURCE HOMES & REALTY is dedicated to helping you find your perfect home-ownership solution. Whether you wish to buy, sell, or build a home, Maine Source Homes & Realty invites you to benefit from our 47 years of trustworthy experience and expertise.