Common Mistakes To Avoid When Closing On A House
When it comes to buying and selling real estate, there are many things that need to be done before the property is officially yours. Many potential buyers don’t know that there are a few common mistakes that can affect the closing. Our team here at Grand Strand Law Group is here to guide you through a stress-free closing process. Here are some of the most common mistakes we see in potential buyers.
When using a lender to purchase a home, they need to see stable income (usually about 3 – 6 months’ worth of income) to be able to approve a buyer for financing. Changing jobs in the middle of closing on a property can throw a red flag to the lender which can delay financing and the possibility of closing.
Paying Off Debt
Little do potential buyers know but paying off debt before closing can actually hurt you! Doing anything that affects your credit score can change the lending process which can lead to a delay in closing. Don’t make any big purchases or life changes until the keys to the property are officially yours.
Not Preparing Accordingly
Once your offer has been accepted, it’s essential that you stay in contact with your lender and real estate agent to ensure that the underwriting process is staying on pace with the closing date. Things like appraisals, home inspections, getting insurance, and more all has to happen before the closing and it’s important to stay on top of everything and in touch with your lender.
Overall, these are just a few common mistakes that we see potential home buyers make before they close on their new property. Whether you’re buying or selling a property, our legal team here at Grand Strand Law Group is always here to help! Don’t hesitate to reach out with any questions!