Are you thinking, ‘I want to sell my house New Jersey, but I want to get the sale to go through as quickly as possible?’ This is the case with most home sellers. A speedy closing process will allow you to get your money and move on with your life.
Unfortunately, in most cases, the mortgage and escrow closing process can drag on for 30 to 45 days. It can go on even longer if problems arise. So what can you do to get closing completed as quickly as possible? Here are a few tips.
How Do I Speed Up the Closing Process When I Sell My House New Jersey?
Here are some steps that will help speed up the closing process:
Go with a Pre-Approved Buyer
If a buyer is pre-approved it means the lender will already have gathered financial information on them. This will allow the lender to approve the buyer while forgoing an extensive process. It will cut down on the time spent waiting for the approval to go through. It will also increase the chances of the deal not falling through due to a lack of approval.
Have the Paperwork Ready
A home closing process involves extensive paperwork. Both the buyer and seller will need to prepare documents including insurance documents, promissory notes, the deed of trust, loan estimates, and more. Often, the closing process is delayed waiting on paperwork.
You can expedite the process by keeping your paperwork organized and easily accessible. Encourage the buyer to do the same.
Get the Home Appraisal and Home Inspection Process Done ASAP
A home appraisal and home inspection will be necessary after the estimate is approved. If issues are found, the seller will need to take care of them before closing takes place. Getting the appraisal, inspection, and repairs scheduled quickly can speed up the process.
Sign the Closing Disclosure Prior to the Closing Date
A closing disclosure is typically sent to the buyer a few days prior to the actual closing date. Stay in touch with the buyer’s agent to ensure they’ve received the form and encourage them to sign it in advance and send it back promptly. This will ensure the closing will continue on schedule.
It’s also important for the buyer to read through the disclosure to make sure everything is correct. It will contain the final details of the home loan, so they shouldn’t wait until the closing date to go over it. If there are any errors, have them resolved ahead of time to ensure there are no delays.
Get Contingencies Resolved
Real estate documents often contain contingencies that you may not fully understand or be aware of. Talk to your agent to ensure all contingencies have been met. This will allow the closing process to move along smoothly.
Keep Communication Open
Miscommunication or a lack of communication between parties can lead to unexpected delays in the selling process. Stay in touch with the buyer’s agent, the mortgage lender, and anyone else involved. This will ensure that everyone has the paperwork they need and that it is signed and returned it promptly.
Encourage Buyers to Use ACH Transfer for Earnest Money Deposits, Escrow Payments, and Closing Costs
A good amount of money passes hands during the home selling process. Getting cashier’s checks and scheduling wire transfers can take time. Checks also take a while to clear.
Buyers can avoid delays by using an ACH transfer system. In addition to being faster, they are also more secure. This reduces the risk of fraudulent activities that can further delay the process.
Sellers should encourage buyers to use an ACH transfer system to prevent delays and keep the process moving forward.
Go with a Cash Buyer New Jersey
You can completely avoid the hassles of a long closing process by going with a cash buyer New Jersey.
A cash buyer New Jersey will purchase your home in as-is condition. They will eliminate the need for open houses and finding a buyer which further prolongs the selling process. In most instances, the entire closing process will take just 10 days to 2 weeks from start to finish.
The home closing process can be long and stressful. This is especially inconvenient if you need to sell your home quickly due to a job change, a divorce, a death, or another life event.
Going with a pre-approved buyer, having the paperwork ready, keeping communication open, and taking care of other matters promptly will speed up the process considerably. And if you go with a cash buyer, you will have the entire closing taken care of in a matter of days. What will you are doing to speed up the closing process?