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Tuesday, April 02, 2013

The real estate closing–a simple process, really?

The most challenging part of selling a home can be the final step - the closing.   Almost as challenging are the preparation efforts, showings, dealing with multiple offers, and the negotiations.

But, finally, you have it…a signed deal.

The closing process is simple as well.

Surveys are done.  Inspections are done.  Appraisals are done. Mortgage information is gathered and processed.  Home owner associations release estoppel letters.  Taxes are calculated.  Documents are prepared. Buyers, sellers and lenders review the documents.

Finally, the lender gives an approval of the closing statement (the “HUD” form).

Now funds are wired and signatures gathered.  And then keys exchanged.

And they lived happily ever after.  THE END.

But not all closings are that simple.  As one of my customers said once "Ultimately all are at the mercy of the closing process."

Closings sometimes include a lot of "hurry up and wait" time.  This can be especially true when the buyer is purchasing a short sale.

As closing day draws near these words may be needed for all "patience, grasshopper."

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