Everyone wonders, “Can we close sooner than the contract date?”

All the time we are asked if we can close sooner than the contract date. Often it is possible and sometimes too often it’s impossible. There are ways to get your Fort Myers Real Estate transaction to close quicker.

I know this might seem unlikely, but lenders want to close your loan. In fact, if the loan doesn’t close then they have wasted countless hours and resources. The thing is – they must cover their ‘you-know-what’, and make sure the loan meets all the amusing and remarkable guidelines that have been put into place.

So often the conversation looks like this:

“So do you think we could close next week?”

“No. You didn’t even send me your stuff yet.”

Keep laughing… it’s true. So, let’s get one thing straight: It’s going to take about 30-40 days to get to the closing table. This doesn’t mean the clock starts ticking when you find the house. This means once you have a fully executed contract and the inspection comes back with flying colors, then the appraisal can be ordered. So set yourself up for success.

  • Order inspection as soon as you have an accepted offer.

This should be your next phone call after getting the good news that the offer was accepted. You will want to make sure the home is in reasonable condition, but you don’t want to waste money on an appraisal if the inspection comes back with more than you’re willing to take on. So, it’s important to get the inspection done ASAP so you can move onto the appraisal and get rolling.

  • Be honest.

Don’t withhold information from your lender thinking that will reduce bumps in the road. I promise, it will only make things worse. If you communicate something that you think might be a problem, they can be proactively working on a solution for you. The last thing you want is for them to find out something last-minute, and scramble to meet the contract date.

  • Get your stuff together.

If your lender has given you a list of stuff that is needed, take an extra 5 minutes to make sure you’ve gotten everything requested. An extra 5 minutes of making sure you include all pages on tax returns and bank statements will save you a couple unnecessary trips to the fax machine, and possibly a week of being in process.

  • Answer your phone.

At least respond to emails/texts. This may seem obvious, but dropping the ball on communication cannot happen. Everyone needs to be in the loop as much as possible to simplify the process and maximize efficiency. After all you do want the property.

  • Get your homeowners insurance.

I cannot tell you how many times “the last thing” we’re waiting on is a declarations page from the homeowner’s insurance company. Not because the company is slow, but because the borrower waited till 48 hours before closing to get a quote. Once you have the appraisal, give your insurance company a call to put together a policy.

There are many factors that can create challenges to overcome. Some are fixable, some aren’t.

Title Junction is a full service real estate title company serving the area of Fort Myers, Cape Coral and the entire state of Florida since 2005. The company handles a number of real estate title services for both commercial and residential properties. 

Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: Understanding Title Insurance in Real Estate

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