Whoohoo! You finally found that dream South Lake Tahoe real estate and your offer was accepted! After touring MULTIPLE homes for sale in South Lake Tahoe, you may be feeling a variety of emotions, with victorious coming in at the top of the list! Before you find a pair of steps and pull a “Rocky” moment, in the world of South Lake Tahoe real estate-nothing is final until escrow officially closes. Things can fall apart ON closing day. If the idea of starting your South Lake Tahoe real estate search all over again is your worst nightmare, check out these tips for a smooth closing.
1.) Work with a South Lake Tahoe realtor that has been in the business a long time, is well versed in a variety of transactions and has your best interest at heart. When you have someone backed by experience, the chances of things going to the wayside and not being fixable, are slim. We have the knowledge and industry tips to pull things back together in almost all scenarios.
2.) Do NOT, under any circumstances unless you are a billionaire with an endless amount of cash, make pricy purchases prior to closing on homes for sale in South Lake Tahoe. Lenders will pull your credit right before the loan closes to make sure that nothing has changed with your debt to income ration. Any variation could impact you negatively and cause lending to fall through at the last second. So that dream sofa you want to put on credit? Wait until you close. That boat perfect for summer lake days? Wait until you close. A new credit card to finance home renovations? Let’s say it together: Wait until you close.
3.) If there is a delay in verification from your mortgage company, employer, landlord, etc. this can slow down the process. Try and get some of these details together ahead of time after you have been pre-approved to speed things up so you can close on your new home for sale in South Lake Tahoe.
4.) The lender needs more. More money for the down payment, additional information or another copy of a document. Some of these things arise late in the game and there isn’t a ton you can do. If your South Lake Tahoe realtor is on top of their game, they can help you slide through these scenarios with ease and urgency.
5.) Lenders aren’t the only ones who can hold things up. Buyer delays can also hold things up in situations where someone is self employed or has multiple sources of income. If the down payment is a gift, that could also slow things down. By having all your documents ahead of time, you can keep things moving along according to the timeline. A prepared buyer is a seller’s favorite kind! Especially when homes for sale in South Lake Tahoe are in a seller’s market!
6.) We all have issues. But certain issues that can halt closings on a home for sale in South Lake Tahoe is an appraisal coming in low and a buyer needing to either fill the gap with extra funds and/or renegotiating with the sellers. Title disparities is another one. Tax liens, incorrect signature, etc. can be an issue which slow things down as well. Inspection reports coming back with some not so great news is another one that can send both parties back to the drawing board to come up with different, agreeable terms. Oh and property damage found in general, or during the final walk through. Certain repairs may be needed prior to closing. Also, the contract disagreements that can result from any one of these fun scenarios.
When buying a home for sale in South Lake Tahoe, it truly is best to get all your ducks in a row ahead of time so that you can bypass some of these situations. Of course, not everything is avoidable and when things pop up, it is best to have a South Lake Tahoe realtor by your side to help you navigate these things successfully. Have questions on buying or selling? Give us a call!