Closing on your own?
When
asked by the general public my thoughts about selling or buying on your own, I
often give this exact answer – “I have no doubt that you can find a home or a
buyer on your own, the doubt I have is if you can get past the closing table
without professional help”. The
closing process is truly the meat and potatoes of any Real Estate transaction;
we are not simply taking the home to the register and swiping our card. While you may decide to sell or buy on
your own, there are many factors that you need to be aware of.
The
closing maze can be a long, confusing and daunting process. You will start to hear references
regarding terms you may have never heard before. “The funds aren’t seasoned” – “It’s still in Underwriting”
– “The package hasn’t been processed” – “The estopple hasn’t arrived” –
etc. These events can and
will cause great stress if you don’t know how to handle them, especially if you
don’t even know what they are! This is certainly not the time to cross your fingers and hope
for the best.
Staying
abreast of these issues is crucial if you plan to close on time, or at
all. Any one of these issues or
other unknown factors can easily prolong or destroy a closing. By gaining knowledge of the process or
simply working with a professional you put yourself in a much more protected
state. A great idea is to calendar
all events taking place from date of contract. Be sure your escrowed funds are deposited in time and
accounted for, that appraisal and inspection issues are handled properly and in
a timely manner. You also want
proof that title is “cleared to close” prior to loading the moving truck. Small issues in a transaction can have
drastic ripple effects, it’s imperative that you keep your ducks in a row until
the last page is signed and notarized.
While
truly closing on your own is possible today, I highly advise against it. Forms from your local office store or
something you found on Google is not going to give you the peace of mind and
protection you need in a Real Estate transaction. Due to the fact that most
Real Estate transactions have multiple facets to them, it can be intimidating
to try to “solve the puzzle” on your own. To help ease that intimidation factor it’s best that
you hire a title agent to conduct your closing. Either buyer or seller can choose the title agent depending
on how contract was drafted. If
you can’t choose, be sure to familiarize yourself with the agent chosen and be
sure to start a friendly rapport.
The agent understands the process fully and in most cases is happy to
answer any questions that may arise.
Remember, the title agent is here to provide a service, be sure to put
that service to use.
The
closing maze is one that you may think you can tackle on your own, but let’s
all remember the recent story of the woman who needed to be rescued in a corn
maze. It looked easy at first.
