Here are a few quick reminders of things to watch out for before and during closing a real estate deal in Colorado.
- Don’t open any credit accounts after you have been approved for your loan and before closing. Wait until after closing to open any new accounts. The lender will re-check your credit just before closing. If they see new credit lines opened you may not qualify for the loan anymore.
- Make sure to schedule and complete a final walk through inspection of the house just before going over to the closing office. I ran into a friend today that when they completed their walk-through this morning on the house they were about to close the realized the family dog was so upset from all the furniture missing they the dog peed all over the house and carpet. A Disaster Recovery Team was called to come do clean up.
- Make sure to check with your bank at least two weeks prior to closing on the availability of funds you will need for closing. Also ask them how long it takes to get a Cashier’s check or wired funds from your account. Two weeks is important because many banks can complete most money transfers within that time frame. Colorado real estate transactions are closed with “GOOD FUNDS.” It’s sort of like sliding a briefcase full of cash across the table to the seller.
- Ask your real estate broker, lender and title company to please give you a complete copy of the Settlement Statement 24 hours in advance of the closing so you can have plenty of time to review the numbers and have changes made if needed.
- Make sure you bring a photo ID. They have to make sure you are a legal citizen and check to see if you are a terrorist.
- Be prepared for a minimum of 45 minutes if you will be at the closing by yourself. If the buyer and seller are closing at the same time expect a minimum of 2 hours.
- Finally but most important…NEVER piss off the title lady otherwise known as the closer. They have the ability to make your life hell at closing.
How is the real estate market in Parker Colorado?