Closing day is the final step leading to finally being the proud owner of your new home. While closing day generally means you will have keys-in-hand, unexpected surprises can certainly cause delays or even derail the deal entirely. Thankfully, there are steps you can take to avoid common closing day pitfalls.
Unexpected Credit Score Changes
Searching for a home can be a process, and while you were likely approved for a mortgage at the beginning of your search, if anything changes with your credit score in the weeks leading to your home purchase, you could face challenges on closing day. To prevent this be sure to avoid any red flags that would change the circumstances since you were approved. For example, a job change, accepting a large contribution of funds from a family member, or making any major credit moves can all influence your approval, so be sure to avoid these. Additionally, don’t pay off or open new lines of credit while waiting for closing.
Have a Final Walkthrough Inspection
The final walkthrough should be scheduled 24-48 hours before closing to make sure the property is in the expected condition. This is the last time that buyers have an opportunity to note any unresolved repairs, unexpected issues or damages or missing items like agreed-upon furnishings or appliances. During the final walkthrough, it’s important to decide what are big surprises that may need to pause the process, and what may be best to let slide in the interest of closing the deal.
For instance, if a large storm occurs before closing and reveals some potential roof leaks, this may be an area where you and your real estate agent need to ask the seller to repair (or set funds aside for the repair). However, a minor problem like the seller removing a living room ceiling fan you expected to go with the house may not be worth pausing the deal to address. If there are any furnishings, fixtures or appliances that you expect to be in the home, be sure to ask your agent to include them in a detailed contract.
Plan for Moving Day and Utility Transfers
Closing day is full of paperwork and finalizing contracts, but don’t get so lost in the weeds of the deal that you forget about the actual moving prep. Now is the time to hire and schedule movers to avoid delays. It’s also essential to transfer or set up utilities (electricity, water, internet, gas) to start on closing day.
