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3 Things Your Homeowner Transferees Need to Know Before Closing

It’s no secret that the home sale/home buying process is the most stressful part of relocation for transferees. It is not uncommon for home buyers to breathe a sigh of relief once an offer is accepted but unfortunately at that point, the process is still far from over. Every closing is different. Some are formal and drawn out and others are more swift and simple but there is one thing for certain, there are a lot of factors to keep in mind in the days and weeks leading up to it.

Below are five very important things that every transferee should consider between the time of an accepted offer and closing day.

  1. Mortage rates are not forever: It’s really important to remember that mortgage rates can and do fluctuate daily. The rate quoted by your transferee’s lender is only locked in for a certain time period (most commonly 45-60 days). If closing isn’t scheduled within that time period, the rate may very well be higher. Even if the closing is scheduled within the time period allotted for the quoted rate, homebuyers should be wary of issues that may delay closing including open permits, unfavorable appraisals, and any other obstacle that could pop up before the big day.
  2. The process isn’t over: Just because your transferee submitted their application and was approved for their loan doesn’t mean everything is finished. In fact, they should know and expect that many lenders will want to verify income, assets, and/or credit throughout the process and up until the last minute. It is extremely important that your transferees not make any major financial changes until after the closing.
  3. It isn’t “home” yet: Yes, an offer has been accepted, loan approved, and closing date set, but until your transferee signs all of the final documents, the new house/apartment/condo is not theirs. This is a blessing though because you never know what issues can pop up before the sale is final. Most home buyers will have the opportunity for a final walk-through up to 24 hours (sometimes even just hours) before closing. It’s vital that your transferee take advantage of this opportunity to ensure that systems are all working properly and that all agreed upon repairs have been made. If something is off, the transferee can push the closing until the matter is resolved.

 

As soon as the closing is complete, your transferee resumes complete ownership as well as responsibility of the home and that’s when the real fun begins. Just be sure that homeowner transferees, whether new or veteran, pay attention to the details and understand the process along the way. A solid Realtor paired with a quality relocation provider will help with this as well but it never hurts to arm your employees with tips and resources to help them fully grasp the important details that go into closing on a home.

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RICK CALANNI
VP of Business Development Northeast Region

 

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