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The Commonwealth Blog

Monday, December 11, 2017

Realtors: Talk to Buyers About What to Expect at Closing

Closing on a home can be a stressful process, especially for first-time homebuyers. As a Realtor, it’s your job to reassure your buyers and make sure they’re ready. With your help and some good advice, the closing process can run smoothly and help your buyer become a homeowner. Have your buyers ready to go to the closing table knowing about the process, actively engaged, and ready to make this life-changing purchase.

It’s Time to Schedule

Closing is a complex process, and your buyers need to be aware of that when going into it. They need to be patient when signing closing documents. It’s important that they dedicate enough time to closing, so don’t schedule it at the end of the day or during a short one-hour lunch break. If you can, have your buyers take off work for the day or take a half-day. Experts also recommend not leaving closing to the last day of the month, but rather scheduling it in the last week or so, to leave time for last-minute problems or issues that need correction.

What’s Wrong with an End-of-Month Closing?

There’s almost inevitably some issue in the closing documents, from a misspelled name, incorrect figure, or even a mechanical breakdown (like the printer running out of paper). Scheduling your buyers’ closing at the end of the month is a common tactic, but if there’s a delay, they may have increased closing costs which come due at the beginning of the next month. Prepaid interest due at closing accumulates throughout the month, but it can be avoided or reduced for your buyer if closing is near the end of the month.

Make Sure to Do a Final Walk-Through with Your Buyer

The terms of most homebuying contracts allow the buyers to perform a final walkthrough 24 hours before closing to ensure the property is still in proper condition. There are horror stories about buyers opening the door to their new house and finding vandalized walls, stolen water heaters, and other damage, so make sure to do this step with them. If you or the buyers see any damage missed the first time or notice any conditions that have changed for the worse, negotiate the necessary repairs with the seller during closing.

If your buyers have any questions about the closing process, you’re the first person they’re going to ask, and you are there to help them understand what the process entails and what to expect. With your help, they’ll be able to sail through closing and get the keys to their home.

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