Avoid Home Closing Day Stress

Posted: September 24, 2012 in Buyers, General Information, Sellers
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Closing day can be the most stressful time of a Real Estate transaction and plenty can go wrong. A little thinking ahead can help you avoid a lot of anxiety and stress.  Lots of things can go wrong on closing day. If you’re careful and think ahead, you can avoid a lot of anxiety later. Sometimes, though, you have to go with the flow.

Here’s a scenario where the sellers left only one key but the front door has two locks. This is not so unusual and it happens more often than you think. The best option is not to call the seller because most likely they left the keys on the kitchen counter or somewhere obvious. The best thing is to call a 24-hour locksmith and then send the bill to the sellers. If you are the seller make sure that you give your lawyer enough keys to provide access to the buyer after closing.

So you walk into the house and it has an awful smell. Unless the seller did something to conceal the smell when the buyers were visiting the home it’s pretty hard to sue for these kinds of issues. The buyer should be mindful of air freshener smell during an open house and ask questions. Hiring a professional inspector will help answer some of the questions you might have and relieve some of the stress level by knowing that all is well before hand.

What if the house you are walking into is full of junk that’s been left behind when the Agreement of Purchase specifically stated that all the junk had to be removed? What if the mirrors and the blinds are gone when all that was attached was supposed to remain? Make sure that at the time of purchase the contract includes a clause that the home should be left in a broom swept condition and describe everything that you expect to remain after closing such as the blinds and permanently attached mirrors. As for the junk, if you need to pay to get it removed or clean, you can send the sellers the bill.

Make sure that any changes that are made to your contract, for example if you change the closing date, make sure to advise your lawyer as quickly as possible. You don’t want to encounter extra fees due to lack of communication.

If you are selling a home and purchasing another home you might want to consider arranging a bridge loan with your financial institution. This means you ask your bank to lend you all the money to close your home purchase and then you pay all or part of it back a day or two later when your sale closes. It is worth the interest for a few days to make sure that you close both deals without stress allowing you to move in to your new home a couple of days before having to completely vacate your old home.

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