When you are ready to close on Oviedo homes for sale, you are ready to close. Whether you are the buyer, seller, or real estate professional making the deal happen when all the paperwork is in order and all the parties are ready, it is time to get signatures and keys, right? Well, that is how it should work in a perfect world.
There is a lot of behind the scenes kind of work that needs to be done in order to get everyone to the point of closing and make the transfer of Oviedo homes for sale happen.
Takes Longer to Close
This past October, the “Know Before You Owe” mortgage disclosure rule went into effect. What this rule does is replace four disclosure forms with two new ones: Closing Disclosure and Loan Estimate. Although this new process is designed to make the mortgage process easier for consumers, it takes longer to close on purpose.
“Know Before You Owe” requires three business days be given for buyers to review the Closing Disclosure so they can ask questions before closing on a mortgage.
According to an Ellie Mae report, the average amount of time it took to close on a property climbed to 50 total days. This is up an additional four days since the new mortgage disclosure rule took effect in October, and up 10 days from the same time last year.
Average Closing Times by Loan Type
The Ellie Mae report identified the following averages for closing times registered in the month of January were:
- Conventional loans: 49 days (same)
- Department of Veteran Affairs loans: 53 days (up from 52 days)
- Federal Housing Administration loans: 51 days (up from 49 days)
- Purchase loans: 51 days (up from 50 days month-to-month)
- Refinance loans: 48 days (up from 47 days)
4 Tips to Complete the Sale Fast
Oviedo homes for sale are in demand, but that doesn’t mean closing goes any faster here than anywhere else in Florida. However, there are four things you can do to try and make the transfer of Oviedo homes for sale go much more quickly.
- Schedule Closings Early in the Month
Set the closing date a few weeks ahead of any deadlines and not the last Friday at the end of the month. Title companies and lenders are swamped at the end of the month with paperwork. Aim for a mid-month close and if there are delays you still have time to make closing before the month ends.
- Get the Title Cleared Fast
Make sure the title is ordered promptly so if there are any issues, such as a lien on the property, it can be cleared before.
- Secure a Qualified Appraiser
Order an appraisal of Oviedo homes for sale as soon as you can to ensure that the property qualifies and is worth its asking price. The earliest time you can does this is right after the buyer and seller enter into a contract.
- Do Not Make Any Big Purchases
Wait on buying any big ticket items, including new furniture, until after the deal is done. Mortgage lenders typically recheck borrowers’ information a few days before any scheduled closing. Don’t want to jeopardize your financial picture.