Everything has gone smoothly, we are still waiting on the survey (our new home includes 5 acres of land) and a title commentment. My leader has said to "start packing, it 's a done deal" . We have been scared to move utilities and pack, because our horror stories of something going wrong, to prevent closing. What could go wrong at this point? Should we pack?
2006-12-13 04:27:01 · 11 answers · asked by TC 3 in Business & Finance ➔ Renting & Real Estate
I am a real estate appraiser so my first question is did the house appraise ok? If so, great. The only other thing is I would check to see if the title work it going ok. If the house does not have a clear title, then there will be LOTS of paperwork and it could take months. Otherwise, go ahead and pack. And don't worry!!
2006-12-13 04:32:14 · answer #1 · answered by christy m 2 · 0⤊ 0⤋
I work for a title company. Your survey should take an average 5 to 7 days with this much property it may be a few days more. The title commitment takes 3 to 5 working days and the title company should send it to you in the mail. You can call them to check on it. It also depends on where the property is at, in this case, if it is in a smaller county it could take a bit more time but never longer than 10 days! The title commitment has to come back without any prior problems but if it does then the title company will work to resolve the issues, you should have a closing date on your contract usually found on page three or four. The title company works on getting everything ready by this date, so you do not have to pay per Diem's on the property. As long as their isn't a lien from the government or something of this nature you should be OK to start packing and ready to move by your closing date, you may also request to close sooner if everything is OK. You can go online to the tax site where your property is located and look at the history of the taxs, etc, just google your county name with CAD behind it.
Good Luck :-)
2006-12-13 04:44:53 · answer #2 · answered by mudd_grip 4 · 0⤊ 0⤋
I wouldn't start packing until you have a closing date written in stone. The only problem is that even closing dates can be moved. The establishment of a closing date means that everything is right with you, the seller and the financier. The last house I bought, the closing was delayed nearly three weeks. Talk to your loan officer/coordinator and demand a closing date before you get out the boxes and the tape.
2006-12-13 04:33:43 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I wouldn't pack until maybe a week before closing. As for utilities and all that, that can also wait until just before closing.
It's probably not likely something will happen, but you never know. The title search may not pan out as planned. There may be a boundary line dispute after the survey. Etc.
2006-12-13 04:31:28 · answer #4 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋
Pack, but expect the unexpected. Mine was a done deal, but right before closing the bank had a fit about something and I had to take the day off work to run around faxing stuff to the bank, hubby's work, the bank... But we did close on time. Wait on utilities until the very last minute.
2006-12-13 04:37:22 · answer #5 · answered by nokhada5 4 · 0⤊ 0⤋
As a lender one of the last things I order is the survey . I would say start packing, I would wait until I have a closing date for the utilities change. Enjoy you your home.
2006-12-13 04:43:59 · answer #6 · answered by roderickpotts@sbcglobal.net 1 · 0⤊ 0⤋
Start packing the things you don't use every day, but don't schedule anything until you hear these three magic words from your mortgage lender: clear to close. That means the bank has signed off on everything and they're just waiting for the title company to schedule the closing.
2006-12-13 06:47:08 · answer #7 · answered by togashiyokuni2001 6 · 0⤊ 0⤋
Financing is most likely to be the source of any delays in closing, followed by any issues that result from the seller's actions (or lack thereof) in your final walkthrough. Survey and title issues should be covered by your title insurance. If it was me, I would pack now and schedule utility hookup for the new place, but not cancel them at the old place yet...they're two separate transactions usually.
2006-12-13 04:30:04 · answer #8 · answered by moto 3 · 0⤊ 0⤋
Talk to your agent and I hope they have communicated effectively with you...that's what they are supposed to do. If in doubt speak to the escrow company that is handling the transaction because they are usually very helpful. As long as they are a good escrow company they will want to provide excellent service. And don't pay too much attention to the horror stories out there..yes it happens but as long as the stipulations and the loan process is being done correctly and timely, you should close as predicted. You're just being nervous because you're making the biggest investment of your life...don't worry.
2006-12-13 04:31:55 · answer #9 · answered by v a 1 · 0⤊ 0⤋
Once all contingencies are lifted it's a done deal and start packing. So if the home inspection, survey, financing and title search are all done then you are good to go.
2006-12-13 04:39:58 · answer #10 · answered by Jeffrey H 2 · 0⤊ 0⤋