Learn the best practices for a smooth transaction process.
Handling a real estate transaction can be a stressful experience, especially now in 2024. However, with the right strategies in place, you can have a smooth and successful process. Here are four key tips to keep your transaction on track and avoid common pitfalls.
1. Don’t buy anything once you go under contract. The biggest pitfall to avoid is making significant purchases after going under contract. Buying items on credit can disrupt your debt-to-income ratio, potentially derailing the entire transaction. Avoid buying furniture, electronics, or any big-ticket items until after you’ve moved into your new home.
2. Stay in constant communication. Maintain regular contact with your agent, lender, and the title company. Keep yourself reachable and responsive to avoid delays. Consistent communication helps keep all parties informed and the process moving smoothly.
“Maintain regular contact with your agent, lender, and the title company. ”
3. Turn in your paperwork quickly. Submit any requested paperwork promptly. Contracts often include a “time is of the essence” clause, meaning delays can violate the agreement. Timely submission of documents is crucial to stay on track and avoid penalties.
4. Pay attention to your contingencies. Be mindful of all contingencies and important dates in your contract. Make sure repair requests and other conditions are addressed on time. Missing deadlines can lead to fines or extended contract periods, especially with new construction.
By following these tips, you can help ensure a smooth and successful real estate transaction. For professional assistance, we’re ready to help.
