Keeping a smooth real estate transactions in Southern Litchfield County.
Most real estate agents can tell you a story or two of surprises that happen just before, or even at the real estate closing table. And here in Southern Litchfield County we have our share.
In Connecticut we have a team of people who work on closing a real estate transaction. Every member of the team works together to make sure things are on track and it starts well before we even get invited to the closing "party"! It starts with you as a buyer or seller, and your real estate agent.
We use attorneys to prepare contracts and preside over closings. Attorney's check mortgage payoff's, prepare what is called a hud-1 settlement statements that show services and fees charged to a borrower, attorney's use title companies to make sure title is clean and clear, and issue title insurance on properties. At the closing table you can expect to see buyer, seller, buyer and seller attorneys and buyer and seller real estate agents, and on occasion, a mortgage broker!
How to prepare up front for a smooth real estate transaction.
Before you list your home, you need to let your agent know how much the "pay off" amount is for your mortgage(s). That way, right up front, both you and the agent will know if it is going to be a traditional sale or a short sale. And you need to let your agent know if everything is up to date.
- mortgage payments
- real estate taxes
- association fees, if applicable
- water/sewer fees if applicable
Agents should know before listing your home if there are any liens against the property by a visit to the town clerks office, however if you know of any liens, or impending liens on your home, you should tell the agent up front.
Being embarrassed about any of these not being paid to date will not make the problem go away. As a matter of fact it can compound the situation as you make your way to the closing table!
There can always be a surprise or two that can happen to you from offer to purchase having to do with the mortgage. I have two pieces of advice for you.
- Use a reputable mortgage company. Agents have a list of reputable, dependable, reliable mortgage people who get the job done.
- Step away from your credit card! From the time your credit is pulled for the pre approval until AFTER you purchase the house, make no large purchases. No fancy patio set for the new house, no new cars, t.v.'s, etc. Mortgage companies pull credit reports again just before closings, sometimes the day of or the day before.
I have seen them deny a mortgage hours before closing because a buyer made a purchase on a credit card and changed their debt to income ratio.
No closing happened that day.
Life is always full of twists and turns, expected and unexpected things that happen. And we can't predict everything. But we can keep the unexpected and unwanted to a minimum in real estate transactions if we follow the suggestions above!
Andrea Swiedler, Realtor, Southern Litchfield County Real Estate
2017 President, Greater New Milford Board of Realtors
2017 Connecticut Magazine 5 Star Realtor
Coldwell Banker Residential Brokerage
Litchfield County Regional Office,375 Danbury Rd, New Milford, CT 06776
© Andrea Swiedler 2009 - 2017
Always do right. This will gratify some people and astonish the rest. - Mark Twain