The holidays are fast approaching, and many Beacon Hill home buyers are aiming to get into contract and purchase their new home before the end of the year. It’s still a competitive market, and it’s important to keep in mind that you’ll have to dodge multiple bank holidays en route to your Boston condo closing.
Pass the pumpkin pie…and ho, ho, ho. If you’re not prepared to jump on the fast track to completing your purchase, drama can ensue.
Here are five ways to avoid major closing delays between now and the end of the year:
In order to meet a fast appraisal approval turnaround, the lender has to order the appraisal immediately. You should be sufficiently committed to the Beacon Hill property to pay for your appraisal within the first day of offer acceptance.
The lender will typically require re-verification of all money you wire into escrow for your cash balance. If that money is suddenly coming from an account previously undisclosed during your preapproval period, the lender will demand that you provide documentation for that account. The statements will then have to be resubmitted and reviewed by underwriting while time is ticking.
3. Make sure your cash balance is liquid and ready to be transferred to the real estate escrow account.
The lender will want to see that the balance of your down payment and closing costs has been wired into the escrow account prior to funding the loan. Best strategy? Wire in that cash balance a few days prior to the close of escrow to ensure that your loan funds are on time.
Lenders are picky about American Express’s credit card balances. If you have a high balance on your AMEX, a lender may want to see proof that you have the money to pay off that balance in full. This proof of funds should be separate from the funds you’ll need to pay your cash balance and any reserves required.
You should select your home insurance policy no later than a week prior to signing your loan documents. The latter are usually issued about a week ahead of the closing date.
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If you’re one of the many homeowners thinking about taking your Beacon Hill condo for sale off the market for the holidays, hang on. You definitely don’t want to miss the great selling opportunity you have right now. Here’s why this month is the optimal time to make sure your Beacon Hill home is available for holiday buyers.
The latest Existing Home Sales Report from The National Association of Realtors (NAR) shows the inventory of houses for sale has dropped to an astonishing all-time low. It now sits at a 2.5-month supply at the current sales pace.
Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market, in which there are enough homes available for active buyers (See graph below): When the supply of Boston real estate for sale is as low as it is today, it’s much harder for buyers to find homes to purchase. This means competition among purchasers rises and more bidding wars take place, making it essential for buyers to submit very attractive offers.
As this happens, prices rise and sellers are in the best position to negotiate deals that meet their ideal terms. So, if your neighbors decide to remove their listings this season, your house may quickly rise to the top of a holiday buyer’s wish list if you stay on the market.
Today, there are many buyers who are ready, willing, and able to purchase. Record-low mortgage rates and a year filled with unique changes have prompted buyers to think differently about where they live and to take action. The supply of homes for sale is not keeping up with this high demand, making now the optimal time to sell your house.
Regardless of what you might hear in the news, Boston condo for sale prices are appreciating in today’s sellers’ market. Making your home available over the next few weeks will give you the most exposure to buyers who will be actively competing against each other to purchase it.
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