The game is on. You signed and received an accepted offer and are planning to close at the end of January 2018. So what’s next?
Here are some tips to ensure your Boston condo closing won’t be delayed:
1. Be ready to pay for your appraisal. In order to meet a fast appraisal approval turnaround, the lender has to order the appraisal immediately. You should be sufficiently committed to the Boston condo to pay for your appraisal within the first day of offer acceptance.
2. Don’t switch your bank accounts around. The lender will be required to verify of all funds you wire into the broker or lawyers escrow account. 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 tickin
3. Make sure your cash balance is liquid and ready to be transferred to the escrow account. The lender will want to see that the balance of your down payment and closing costs have been wired into the escrow account prior to funding the loan. Best strategy? Wire in that cash balance a few days prior to close of escrow to ensure that your loan funds on time.
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Updated: January 2018