How to Make Sure You'll make it to Closing on Your New Santa Cruz Real Estate

Posted by Lauren Spencer on Friday, April 23rd, 2010 at 11:01pm.

You've gotten your financing, your offer has been accepted and you just have to wait the few weeks until your closing date and your new Santa Cruz real estate is all yours. Nothing can go wrong, right? Wrong!

Technically nothing is likely to go wrong in that period of time, when it comes to the actual process of the property transfer. However, people often make critical mistakes that cripple their deals in that tense time right before closing.

Things You Shouldn't Do Before Closing

Buy a new car: Don't buy a new car or any big ticket item that might flag your loan company. Your credit will be continuously under review and your Santa Cruz real estate loan can be turned down at any time up until closing, even after it was accepted. Keep that in mind when doing anything that will impact your debt-to-income ratio.

Quit or change jobs: This will also look suddenly troubling to your finance company. Don't give them any reason to change their minds. If you really need to switch jobs, hopefully it can wait a few weeks.

Move money around: Keep things as stable as possible during the weeks before closing. There are few things that can't wait. Even if you had planned to move to a new bank, or buy into stocks or IRAs, but were delaying it in order to get your loan in the first place, don't jump the gun now. Wait a few more weeks.

Take new credit card offers: No matter how attractive they are, don’t accept any new credit offers. In fact, you’ll probably get a glut of junk mail or email offers for new credit cards now that you have been approved for a big loan. Don't do it. Wait until after closing, if you have any desire to take them. Your loan company will get nervous if you suddenly have the opportunity to build a lot of debt.

If you’re thinking of buying or selling Santa Cruz real estate, give me a call today at 831.662.6522 or email me at Lauren@LaurenSpencer.com.  I’ll guide you step-by-step through the entire process including your successful closing.

LINKS:

Property transfer

Debt-to-income ratio

Before closing

About Lauren Spencer

Award-Winning Santa Cruz REALTOR®

Lauren Spencer is your local real estate expert, specializing in Santa Cruz real estate and surrounding communities—this is where she lives, works, and plays too. Let her know your questions about the community and county and she'll be happy to fill you in on all you want to know! Lauren Spencer has consistently been voted best local REALTOR in Santa Cruz and is always happy to offer her advice and expertise. Call her at: 800.226.4717.

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