While all closings are different and almost all will have their hiccups.
More problems seem to come up with buyers when purchasing a Foreclosed property than with any other type of residential real estate.
Tip 1#
Don't get in a hurry...
The banks want to get rid of the property, this is true however, the attorney's office generally handling the transaction for the bank, is not in a huge hurry.
Read the contract you signed, what does the contract say?
If it says November 1st. then the closing should take place then, more problems occur when the buyer tries to move the closing date up.
If you want an earlier closing date, make sure you put it in the contract (if you can)
Most title companies will require at least 10-15 days to get title work together (yes, even if you are paying cash!)
NEVER EVER EVER...
Plan on moving in the day of closing. NEVER!
Generally the seller (bank or bank rep.) won't sign the HUD1 and other docs until the day after closing.
let me explain, most title companies that are handling your closing are not located in the city you are purchasing the home.
Once you sign the original docs at "closing" they get overnighted to the title-attny's office, then the rep. reviews and signs the docs.
Only then, are you closed and the home is yours.
While many Realtors will tell you at the closing table "Yea, you are fine, here's the key from the lock box, and have a great time moving" They are making a huge mistake.
DON'T TRY TO FIX STUFF...
Yes, most bank owned properties need new carpet, paint, landscaping etc.
But wait until after your closing and you are the new owner to do any updating or to order estimates.
The bottom line of this entry is don't get in a hurry, just like anything else when you are not dealing with one "SELLER" things get messy.
Stay calm, make plans to keep temporary housing even 10-15 days after the "closing is set to take place, that way if you do get the hiccups, they will be much easier to handle.
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