I went into escrow on a property recently involving a cash sale with a seven-day close. What seller doesn’t want that? However, it’s important to get all your ducks in a row if you’re taking on the seven-day close. Here are five things you need to have in order as a seller if you want to successfully close in a short period of time:
1. Locate your loan details. The title company will to order the loan payoff information for your property. You’ll need to provide the following details as soon as possible, for each loan: lender name, contact number, address, loan number and estimated balance. If you’re selling a condo, you’ll also have to provide the names of the homeowners association and management company’s address and contact info, as well as the account number. The lender can take a few days to respond, which could end up delaying your fast close if you don’t have that info ready to go.
2. Notify the stagers that the furnishings need to be removed. If your property has been staged, make sure your Realtor contacts the stagers on the day you accept an offer to let the stagers know that you have a fast close. Stagers typically need a week’s notice at a minimum to remove furniture.
3. Get your stuff out. If you’ve been living at the property, you’ve hopefully already gotten your moving estimate and are on track to schedule a move ASAP.
4. Be available in the next few days after offer acceptance to sign closing docs. Sellers have closing documents to sign, typically done at the title company. (The escrow officer needs the loan payoff information before you can sign.) Make sure your schedule allows for signing the docs a day or two before the closing date. Title companies can often arrange for mobile signings, so if you think you’ll want to sign at your office or home, arrange for that with your escrow officer and tentatively schedule the signing so you’re ready when the loan payoff demand(s) arrive.
5. Have your property cleaned. Your buyers are making their best efforts to close quickly, but don’t leave them with a dirty house. Make sure you schedule a cleaning team to tidy up, especially if you’ve been living at the property during the marketing period.