The closing table is the last hurrah and it should never be a dramatic time for anyone. Seriously. Once you are at a closing table, all the stressful things that go into buying or selling a home should be in the past. Sitting and signing loads of documents should be kind of / sort of fun—and if everything has gone well during the binding period, it should be a good time for buyers and sellers to chat about the home, to eat all that damn candy in that big bowl in the center of the table of the attorney’s office, and to actually close the deal.
I have heard horror stories of closings lasting 4 or 5 hours or buyers and sellers sitting across a table getting ready to strangle one another. Thank GOD I have never had that happen to me or my clients and if I thought that there had been tension between the two parties, I would have asked one party to sign in advance. If a loan has not been cleared to close, you should regretfully postpone until later in the day or the next day.
Seriously though, at closing you will be signing your life over to the bank (just kidding here but not really) and the buyer is signing lots of documents—but if you have had a most awesome loan officer, you will have already given all your financials needed, been through underwriting, and you will be cleared to close. Last but not least, the closing package will have been sent to the attorney before the actual day of closing and we will indeed have something to sign. (Closing packages are put together by the lender and include the promissory note, security deed, truth and lending disclosure which you can read more about on the link above.)
Having a good lender on hand is key to closing your home and a competent and communicative lender who helps you go through the nitty gritty of your finances and the banking process makes this transaction happen. You do not want to be sitting 4 to 5 hours waiting for that package. It can get awkward after bags of candy have been eaten and you are still all around the table fiddling thumbs.
I always tell my clients to go with a local lender—someone who you will actually see and know and build a relationship with—not someone (or two or three people) you will just be talking to on the phone from Ohio.
In the coming weeks, we will be discussing the process of buying a home and what it takes to make that sale go through (for both the sellers and buyers) And just know that when people take selfies (or bring dogs or babies) to a closing, it has been a good day. If you would like names of awesome lenders, don’t hesitate to ask me!