If you're a first timer this may not directly affect you. That is unless your seller is buying another home while at the same time selling your new abode. And if you're one of those buyers who are both selling and buying you'll soon be well-versed with the term "simultaneous closing."
In essence, the term describes that two closings are taking place at the same time with the same borrower. The buyer shows up at the closing table ready and willing to sign their new loan papers while also signing documents selling their current property.
This is typically the occurrence when a buyer needs the proceeds from the sale of their existing house to buy the new one. And while this will be the case for most move-up or down-size buyers it does take a bit more preparation to get to the simultaneous closing table.
First, as a seller, you need to be absolutely certain that your buyers are qualified to buy your home. You'll want to seriously review their preapproval letter from their lender and if they haven't applied for a mortgage, you should talk to your agent about accepting such an offer. If you go to the closing table expecting your buyers to close on their new loan and they don't, guess what? You don't get to close on your new home either. You needed the funds from the sale in order to buy.
And second, be prepared to provide your lender will all the documentation requested at the earliest possible time. Most importantly, at the beginning, your sales contract will be executed on a "contingency" basis, meaning the contract is valid contingent upon your current property being sold. With a contingency clause, if your buyer falls through and can't get qualified you should get any earnest money คอนโดมือสอง กรุงเทพ deposits refunded to you. Your agent will make sure the contingency clause is properly written and explained to the sellers of your new home.
Buying and selling at the same time can seem like spinning plates. There's a lot going on and not only do you need to monitor your own loan application you need to be aware of the progress of your buyers. Just be involved in the process and communicate with both buyers and sellers and you'll be fine. Don't' be afraid to ask questions; you'll be glad you did.
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