Welcome to the series of posts helping Introverts with buying a home, selling a home or investing in real estate. I tend to be an introvert more than an extrovert so I thought it would be appropriate to give some advice to others like me on how they can succeed in real estate without having to go outside their comfort zones.
You have been patient during the process of selling your home. You put up with buyers invading your space to look over the property. You have entertained offers from buyers itching to get the house. You have negotiated repairs and had them done. You have even done things to keep yourself busy during the two to three weeks it took the lender to give the buyer their final approval. All this work comes to a head when you get a text from your listing agent that they buyer has gotten a clear to close on the home. Lender has finally decided to approve the loan. What comes next?
First, it might be handy to have a refresher on what exactly happens at a closing. Closing is where you sign all the paperwork needed for the final sale of your house. Since you are selling your house, the amount of paperwork to sign is limited to legal documents of the title company and what the government requires for you to sell your house. It is also a chance for you to turn over all the things to the buyer that they will need once they move into the house like keys, garage door openers and manuals for any of the house systems. Finally, when all is said and done by you and the buyer at closing, you will get the profits from the sale of your house. Most title companies prefer wiring the funds to you, but some will cut an old fashioned check instead. Because you have to wait until the lender releases the funds, it might be later in the day or even the next day when you get your money depending on when the buyer finishes signing their paperwork.
As an introvert, you are probably thinking this is yet another uncomfortable task for you to do to get your home sold. Luckily, there are ways for you to close today that minimizes the unstructured time you will encounter with other people. Here are three of them.
Closest location to you
– The traditional way to close on a home is to go to the office of the title company doing the closing. Buyers and sellers make appointments with the title company to go there on the day the home closes so they can sign the required paperwork. In the past, this meant you would sometimes have to travel quite a distance to get to the title office. If the closing date changed at all, you would have to do it the process all over again, attempting to figure out how to juggle your normal routine with the drive time and the time it took to sign the paperwork. It was very frustrating for anyone, but for introverts, it seemed like a nightmare of unstructured events caused by impromptu changes to the process. Luckily, title companies offer a way to alleviate much of the stress. Many title companies have more than one office location so you are allowed to close at any of them. In cases like this, it is best to work way advance so the title company of record (the one on the contract) can arrange to have someone at another location help you with the closing process. If anything changes for you where you might need to change the location, you should be sure to call the title company as soon as you know so they can make the required changes on their end.
Remote closing – Like it was already written, title companies are attempting to meet customers needs and arrange for other ways to close on homes. Some title companies today even offer you the ability to close on your own at home or other remote location. Many title companies have a mobile notary on staff that can make an appointment to close at your home. It is nice option as you can have them come in the evening when your work schedule does not come into play. These notaries will go through the same process you do at the title company office, but have no knowledge of the process. If questions arise, you have to wait to get them answered by the title company at another time. Most of the notaries are good about writing down your questions and passing them onto the title company. You don’t even have to meet the notary at home. You can pick any public place, but want to be sure to select a quiet location so you can easily hear the notary and nothing is accidentally skipped due to distractions. Finally, there are some movements in the industry to also allow remote closings online. Redfin is now allowing it through their partnership with Norarize. This option is very limited in certain areas in 2018 so don’t get your hopes up too much that this will be something you can do for closing.
Find a Notary – You can also go find a notary yourself to sign the paperwork in his or her presence. How does this work? Most title companies will provide this option to individuals who reside out of state, like a real estate investor who has purchased a rental property in another state. Documents are emailed to the seller or buyer. The buyer or seller can then take the paperwork to a notary at a reputable location like a bank or even a local title company. The paperwork is signed in front of the notary and then the buyer or seller packs all the paperwork in an overnight envelope, with a label from the title company, and send the documents back to the title company. It must be noted at this point that both this option and the mobile notary option will often require the party to sign the paperwork a day or two early so the title company can process the documents to finalize the sale. You will need work closely with the title company to arrange for either of these two options, especially if the closing date is pushed back.