What Happens Pre-Closing

What Happens Pre-Closing

After inspections are done, we wait for the mortgage lender to give us the “clear-to-close”. This means the mortgage underwriter has officially approved all documentation required to fund the loan. All that remains now is the actual closing process.

Here’s what’s going to be happening while we wait for those magic words:

Appraisal: The goal of the appraisal is to verify the value of the property for the lender and to protect you from overpaying. The contract is contingent upon whether the appraisal comes in at or above the purchase price. If the appraisal comes back short, we will be back to the negotiating table.

Survey: The survey is a sketch showing a map of the property lines/boundaries among other things. The survey will show if there are any encroachments on the property.

Title: The title company will conduct a title search to ensure the property is legitimate and find if there are any outstanding mortgage liens, judgments, restrictions, easements, leases, unpaid taxes, or any other restrictions that would impact your ownership associated with the property.

Next week, we will go over what happens on closing day! And if you would like to see more of a checklist style – what happens next, reach out to me. I have a great packet that walks each buyer through this process. I love to educate my clients every step of the way.

Only couple more weeks and we are done! And I’m hoping that you are armed with so much knowledge when it comes to buying a home!