Closing Q & A
Closing Day Q & A Can you even believe it? You’ve been counting down the days until closing—and it’s FINALLY here! For this week’s 90 Days to Homeowner Challenge I’ve compiled a short Closing Day Q&A on what you can expect as you roll up to the closing table (no worries…you got this!). Q: Who will be there?A: Situations vary, but you can expect some combination of these folks: Buyer (that’s you!), seller, real estate agents, closing agent/attorney, mortgage lender, and title company representative. Q: What will I do?A; Stretch those fingers and get ready to sign, sign, sign. At closing, the seller will sign ownership of the property over to you, and you’ll sign to receive possession. Q: What should I bring?A: Bring a photo ID and a cashier’s check to pay any closing costs. Your agent will tell you any other documents specific to your situation. The closing process is relatively simple, but be prepared for A LOT of paperwork. (And always, always, always ask if you have a question along the way.) The good news is once you’ve signed the last page, it’s time to get a hold of those keys and celebrate! Next week in our challenge—we’ll recap the journey you’ve been on and celebrate all you’ve learned. I can’t wait! Until then, shoot me a reply with any questions you have!
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!
Home Inspections
Home Inspections For Week 10 of the Challenge, grab a cup of coffee, lean in real close, and let’s chat about all things…wait for it…home inspection! (Cause I mean, do you really have to spend several hundred dollars on a home inspection?) The answer is yes…a thousand times YES! Here’s why:1. You may think your home is in perfect shape, but some of the costliest problems are difficult to spot: leaks, termite damage, foundation issues, poor ventilation, faulty wiring, and drippy appliances.2. A home inspection gives you the chance (before you sign on the dotted line) to have a professional inspector see if there are any problems that need to be addressed, replaced, or fixed.3. When it’s all said and done, you’ll have an accurate picture of what you’re walking into when you buy. Wouldn’t you hate shelling out money set aside for new furniture on a new roof cause you didn’t know it was leaky? Yeah…me too.Plan to pay between $200 and $600 for a home inspection—and while you won’t get it back if the sale falls through, it’s a safety measure I recommend to all my buyers. Next week, we’ll chat about getting prepared for closing day!In the meantime, send me a message if you’re ready to take the next step towards buying. I’m here to help every step of the way! Send me an email or simply text or call me at 907-232-2807 If you’ve been following along – this is part of the 90 Days to Homeowner Challenge and we are halfway done! So proud of you.
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