subject: Getting Ready For Your Home CLosing [print this page] Getting Ready For Your Home CLosing Getting Ready For Your Home CLosing
Okay, you've made the offer on your new home, it has been accepted, all of the required material has been gathered and turned in, and now all that remains is the actual closing on the home. You can then embark on your new career as a home owner, with all the rights, privileges, and headaches that you are entitled to.
Many of us approach the closing day with fear and trembling, wondering if we did everything right, if all the necessary information has been compiled, and if all the numbers are going to come down the way we were originally told. How do you adequately prepare for what will no doubt be a nerve wracking day?
First off, you should make a list of all items that need to be addressed before the actual closing. Create a file with all of your documentation for closing related costs so that it will be readily available.
Have all of your inspections scheduled. Home inspections aren't a requirement, but it is something you want done in order to catch any potential problems before you sign away thirty years of your life. There are other inspections required as well, and your realtor can guide you through what is needed and help make sure it is all accounted for.
You will also have to have the home appraised. This is usually done by the lender, but you need to stay on top of it and make sure it is done on time. The lender appraisal is a crucial step in the acquisition of your mortgage financing.
Account for all of your contingencies. If there are elements that it falls to the seller to provide or repair, make sure these are done before the closing date. You may want to have your home inspector review the work before deeming it satisfactory.
Your lender will finalize the mortgage soon after the property is appraised. Stay in touch with your mortgage lender to make sure things are proceeding as expected. Waiting until the last minute may produce results best classified as "unfortunate".
Know how much money to bring to the closing, this includes down payment, closing costs, etc, and be aware of the form they must take. Most of the time certified funds are what is required. You will also need to provide proof of homeowners insurance. Your real estate agent or attorney can help you determine how much you will need to bring to closing.
Most people don't like to wait. They want to move into their new home as soon as possible after closing. So take time now to contract with a moving company, as well as transferring all of your utilities to your new address.
A final walk through will be needed the day or two before the closing. The walk through is designed to demonstrate that the house is ready to move into and that any required repairs have been completed. If there is a problem, hopefully you will catch it at this point.
Buying a home is an exhilarating process, but can also have moments where it is extremely trying. Taking the proper time to make sure all items are completed and accounted for will go a long way towards making your experience a good one.
