More Tips For Your Closing Happiness
The devil is in the details, you might have heard before. While I have to agree with that in almost every aspect of life, it is certainly true when it comes to the closing of a home purchase.
The transaction can come off without a hitch. But don't count on it.
One of the title companies I use said the closings that fall apart at the table are at about 25-30%, which is up from about 5% during the last housing boom.
If you are buying a new construction home, the procedures are pretty set in stone and easy to follow. But a resale home -- especially if it's currently occupied -- has a few potential issues you might face.
It's important to schedule a walk-though within 4-5 days of signing the closing documents. Use this time to see if required repairs have been completed to your satisfaction; that nothing other than normal wear and tear has happened to the home as the sellers have packed and prepared to move; that anything attached to the home that is contractually supposed to stay with the home is still on site.
I also recommend that you don't allow your closing agent to release funds until you are at the home and can make sure people have moved out and followed the rules in doing so.
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