Buying a house is an exciting journey, from finding the house you want, to get it under contract. It is time to take a few more steps to get to the closing table and call it your new home.
Especially if you are a first time buyer, everything is new to you, these steps can give you a heads up and more prepared before closing. It may help you to close as smooth as possible.
Even if you bought before, maybe it was a long time ago when you bought your last house. Regulations have changed since then, this reminder is going to help you to refresh some memories and catch up with the new changes. These are typical steps before closing, it depends on the types and details of finance you choose, it may vary from case to case.
It is just a few more things need to be done, and you are on the way to the closing. Ask if you have questions, that's what we, agent, for. Our job is to help you along every step of the way. Are you ready?
- Loan-If you have not finished submitting the financial documents to the lender, you need to go ahead and get it done. Your loan application is not finished unless the lender gets all the needed documents from you, so they can do what they need to do for your closing.
- Home Inspection-You need to do a home inspection within 10 business days after the contract is accepted. This is a very important step that you don't want to skip. The home inspector will check the structure of the house, plumbing, electrical, heat and air, water heater, roof, attic, etc., any things that are broken, missing will be checked. This is a buyer's expense, you want to know you are buying a good structured house, and things are working, don't you?
- Repairs-After the home inspection, you will receive an inspection report from the inspector. You talk with your agent and decide which items you want the seller to fix. The seller may fix all the things on the list, or maybe not. It depends on what your repair allowance is stated on your contract. It is all about negotiation and work it out. Your agent will help you and guide you on this.
- Appraisal-Your lender will ask you to bring them a check for an appraisal before they will order it. This is another important step that you need to do promptly when your lender needs your check for the appraisal. This step is to find out if the house you are buying is worth the price you are paying for, so the lender will loan you the money.
- Home Insurance-You will need to get with your home insurance agent to prepare a home insurance policy for your future new home. This step has to be done before closing and you will need to sign some paperworks with your insurance agent so they can send it to your lender for it to close.
- Final Walk Through-Your agent and you will go back to the house for a final walk through, this usually takes place about a day or 2 before the closing day. You can re-check if the items that needs to be repaired are done or not, check if the condition of the house still as good as the day you signed the contract.
- HUD statement-A preliminary HUD closing statement will be sent to you before the closing by your agent, this is to check all the fees that apply to both buyer and seller are correct. If you have question, ask your agent.
- Closing Day-Everything looks good. Remember to bring your driver license to the closing. If you need to bring money to close, it needs to be a bank Cashier Check payable to the Title Company that you are closing at. Your agent will let you know on that. After signing all the documents, you get the key of your new home! Congratulations!!
If you have any question, make sure to talk to your agent. Reminder, this is our typical process if you are buying in Marion, West Memphis, Ar. and/or the surrounding areas.