Now that the Inspection & Appraisal are complete - What is the Next Step?

Real Estate Broker/Owner with Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 DRE# ER40011786

Now that the Inspection & Appraisal are complete - What is the Next Step?


Home Sold


The exciting part of purchasing a home is finding the Home of your Dreams and getting excited about all the bells & whistles in this new home.    The inspection is scheduled and completed, the appraisal is done and value has come in right on track --- now what?


There is a flurry of activity in the first couple of weeks once you get your property under contract.    After you have reviewed HOA documents, appraisal and inspection are complete, there will be a lull in activity.   This is the time the lender is compiling all your information and getting your loan into underwriting.     This can take two or more weeks and a buyer can sit back and relax, or better yet --- start packing!     It is a good time to schedule a moving truck (or moving company) and get contractors (if needed) scheduled for days following the closing.

Whatever you do, if you are obtaining a loan, PLEASE DO NOT put furniture, appliances or any purchases on credit during this time.     The lender will do another credit check right before closing, and you surely do not want to lose your home this close to closing!

You may want to schedule a locksmith to meet you at the property on the day of possession to change locks on a resale home.   You never know how many neighbors, relatives or friends to the seller  have a key to this home.    Always better to be safe than sorry!

The week before closing is a great time to call the utility companies (electric and gas) and have the utilities transferred into your name day of possession.     In Colorado, in most cases, the title company will transfer the water for you.   This is the only utility that runs with the property.     The title company will escrow enough money from the seller for the water bill, so it does not create a lien on the property.     If the property is in a covenant community, trash will be included in the HOA fees.     Call the Internet/TV companies of your choice, and either transfer service or set up a new account.

Either the day before or the day of closing will be your final walk through.    This is the time you can inspect the issues that were found on inspection, and be sure they are corrected to your satisfaction.      This is also the time you walk through and be sure the seller did not damage the property while they were moving, or if it was vacant, that nothing happened before closing.Keys to your Home

Here in Colorado, we close at the title company office, buyers receive keys at the closing, and at the end of the closing after funding --- the home is yours!   



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Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. William True 04/16/2012 10:28 AM
  2. Karen Hawkins, MBA - Langley & Surrey, BC 04/18/2012 07:28 AM
  3. John McCormack 05/21/2012 01:34 AM
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John McCormack
Albuquerque Homes Realty * - Albuquerque, NM, Albuquerque Homes Realty

Good morning Joan -

I have already hit the suggest tab on this one.  Excellent post and information my friend.  In the Albuquerque area the home owners get the keys when the home closes and funds.  Many don't understand that their new dream home has to fund in this area before they are handed the keys. 

Hope you enjoy this Monday in all you do.



Apr 16, 2012 06:03 AM #1
Ginny Gorman
Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Great post Joan, i always give my homeowners a checkoff sheet a month prior to closing to get ready on these points...buyer or seller has different things to do...John's point about funding too has to be covered..since most buyers do not understand that part!

Apr 16, 2012 06:27 AM #2
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

John, same here in Colorado, after closing & funding, you will get the keys!

Ginny, I always get questions during this 2 week process as it LOOKS like nothing is happening, compared to the first 2 weeks when the buyers are required to participate.

Apr 16, 2012 06:47 AM #3
Kathy Clulow
RE/MAX All-Stars Realty Inc. Brokerage - Uxbridge, ON
Trusted For Experience - Respected For Results

Joan - some great tips especially the one on changing the locks it is something that most don't even think about ..... especially with new homes ..... new homes are generally master keyed and often all the various trades have access to those keys to enable them to complete their work. In years past when I sat on a new house subdivision I had one key that would open all the homes.

Apr 16, 2012 07:10 AM #4
Ritu Desai
Samson Properties - Ashburn, VA
Virginia Realtor-Fairfax/Loudoun/PW-703-625-4949

Joan, love the note to the buyers don't purchase furniture or any items till the closing. It is so tempting to start shopping for your dream home.

Apr 16, 2012 07:29 AM #5
Rebecca Gaujot, the Go To Realtor®
RE/MAX Vision Quest - Lewisburg, WV
Lewisburg WV Real Estate, Greenbrier County

Joan, I also suggested this informative post.  Great tips for the new home owners.

Apr 16, 2012 07:30 AM #6
Anita Clark
ColdwellBanker SSK Realtors ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Joan: Very similar to here with the procedures...good tips, sure wish ALL buyers would follow them.

Apr 16, 2012 07:36 AM #7
Lawrence "Larry" & Sheila Agranoff. Call 631-805-4400 (c)
Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

Hi Joan, At the closing table will all funds distributed, the keys are handed over here on Long Island to the new buyers. And important  that you noted, the buyers should not forget about the final walk-through!

Apr 16, 2012 07:50 AM #8
William True
True Sarasota Real Estate - Sarasota, FL
Sarasota Real Estate

Joan, excellent information for buyers! Hit the "Suggest" button and will reblog later today.  Wishing you a great day in Denver!

Apr 16, 2012 09:42 AM #9
Kwee Huset
Kwee Huset Realty - Venice, FL
Venice Florida Homes For Sale

Joan, you are detail with your transaction, buyers and sellers are blessed to have you as their Broker. Suggested.

Apr 16, 2012 07:31 PM #10
DeeDee Riley
Lyon Real Estate - El Dorado Hills CA - El Dorado Hills, CA
Realtor - El Dorado Hills & the Surrounding Areas


Great advice for your Denver buyers!  We do things a little different as far as closing and possession.  Buyers and sellers sign at the title company but until the loan is funded it isn't released for recording at the county.  Once it is on record the buyers get their keys. 

Have a great week!

Apr 16, 2012 11:49 PM #11
Donna Yates - Metro Brokers
BHGRE - Metro Brokers - Blue Ridge, GA

Joan: That is interesting that the water runs with the property in Colorado but it makes sense. Great info in your post and we can't stress enough to buyers getting financing not to make a large purchase and use those credit cards while awaiting a loan approval. 

Apr 17, 2012 03:36 AM #12
Karen Hawkins, MBA - Langley & Surrey, BC
Royal Pro Real Estate Network - Langley, BC

A big 'suggest' from me on this one, too, Joan - great info, nicely laid out - and tips that all buyers should know!

Apr 17, 2012 07:24 PM #13
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Thanks everyone for your comments, and these buyers are very excited to get to closing end of month!

Apr 18, 2012 06:31 AM #14
The Scott Loper Team Bux-Mont Premier Properties
Keller Williams Real Estate - Montgomeryville - Lansdale, PA

Hi Joan,

This is so true and deserves to be featured.  Buyers have no idea that something that seems as innocent as buying furntiure for their NEW home could be a problem.


Apr 19, 2012 06:55 AM #15
Dave Sullivan
Real Estate One - Birmingham, MI
Michigan Realtor with an investor viewpoint

Excellent information I will forward it if that is ok? thank you!!!

Nov 17, 2012 06:36 AM #16
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Joan Cox

Denver Real Estate - Selling One Home at a Time
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