First Time Homebuyer Guide - Part 6
by Pam Simpson
The Kudzu Vine
Part 6: Signing...Signing...more Signing (we must be at the closing table).
This is the last article in the First Time Homebuyer Guide Series. To bring you up to speed, we covered:
Yipee! We found the Realtor, lender, and home. We had it inspected, the loan has been processed and we are at the closing table.
The process of "closing" is handled very differently in different parts of the country. In Northwest Mississippi, we usually all sit down at the same table (buyers, buyers agent, sellers, sellers agent, closing attorney, and sometimes the lender). It can make for a very crowded room! Sometimes the buyer and seller close at different times or with a different attorney.
Hopefully, the day before closing, a settlement statement (HUD-1) was shown to you or discussed with you. This form is the "money form" and will show where all the money is coming from to purchase the home and where it is all going. It will also show the exact amount you are expected to bring to closing in order to complete the purchase. If you are required to bring funds to closing, it will usually be in the form of certified funds like a cashier's check.
There will be a stack of papers for you to sign at closing. These are your final loan documents and you will get tired of signing. Whether or not you get keys at the closing depends on the possession date on your contract. If your possession takes place simultaneously with closing, you should get keys.
The one thing I would stress about the closing is to ask questions if you feel you need further clarification about the paperwork you are signing. Sometimes the real estate professionals forget that you are new to this. The attorney (or other closer) may just rattle off a bunch of words like they have done over the past 10 years and they don't seem to stop to take a breath. Don't be afraid to ask questions.
Once all the papers have been signed....Congratulations, New Homeowner!
This guide is designed to help first-time homebuyers better understand the overall process and steps in purchasing a home. There will be 6 parts in this series ranging from finding an agent and lender and the correct loan program for you to what to expect at closing. It is meant to be VERY elementary in order to help those buyers who are seeking guidance on where to start their quest for home ownership.
***If you live an area other than Northwest Mississippi, the process could be a little different.***
The best guide is your LOCAL REALTOR®.
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About the author: Pam Simpson is an Assoc. Broker with Bob Leigh & Associates, LLC in Northwest MS. Copyright© 2009 by Pam Simpson. All rights reserved...***First Time Homebuyer Guide - Part 6***
FOR BUYERS: Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates,
First Time Homebuyer Guide
FOR SELLERS: Pricing, Selling Tips
LOCAL COMMUNITY INFO: Tate County Community, Memphis Community, Southaven Community, Hernando Community
MARKET REPORTS: Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report
REALTOR STUFF: NAR, Real Estate and Media, Real Estate Agents
OTHER: Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions
Disclaimer: All information provided by this author may be based on information collected from several sources and is believed accurate but not guaranteed.
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