There is a lot going one during a move and closing on a home. For many people, a move is one of the most stressful events in their lives. Coordinating with lender, title, real estate agent, ordering a home inspection, paying for an appraisal, shopping around for a homeowner’s insurance, transferring utilities, setting up your internet, and making sure your movers are confirmed; could be very overwhelming. However, planning, preparation and patience will go a long way to ease most of these worries.
Hiring a good Realtor will pay huge dividends later. Your Realtor will be able to recommend resources and follow-up on many of the closing details between the seller, seller’s Realtor, lender and title. Single most important step, once you have an accepted offer on your next home, is making sure all purchase documents and disclosures are delivered to your lender and title agency(s).
Once the paperwork is sent to the appropriate people for processing, the next, highly advisable step, is hiring a home inspector to conduct an inspection of your future home. The inspector is primary mission is to thoroughly inspect the home for any defects or potential issues; from the roof to the foundation and everything in between. Depending on the area, a typical home inspection could cost approximately $400.00. If your lender requires a septic, water or pest inspection, often times the inspector could perform those inspections at the same time – at an additional cost. An inspection generally takes between 2-4 hours, depending on the size of the home. Reports are often available within 24-hours after the inspection is completed.
When you are satisfied with the home’s condition, the lender will move forward with ordering an appraisal. Banks may request payment for the appraisal prior to ordering. A traditional cost of an appraisal may vary. Your lender will have a better idea of cost. It is not uncommon for an appraisal to cost $450 or more. The appraiser selection is different than selecting a home inspector, a lender, Realtor or title company. The lender will request an appraiser from a centralized database. Appraisers receive the request from the lender and the selection is based on an appraiser accepting the request- first come, first served. The appraisal process is a little lengthier than a home inspection. A good rule of thumb for an appraisal duration is 14-days from the time an appraiser is requested and 10-more days to generate the appraisal report to the lender.
While the appraiser and inspections are taking place, feel free to shop around for the best deals on homeowner’s insurance. Many companies offer bundle packages for insurances – home, auto, life. Your lender will a copy of the insurance policy and may have additional requirements regarding the home insurance. Asking your lender prior to shopping for insurance policies will improve your opportunity for a simple process.
The home’s utilities are the next items to address. When purchasing an existing home, the utility providers may allow the existing service account to be transferred into your name on the day of closing. When scheduling the transfer of services, ensure the provider will not pass along any unpaid balances onto your account. Cable and internet will be new services. If you are moving within the area, simply relocating your services is the only thing you will need. But when moving across country or from a different country, the local cable and internet providers maybe different. Verify the providers early on and getting the process started sooner rather than later will make the closing process much easier.
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