Home Buyers- Avoid Closing Surprises!
There are few things more exciting than closing on a new home. Signing your name on the dotted line comes with the promise of a fresh start, the hope for good new neighbors, and the chance to (really) stick to your cleaning schedule this time! In the whirlwind that is the home buying process it is essential that you are kept aware of the important details and issues that can arise in each phase prior to closing. Once you have arrived at the closing table, you may think it’s all smooth sailing, but there are still potential pitfalls to avoid at or near the closing time.
Our first recommendation, while obvious, is nonetheless the most important: be sure that you are working with an experienced Realtor© that you trust and with whom you have a good line of communication. Whether you have worked with the agent before, they come to you as a referral from someone whose opinion is solid, or you found them based on Facebook or Google reviews- you need to be confident in their ability to represent you well. The details of the contracts and forms involved, the negotiations resulting from inspections and appraisals, and many other factors can cause unexpected results if you aren’t being proactively informed by your agent.
We also cannot recommend enough that your agent write in a requirement in your offer to conduct a walk-through of the property you are purchasing between 24-48 hours prior to the scheduled closing (or possession date if different). This is absolutely essential to ensure that the property you are signing for is in the same condition it was when you first toured it. You would not believe the condition in which some people leave their home when they move. Walking through the empty home will allow you as the buyer to ensure that there are no surprises waiting to greet you when you finally get the keys!
Truthfully, the above items are quite important, but most people would agree that it all comes down to the MONEY being right. Your Realtor© and/or Title officer should have the final closing figures to you for review before you sit down to sign documents. You should be made aware of the amount of money you need to bring to the close, or what amount of money will be due back to you. You should have time to ask any questions that you have about any figures that don’t make sense to you- after all, it is YOUR purchase and you need to understand the details.
Buying a home is not something most of us do often. Considering that it is most of our largest purchase in our lifetime, we deserve to be properly informed in the process from start to finish. The above are just a few areas we believe are the most essential to avoid problematic pitfalls when closing the purchase of your new home.