Many homebuyers anticipate their home purchase closing day with glee and a little bit of apprehension. The final stages of a home purchase can be a complicated and confusing endeavor for some. For others, it can be as simple as putting your name on a few pieces of paper. Regardless, there are a number of things you can do as a home buyer to ensure a smooth and easy closing process. We are going to take a look at five things you need before closing.
Pre-Signing Verification
If you are using a home loan to purchase, like the vast majority of Americans, your bank will likely need to verify your income, assets, credit history, etc. You will have to go through these checks constantly until the day you sign your final loan papers. This is the most important step you need to take before receiving the keys to your home.
Review the Final Inspection
The old adage “Caveat Emptor”, or buyer beware in Latin, stands true when you are purchasing anything- even a home. Before you show up to your signing make sure that your inspector and the inspector the bank has sent agree that the house is sound structurally. Any issues that arise with the home can also be used as a tool in negotiations.
Document Everything!
In order to make sure that signing process goes smoothly make sure you document everything that goes on between you, your real estate agent and the bank. This will help to avoid confusion later on, and in the unfortunate instance of problems arising and having documentation will protect your interests.
Have a Professional Examine the Documents before You Sign
There are many professionals that you can consult before signing a contract to purchase a home. For best practices you want to consult with a real estate attorney. It also helps to consult a local realtor that you are not doing business with- just like with a doctor a second opinion is always a good thing.
Sign up for Home Insurance/Home Warranties
A home is a large investment and like anything of value you should take steps to insure your property in the event of the worst occurring. Most lenders require you to carry a home insurance policy before they will lend you money to buy a home. A good home warranty is also a good idea, America’s Preferred Home Warranty offers reasonable packages for a decent value.
Your final signing does not have to be a nightmare. Follow these simple steps to make things much easier on you and your family. You will be able to get out of the agent’s office and into your new home.
