I know it may have been a little bit stressful, but hopefully it is a home that you are in love with. The first thing you are typically going to do is your physical application with your loan, at the same time you’re probably going to decide whether you need to lock in your interest rate, so make sure to address that question with your lender quickly, because depending on what’s going on with the interest rate you may want to lock in a lower rate before it climbs up into a place you don’t want it to be.
Next you are going to complete your inspections, your home inspections, septic, well, anything you’ve included in your offer. If there’s an HOA or a condo, at some point in the transaction you’re going to receive the association docs for them to review. Make certain to read through those. Make sure there’s nothing in there that causes you any concern. If there is, you can use that as a way to void the offer if you need to.
Set a reminder to schedule your utilities and your TV. Sometimes the utility companies won’t let you schedule to turn them on until the seller’s scheduled to turn off. I typically tell my buyers a week prior to closing, make sure you’ve called and made the schedules to all your utility companies. If you’re not sure who the utility providers are just ask your buyer agent to reach out to the listing side, very often they are very happy if they haven’t already provided the list of utility companies for the property you are purchasing.
Make sure you schedule your movers or moving help. I often see this as a bit of an afterthought, so schedule moving and make sure you understand how you are going to get into that new home. Understand the home is not yours until after you sign the closing papers but after then you should be able to move right in unless you have made an alternate agreement to when you move in with the contract.
Confirm when the day and the time of closing are going to be as well as the location. Show up for the closing 15 minutes early. Bring photo ID with you and if you are the buyer you need to make sure you have certified funds. This needs to be written to the name of the title company doing the closing. As a buyer I would bring a blank checkbook just in case a minor expense pops up that somebody missed. Up to a certain amount of money, a title company will allow for personal check. The most I’ve see is about a $1,000 dollars. And most importantly, as a buyer, once your offer is accepted, do absolutely nothing that will affect your credit. Don’t test drive a car, don’t purchase furniture that’s Zero money down and you don’t pay for 24 months, all of it is going to hit your credit as a check. If there is something you need to do that is going to affect your credit in any way. Make sure to reach out to your loan officer first. If you have questions about the transaction, and what you need to do next, trust me, your qualified Realtor is going to walk you through it, and pay attention to these very important dates for you.
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by Steve Bradley