Once you have found your dream home, this is the process until closing.
If you have requested a whole house/radon/well/septic inspection, you have a specified number of days to get that accomplished contractually. We would be glad to provide you with a list of inspectors in case you need them.
You also need to notify your lender that you have an executed contract and will need to make loan application. According to the contract, you have a specified amount of time to make your loan application. Although it seems a long way off, make sure you get all required documents to the lender quickly so that it doesn’t slow up the process. As a reminder don’t charge anything to charge accounts or take out a new credit card or loan as they may disqualify you from getting the mortgage. Consult with your lender before opening a new loan account.
Once we have gone through the inspection and the loan application, we can expect the appraiser to tour the property and make a determination as to the value, he/she will also determine whether there are any repairs deemed necessary by the appraisal. There will also be a termite inspection in most instances.
You will receive an initial title commitment from the Title Company. Their search is to determine that clear title can pass from the seller to you. We will also receive a copy of the title commitment to look for any issues, which might be present. Please feel free to contact your agent with questions. Upon an acceptable search, the Title Company will issue a title insurance policy covering your ownership of the property. The final policy will come to you several weeks after closing.
You will need to obtain home owners insurance for your new home and make sure that the insurance is paid before your closing date. Please have your insurance agent forward a copy of your insurance binder to the lender and Escrow Company. This binder provides them with “proof of insurance.”
Once the appraiser has done his work, your loan will be submitted to the underwriting department for final loan approval. When you have final approval, the Escrow Company will begin to balance with your lender so that we can receive the final figures. We will usually receive final figures a day before the closing. However, sometimes the final figures are not balanced until the day of closing. We will contact you with the exact amount necessary so you can obtain a cashier’s check for closing.
You will need to transfer utilities into your name. Be sure to call all of the utility companies 3-5 days ahead of closing and ask for transfer to be upon your possession date.
We will schedule a final walk-thru to take place within 48 hours of the closing. Be prepared to find tons of boxes and the property in disarray since the seller is also trying to move.
You, the buyer, will have much work to do during this pending process. It can seem a bit overwhelming, but that is why we are here…to guide you and help you complete it all. Your agent will be at the closing and assist you through the process.