Comply with Lender Requirements • Lenders may ask for additional information. • Do not make home buying mistakes such as altering your financial situation while in escrow. • When the file is complete, the lender will submit it for final underwriter approval. Order Homeowners Insurance Policy • Call your insurance company and ask about Homeowners Insurance. If you do not have a specific insurance company in mind, please ask your Realtor for a referral. • Order your homeowners insurance early. • Sometimes previous claims by a homeowner can make it difficult to get insurance. • Get replacement coverage. Do Final Walk-Through • Do not pass up doing final walk-through. • Inspect the property to make sure it’s in the same condition as you agreed to buy it. • If you find a serious issue, address it now before you close. Deposit Funds • Bring a certified check payable to escrow. • Expect escrow to pad the amount, so you will receive a refund after closing. • Consider asking your bank to wire the funds to escrow, saving the hassle of waiting in line at the bank. Close on Property • Your property deed, seller’s re-conveyance and deed of trust will record in the public records. • Title will notify you and your agent when it records. • After recordation (unless your contract specifies otherwise) the property is yours! Change the locks immediately.
Negotiate and Write Counter Offers (Realtor will do this on your behalf!) • Expect the seller to issue a counter offer. • If the seller counters at full price, continue to negotiate. • During offer negotiation, share personal information about your family to give the seller a reason to care about you. Executive Final Draft of Contract • Review final contract to ensure all contingencies and dates are correct. • Make sure all parties involved sign and initial contact. • Ask for copy of executed contract. Approve Seller Disclosures • Read and question items you do not understand on each disclosure. • Disclosures may include: Mold Disclosure, Real Property Disclosure, Radon Disclosure, Lead Disclosure, etc. • Read every document in its entirety; ask questions about all seller disclosures. • Make an Earnest Money Deposit (Usually within 24-48hrs after execution of contract) • When you offer is accepted, deposit your earnest money check with the appropriate party. • Do not ever make your check payable to the seller. • Your off should contain contingencies that will return your earnest money deposit to you if you cancel the contract. Schedule and Conduct Home Inspection (Within 2-3 days of execution of contract) • Hire a reputable home inspector. • Bring a home inspection checklist with you. • Attend the home inspection. Issue Request for Repair • If the home inspection turns up health and safety issues, issue a request for repair by asking the seller to address those issues or give you a credit for them. • Realize no home is perfect, and the inspector will find faults.
CONGRATULATIONS! YOU’RE NOW A HOMEOWNER!
• Be reasonable. Order Appraisal
• Your lender require an advance payment for the appraisal. • If you receive a low appraisal, discuss options with your agent. • Ask for a copy of the appraisal.
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