In today’s changing market, there’s more to a successful
closing than just getting the offer accepted. Make sure you have an
agent capable of guiding you from start to close!
Once you've made an offer on a home and all contingencies have been met by both parties, closing on the property becomes final. Closing costs are generally 4% of your loan amount, but this can vary. To help get a sense of what's left to be done, here are 10 steps involved in closing the deal:
Draw up a purchase offer with detailed contingencies in place
Seller accepts the deal or counteroffers with contingencies and price changes of their own
Submit your deposit, also known as "earnest money"
Apply for your loan if you aren't already pre-approved
Have the home inspected by a licensed home inspector
Get the house appraised
Perform a title search, buy title insurance, and homeowners insurance, as required by your lender
Review all documents to ensure accuracy
Pay for the down payment and closing costs
Documents are signed, and you own the house!
Each of these steps involves a number of details, and we would be happy to guide you in this process. We can make the closing on your new home as quick and easy as possible.
As you begin to think about buying a home, you're probably acutely aware that this is likely to be your greatest investment ever (short of children or marriage), and you may be wondering if there's anything you really need to know as you go into this process. This is where your real estate professionals come in. With the help of a trained agent, you can come out on top of a closing that might otherwise have pushed your retirement ahead a decade! This happens all the time to buyers, who are left reflecting on the relatively small commission that would have brought a Realtor into the bargain to help them.
If you'd like to know about the home buying process, we'd love to tell you all about it. Contact us!