First-Time Homebuyer Tips: Closing 101
The time has come for you to close. There are just a few simple tasks that stand between you and the threshold of your very first home. Here are some pointers to help you, as a first-time homebuyer, keep your cool and cross the finish line successfully.
Although it’s a date that you’ve been counting down to for the last thirty days or more, it’s a date that often gets pushed back and adjusted at the last minute. At this point, you are at the mercy of the lender, the underwriters, and/or the closing attorney. Try to allow for some flexibility in the initial planning of your move so that you can easily adjust accordingly. If you have a moving truck lined up, people in place, and other things scheduled, try to have a back-up plan just in case there’s a subtle bump in the timing of your closing. Prepare yourself to be patient and flexible.
Before signing on the dotted line, make sure that you’ve conducted a final inspection of the property. The purchaser has the right to make sure that the property has not dramatically changed in its condition since the time that the contract was fully ratified. Normal wear and tear is to be expected, but if there’s a large patch of carpet missing underneath where a couch once sat, make sure to bring up this concern with the sellers. Make sure that all major appliances and fixtures that were included in the contract have been conveyed with the property. This is your last chance, so take a careful look at the home.
In the final hours, be sure to be in close communication with your closing attorney to get an exact amount of funds that will be needed at closing. Also, be sure to ask the attorney about the delivery of funds. If the attorney expects funds to be wired, you’ll need to know your bank’s deadline for wire transfers on the day before closing. If it’s a cashier’s check, make sure that you have all the information you need to complete the transaction.
Signing the papers
Be forewarned that if you finance the purchase of your first home, there will be a lot of paperwork at closing. It’s a relatively fast appointment, but there are a ton of documents involved. Take your time reviewing all the documents that you are authorizing. Don’t be afraid to ask for clarification if there are items that seem unclear. As you approach your closing date, keep your eye on the prize. You’re so close to becoming an official homeowner! Remember that patience, flexibility, and taking the time to do your due diligence leading up to the final transaction will pay off when the keys to your new home are placed in your hand. For more homebuying tips for a first-time buyer, visit the Homes.com Idea Gallery.