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Tuesday, October 10, 2017

What is A Transaction Fee

One of the fees that comes along with buying a house is a “transaction fee”. This one is often forgotten, but it’s one of themes cubical ones. This is a sizable chunk of money that ...  Read More

Wednesday, October 04, 2017

Changes to Come Within Credit Agencies

There’s going to be a new way o doing things at the credit agencies after the Equifax consumer data hack. The agencies Equifax, TransUnion, and Experian will be receiving embedded regulators to ...  Read More

Buyer's Closing Expectations

After you’ve negotiated the SELL PRICE of your home, there are many things that still need to happen before you get possession of the home.  If you are financing your home, this process can take approximately 30 days to complete.  Your contract should spell out the timeframe for closing on your new home.  The following list contains items that may need to be completed before you gain possession of that home.  Your REALTOR will be there to help you with any or all items on this list.

  1. Contact mortgage company to set up final funding
    1. Establish type of funding
    2. Order appraisals
    3. Provide all documents necessary to formalize the loan process
    4. Receive a Good faith Estimate at this time of what you can expect your payments to be or of the monies needed to bring to closing.
  2. Have survey completed on the property to determine if there are any encroachments.
    1. Mortgage Surveys give the general outline of the property  per the tax records
    2. Staked surveys give the actual start and stop point of the property – needed if you decide to fence the property or add to existing structures.
  3. Set the Inspections dates and times as prescribed in the contract.  It is the Buyer’s responsibility to pay for any and all inspections conducted on the property.  Payment arrangements are made with the companies conducting the inspections.
    1. Home Inspections are done to determine if there are any major safety items in the home that need to be repaired prior to you occupying the home.
    2. Termite Inspections let you know if there are any visible signs of termite infestation prior to occupancy
    3. Other Inspections you deem necessary.
  4. Determine which inspection items need attention prior to possession.
  5. Negotiate any repairs found during inspections.
  6. Contact Home Owners Insurance Agency.  It is advisable to contact them as soon as you are under contract on your new home in case something happens prior to closing.  “Ownership” of the property is in flux during this period.  Therefore to protect your interests, home owners insurance is needed.
  7. Coordinate the change in utilities.
  8. Obtain final approval of mortgage loan -- After approval is received the actual closing date may be set if not already prescribed in the contract.
  9. Choose the Closing Attorney if not prescribed by the mortgage lender.
  10. Know how much money you need to bring to closing.  Closing agencies expect these money to be in the form of a Certified or Cashier’s Check made payable to yourself
  11. Be prepared to sign or initial a. multitude of documents. You will receive copies of everything you sign. The closing authority will give you the highlights of each document before you sign.
  12. Arrange to exchange keys.  This is the point where you will finally obtain possession of your new home.  This possession date is outlined in the sales contract.  It could range from “date of deed” (closing date) or at a later date as agreed between the two parties.