Buying a house is a process with many moving parts and pieces. It’s not a quick process. Now that you have an accepted Purchase Agreement and an accepted Inspection Response, we wait…patiently. And, it’s hard!
Right now your mortgage lender is finishing up loan documentation, title search is being completed and the Seller is completing any repairs that were agreed to in the Inspection Response. It takes a few day for all of this to be completed and it’s normal. Don’t let the radio silence scare you.
On your end, here are few remaining tasks that you need to get completed…
Finalize Homeowners Insurance: make sure your insurance is set to be in effect the same day as closing.
Schedule the Transfer of Utilities: if you need a list of utility companies for your new home, please let me know. To avoid any interruption in service and to prevent any mechanical failures (frozen pipes or insane heat), schedule your utilities to start in your name on the same day as closing.
Valid Photo ID: make sure your drivers license or passport are still valid and not expired. There are no forgivenesses or alternatives to a valid photo ID on closing day.
Coming up within three (3) days of the closing date, you will receive your Closing Disclosure and Settlement Statement from your lender. You and I will both review to make sure all the numbers match our Purchase Agreement terms and the taxes and other fees are in check. If there are any errors, we’ll have them corrected in time for the closing.
You will also receive wiring instructions from the title company. They will either send you the document on a secured server or text you the instructions. Get with your bank and find out exactly their preferred method of wiring funds. Every bank is different and it’s important that you know your bank’s process. When your bank releases the money, it goes to the Federal Reserve and then onto the title company. The Reserve only batches money out a few times a day, so it’s important that you get your money in a batch before your closing.
And just a few hours before our scheduled closing, you and I will do a final walk-thru of your new home. We do this walk-thru to make sure the sellers have made all of the repairs that were agreed to and that when they moved out, they didn’t make any holes in the wall or what-not.
You are so close! Hang in there! I know waiting patiently is hard. Please let me know if you have any questions. I am here for you!
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