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How
To Assure A Smooth Home Purchase
It is important to make sure the closing goes smoothly. There
are a lot of people that will be involved in the transaction of buying
your house.
Here is a list of who these might include.
• Mortgage broker
• Loan processor
• Realtor
• Seller
• Home inspector
• Pest and dry rot inspector
• Appraiser
• Handyman
• Title officer
• Insurance agent
The list could be smaller but you can see there are a lot of people
involved in the purchase of a home. So here is a punch list
to keep the process moving when you are buying a home.
As soon as the offer has been accepted it is best to schedule a home
inspection right away. Usually they can be done within a day
or two of calling the inspection company.
It may seem like an unnecessary expense, but think of it as an
insurance policy. You pay car insurance every month without
expecting to get in an accident.
You may not think there is anything wrong with the property you are
looking at, but it is best to get a non-biased third party to look over
the property and give you a their professional opinion on what repairs
may need to be done to the property or things that could possibly go
wrong with the property in the years to come.
If there are any underground oil tanks (i.e.: for an oil furnace) on
the property you will definitely want to have a soil test done after
you have completed the home inspection if you are still ready to move
forward on the purchase of the home.
It can cost a home owner thousands of dollars to remove a tank if the
soil is contaminated so the cost of an inspection is money well spent.
Once your inspections are done if there are items that came up that
could be negotiated, you will want to look at the possibility of
re-negotiating the contract.
It is best not to use this as an excuse to try and get a better deal,
but it can be a great way to get the seller to help with the cost of
some of the repairs that may be needed to be completed for closing.
If there are repairs that need to be completed you will want to get
some estimates on the costs for these repairs and weigh the costs of
having them done before the closing as opposed to doing them at a later
time yourself.
Keep in mind that the lender may have repair requirements that they
need completed themselves to process the loan. After the
appraisal the lender will let you know what has to be repaired before
you can get the loan.
When your inspections are out of the way it is time to have the
appraisal scheduled. The lender needs to be contacted and
informed that the appraisal needs to be ordered.
The appraisal is one of the costs that will have to be paid up front
(along with any inspections that need to be done on the
property.) The quicker all these steps take place the quicker
you can close on the house.
If you are not working with a Realtor, it is best to contact your
mortgage broker or lender once a week just to make sure they are not
missing any documentation that you may need to get them, and that the
process is moving ahead smoothly.
Once a week you will also want to contact your escrow officer that is
in charge of the closing at the title company.
They are very busy, but just let them know it is important that you
stay notified of anything you can do to help with the
loan. Like any other business it is the squeaky
wheel gets the grease.
At this time you will also want to call your insurance agent and inform
them you will be buying a house and will need coverage for the closing
of the loan. The title company will send you out a form that
you will fill out with your insurance information, but it is a good
idea to contact your agent up front and get the wheels moving as fast
as possible.
Whenever the title company or the lender calls you requesting
information get it to them in a timely manner. The quicker
you respond the quicker the loan process will take place.
You can generally expect a closing to take about 30 days from the time
an offer is accepted, If you have all your ducks in a row you
can move the closing forward about a week. But that is about
the quickest you can expect the closing to happen.
You can talk with your mortgage broker and get a figure from them as
well on what their average closing time is.
There are a lot of people involved in any single home purchase, but by
understanding the order in which things take place, it will help you to
make sure you will get the keys to your property in a timely manner and
that you will have made the process as easy as possible.
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 Destiny
Mortgage Is a Licensed first and second mortgage broker with the
wisconsin dept of financial institutions. This is not a commitment to
lend. Restrictions may apply. Information is subject to change without
notice. All loans are subject to credit approval. Equal Housing
Opportunity. |
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