How to get from “Under Contract” to “Closed” in 11 (sometimes) easy steps. Super Short Summary!

said on May 5th, 2010 filed under: Information for Buyers

I’ve been spending a lot of time recently putting together a series of articles for buyers describing what happens after an offer has been accepted. Even I was surprised at how much there was to share. So far there are 11 sections to this series. For those not caring to slog through all the articles, I thought I would sum them all up. So, here goes:

Home Inspections. Get one. Avoid dud houses. Keep emotions out of it.
Financing. Be prepared to share a lot of paperwork with your lender. Get approved prior to making an offer. Don’t go on crazy spending spree just before settlement.
Settlement Attorneys. Cheaper is not always better. Buyer usually chooses. HUD-1 confusing. Get one. Ask Q’s.
Title Insurance. Banks make you get it. Probably a good thing. It’ll cost you.
Home Warranties. Like all insurance, it’s a crap shoot. Can add peace of mind to purchase.
Final Walk Through. Don’t skip it. If something comes up, don’t panic. Everyone wants to get through this.
Condo Docs. It’s your responsibility to read them. Boring, but also chock full o’ good information. Avoid special assessment or pending lawsuit properties.
Termite Inspection. Pay a professional.
Homeowners Insurance. Again, required by the bank. I recommend a low deductible. Oh yeah, and never use it for the small stuff.
Good Faith Deposit. Make sure there is money in your bank account.
Appraisal contingencies. Troublesome lately. Know your comps. Helps to have a lot of cash.

And, that’s it. Happy reading!

posted by Marcie Sandalow

This entry was posted on Wednesday, May 5th, 2010 at 4:56 pm and is filed under Information for Buyers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.