Closing on Your Home: The Ultimate Guide
One of the biggest decisions you’ll ever make is your choice of closing on your home. When it comes to deciding whether or not to sell, there are many variables such as location and condition that can determine whether or not it’s worth selling now or waiting until a better time arises. However, even when you do decide to sell, there are still several steps involved in the process. In this article, we’ll discuss how to go through each step of the selling process with ease!
What is “Closing on Your Home”?
Closing on Your Home is the act of buying a home from an owner or listing your home for sale. This is also known as escrow services. When you are considering selling your current home and closing on a new one, this may be the process that you need to follow. It can take some time and preparation, but the benefits of having a pre-packaged plan are worth it.
How long does it take to close on a house? Typically, you cannot close on a home until several things have taken place. One of the most important is obtaining an appraisal. This evaluation can be done by a lender, an independent appraiser, or even a real estate agent. An appraisal must also be performed on each new home as well. This is part of your pre-closing process and must be done before you move your belongings into the new place. Once the appraisal has been completed, it will be sent to your lender along with the title reports and other documents. The lender will issue your final loan documents, which include your contract to purchase the house. Closing The next step in the process is to prepare for closing. During this time, you will receive a copy of the new loan documents, including an overview and checklist of what is needed prior to closing. This will give you a list of all the items that must be completed before you can get the keys to your new home. When closing is scheduled, it’s best to have everything ready at least a week before. Your lender will make
Tips and tricks on achieving a successful closing
When it comes to closings, there are plenty of ways to make sure your home sale goes smoothly. Here are a few tips and tricks that will help you achieve the perfect closing.
1. Get organized ahead of time. Before the closing, make a list of everything that needs to be done at the closing, and make sure you have put it all into action before the day actually arrives. For example: If you haven’t ordered a new lock for your home, well before the day of the closing, order one. If your refrigerator needs repair, well before the day of closing ask for this repair in writing and give it to your Realtor for them to pass on to the seller. If the home is in need of repairs, well before the day of closing make sure these repairs have been made.
2. Always keep your Realtor apprised of your plans and don’t forget to tell them when you are leaving town or heading out of town for a few days. Your Realtor will be able to help you keep an eye on things for you and also secure some peace of mind that nothing has been forgotten.
3. Once your Realtor has given your offer to the seller or a showing agent, it is imperative that you and your Realtor establish that your offer is firm in writing. It can be as simple as emailing a letter to the seller or showing agent mentioning that you and your Realtor have been working together and will be happy to review this information again once the listing has closed. As long as you want to go forward with closing, follow it up with a phone call or even better, a meeting in person to review the transaction.
4. Do not have an offer contingency clause in your contract until you have a firm written offer from the seller and are ready to close! A contingency clause is what will make all parties feel protected if negotiating turns into a tug-of-war over price, or for that matter, any other issues like labor. It just isn’t worth it to take your time, pay an agent commission, and worry about making mistakes when you can close on terms no one else will ever agree to. It’s best to get the offer in the hopper and make that purchase agreement a certainty before you even go out to look at the house. Just remember, not all offers make it through our multiple steps so always keep an eye out for those “deals” that seem too good to be true!
5. If you are ready to buy, but the seller has some conditions, do not accept them until you have talked with your buyer’s agent or attorney about their ramifications. The seller may try to “save” a few dollars by asking you to make some minor changes to the paperwork, but remember, they are your offer and you should not be obligated in any way to okay their conditions. Other times they will ask you to go look at something they want to be fixed, maybe a cabinet that needs repairing or a leaky faucet. Those simple things can cause serious problems after the closing date if you don’t have everything ready two weeks before. (Everything should be ready two weeks before the closing date, not just the kitchen faucet!) The seller may even ask you to go and pick out items for their house. If they are asking you to make these purchases, do not accept any purchase offer until you have talked with your attorney or Real Estate Agent, who should be able to explain what is required.
Common mistakes to avoid during the closing
Closing on your home is usually a long process, but it doesn’t have to be. Here are some common mistakes that you should avoid during closing.
1) Negotiating the selling price too low: If you’re not sure if the seller is asking enough for their house, talk to a real estate agent who works with a lot of home sellers and get some advice on what they think might be an appropriate price.
2) Not securing professional representation: If you’re not sure if you need a lawyer or not, find out from your real estate agent, and if they think it’s necessary to protect your interests, then go ahead and at least talk to a few lawyers.
3) Not having an inspection: If the seller is asking for $250 for home inspection services, make sure that you do that before signing any agreement!
4) Giving cash upfront: It might be tempting to give money upfront, especially if you really want the place, but be sure to check with your own lawyer on that.
Contact Clear Title and Appraisal Today
When researching which option is right for you, it is important to understand the intricacies of both escrow and title insurance in order to have a smooth closing on your property. Call us at 469-908-3753 today. We serve clients across Allen, Dallas, Richardson, Frisco, Irving, and Plano. If you are looking for Title and Escrow service providers for your real estate transactions in Texas, rest assured, we have your back.