of whether youâ€™ve looked at one house or fifty. Â If youâ€™ve been searching for months or found the perfect house right away. Â When the
Seller says â€œYESâ€ there are some important steps to take to ensure a
all important dates (deadlines) with your agent and make sure you BOTH
have them marked on the calendar. Â Depending on the state in which
youâ€™re buying some dates are â€œtime is of the essenceâ€
and some are not. Â Itâ€™s important to know the difference. Â Know when
you must have your inspections completed, when you must have mortgage
approval, etc. Â Â While a good agent will not let you miss a deadline,
ultimately it is YOUR responsibility. Remember, you can typically get a
date extended but you need to get it BEFORE the deadline passes.
If youâ€™re paying cash and
need to access funds from a CD, IRA or other security make sure and
apply for it immediately. Â It can take anywhere from 14-30 days to
access some funds.
youâ€™re getting a mortgage you should (hopefully) be pre-approved and
will only need to provide a copy of the contract to your lender. Â Â The
important thing here is to get any information your lender asks for as
quickly as possible. Â With interest rates as low as they are many
lenders are buried with refinances and underwriting is taking longer
than normal to approve loans.
Donâ€™t do ANYTHING to change your financial position.
Â Even though youâ€™re buying a new home, resist them temptation to go out
and finance furniture or appliances. Â Changing your debt-to-income
ratio could prevent the underwriter from giving you final loan approval.
Â Either pay cash or wait until AFTER closing to buy. Â This also applies
to charging items to credit cards. Â Even normal everyday purchases like
gas or groceries can change your ratios and put you out of range for
Your agent will, according to local custom, order your termite inspection and your lender will order the appraisal. Â YOU should interview and select the home inspector
with whom you are comfortable. Â Ask your agent or lender for two or
three recommendations and then YOU call and do the interview. Â Itâ€™s also
recommended that, if possible, you attend the inspection while itâ€™s
being done. The inspector will be able to point things out to you.
Â Many times there are items cited in the inspection which are minor but
itâ€™s hard to understand unless youâ€™re there. Â The home inspection is one
item that needs to be paid in advance. Â
Ask your agent for a ball park figure of the funds you will need for closing.
Â They may not be able to give you the EXACT figure until 24-48 hours
before closing but having a ball park figure will help. Â Â Once you know
the amount you will need to bring CERTIFIED FUNDS
to closing. Â The attorney or title company will not accept a personal
check. Â If you have to estimate always estimate on the high side. Â Iâ€™ve
never seen a title company or closing attorney who would not write you
an escrow check back for the overage since the funds they are depositing
from you are certified.
of whether youâ€™re buying your first home or your retirement home - try
to relax and enjoy the process. Â This should be one of the most exciting
events in your life! Â If youâ€™ve done your homework, planned ahead and
enlisted the services of a professional and experienced agent it will
Best wishes for a happy closing!
Bill and Cyndi
If you are considering buying or selling in the mountains of Western North Carolina or Northeast Georgia, contact TEAM DAVES today.Â We'll be more than happy to discuss your purchasing and finance options with you.Â Then we'll be there every step of the way - from Contract to Closing and beyond.Â