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Michelle Gordon's Blog

By Michelle Gordon | Agent in Grand Rapids, MI

Home buying - Part 5

Well we have gotten all of paper work in - so we think.  The underwriter may ask for additional information and may even run your credit one more time and ask for another verification of employment once again.  Do not take these request personal.  They have had people quit their jobs right before closing.

It is best during this "waiting" period before closing to just leave everything status quot.  You were approved for a loan with your current situation, so keep paying bills on time, but do not change anything.  Do not pay off your charge cards.........do not make large deposits into your accounts, leave everything the way it was when you were approved for a loan.

Buyers are very excited about buying their first home and are eager to get into the house.  You may want to get in early to clean, move some things in.........etc, especially if the house is vacant.  This is not a good idea.  Till you own the home you should not do anything to the house.  If anything should happen while you are there, you could be held responsible and you are not insured for the home till you own it. 

Selling a home while you are still living in the home is/ can be very invasive..........the seller is happy you are buying the home (in most cases) however this is probably a home they have loved and they really do not want to hear how you are going to change things, paint the walls a different color........etc.  If the home is being sold as a short sale, they may have been forced to sell and we do not need to add salt to the wound.  If bank owned they do not like anyone in the house till after closing. 

However you do have the the right to walk through the home before closing to make sure everything is the way it was when you first wrote the offer, and can be scheduled with your buyers agent.

Grand Rapids, Michigan is the only place I have lived and bought a home where buyers have possession so many days after close.  However very commonly done here.  so if you are one of the buyers that does not get possession till .......... say...........15 days after close, then you will still have have more time to wait after the closing till you can move in.

When pre-apring for the closing, make sure you have reviewed the "HUD" AKA- closing statement.  Make sure you understand it, have your lender go over it with you.  Many times this can be available 24 hours before closing. Make sure everyone names is spelled right, interest rate is what you discussed with your lender and all cost to be paid for by seller is on the HUD...........if it is not on the HUD, then it is not legal or not being done.

When reviewing the HUD, you will the see how much money you will have to bring to the closing table.  In Michigan personal checks are NOT excepted..........money order or certified check only.  All buyers need to bring a photo ID as well.

The closing will take about an hour..........the title company rep will go over all the paper work with you before you are asked to sign.  Do not be afraid to ask questions.

Once all the paperwork is signed, if you have possession at close you will receive the keys to the home.  As always there could be exceptions..........sometimes (especially at early morning closings) the loan would not have funded at the closing table.  Meaning the money from your lender has not be wired yet to the seller and they may not give you the keys till this has been done.

CHANGE YOUR LOCKS ASAP! Once you own your home, I can not express enough to change your locks on the door.  Who knows who has keys to the house.  Neighbors, friends, delivery men........etc........


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