CERTIFIED DISTRESSED PROPERTY EXPERT
Hi Folks. I am addressing the closing time checklists for Buyers.
Buyers, so you made an offer,your offer was accepted, you did the appraisal and the home inspections, then looked at all seller disclosures and then removed all your contingencies within 17days thus locking your earnest money deposit. Great. Well what happens from now on is very important, while your loan officer goes to work there are somethings that you need to be aware of and must keep an eye out for.
1. Ensure that you do not go buy that Furniture or a car or any big item thinking all is done now:Home buyers waiting for a mortgage loan to fund are advised to be conservative when it comes to buying new furniture, appliances, or the like for the house they are purchasing.Â It has become standard practice for lenders to check borrowersâ€™ credit scores in the weeks leading up to the closing, sometimes even the day prior to closing.Â Large purchases can use up a considerable proportion of a borrowerâ€™s total credit limit, which can lead to a drop in the borrowerâ€™s FICO score and possibly change the terms of the loan.
2. Ensure that when you schedule the moving company or give a notice to your landlord to move outis not for a specific date. The closing date is usually an estimated date. It is extremely important that you keep this in mind and don't get ready with the truck on the close of escro wdate scheduled at the start of escrow. Call your Escrow and your loan officer to be updated on the estimated date.
3.Once you are close to the close date and are reasonably sure of that date, be sure to call the DWP/ Gas Company and Cable company/Dish or whatver utilities you want. You will be amazed to find that if you call them on the close date or a day before it is a fairly good chance that some of these companies do not scedule new lines for Holidays or Weekend. Dont be stuck without gas or say the cable say when the playoffs are on.
4. Ensure that you do the same for your move out place too. You don't want to get a double bill.
5. After the close of escrow don't be surprised when you get a suplemetary Property Tax bill. You will think that you made all the payments necessary during escrow. Well thats the tax rate based on the previous owners tax rate. Thesupplemental bill is the difference between the old and your current tax rate.
I have noticed so manyÂ buyers who are never informed by their professional about all of this.
Good luck and for more info on What buyers need to know go to my web site.