Congratulations! Between contract acceptance and the closing date, there are many things that need to be completed. In a nutshell, after an offer is accepted, generally any inspections will be completed. After the inspections, you complete a formal mortgage application and last but not least, the title, abstract, survey, and any miscellaneous paperwork is completed. When buying a home, finding the perfect home is only one part of actually becoming a homeowner. Throughout the mortgage process, you should expect the bank to require documentation, letters, and other items from you to satisfy the bank conditions, so don’t be upset or surprised when this happens.
Do I need to do a final walk-through?
As a buyer, you have the option to perform a final walk-through. Is a final walk through a requirement? NO. Is a final walk through necessary? YES. Generally when buying a home several weeks go by between when you last walked through your home. Lots of things can change during that time. When doing a final walk through a few things you should check is that furnace is working, the toilets are flushing properly, and there is hot water.
When is the closing date?
When buying a home, the excitement level is extremely high. It’s important to understand that the closing date in the purchase offer is a target and not a guarantee. Before you hire the movers and take time off from work, know that the closing date in the contract isn’t necessarily the date you will own your new home. Many buyers will ask their Realtor this question, however, it isn’t up to the Realtors when a closing will be. The attorneys are the ones who have to set the closing date and time.
When buying a home, being prepared and well educated can really make a huge difference. Again, “no question is a dumb question” and if you are unsure of something, ask! The home buying process begins before you ever look at one home and the process continues all the way up to the final walk-through. When buying a home, it’s critical you’re on your game, stay organized, and remain focused throughout the entire process. After reading these frequently asked questions, you should now have a stronger understanding of what to expect throughout the process.