So, you’ve spent weeks or months looking for a house, and hallelujah, you’re now under contract to buy your dream home!  What should you expect from the time you sign the contract to the time you sign the deed at the attorney’s office?  It’s a long process that can seem overwhelming, but we’ll try to break it down for you below.

• Your lender, if she or he hasn’t already, will start asking you for what feels like a thousand documents—pay stubs, tax returns, bank account statements. Be prepared for lots of emails from your loan processor, and make sure you don’t make any large purchases! They will do a final credit check right before closing, and a new car or new furniture for the house will most likely ruin your dreams of home ownership. In fact, it’s best not to put anything on a credit card until you close on the house if possible.
• Most everyone wants to check out the home they are buying to make sure it’s not falling apart, so you’ll work with your agent to choose a home inspector. There are many types of inspections: general home, termite, radon, etc. You can discuss each of these with your agent to see which ones you would like done. Be prepared to pay for the inspections at the time they are completed.

• After the home inspection, you’ll make a requested list of repairs and your agent will begin the process of negotiating these for you. Once the repairs are completed, you can have a re-inspection to make sure they were done correctly.
• A lot of buyers want a survey of their property, and we encourage buyers to have this done. A survey shows you exactly where your property lines are, and if there are any easements or encroachments (other people’s property like sheds, fences, etc.) infringing on what you are planning to buy.
• You’ll need to choose an attorney to handle your closing, and if you don’t have one already, your agent will be able to provide you with options and fee sheets so you can see how much different attorneys charge for their work. The attorney will work with the lender to make sure financing is in place and also do things like a title search and preparing the deed.
• After you choose the attorney and set a closing date and time, the paralegal you’ll be working with will send you or your agent buyer information forms to fill out.
• Arranging home insurance is one of the tasks your lender will ask you to complete—a lot of people go through whoever handles their auto or renter’s insurance.
• Your lender will schedule an appraisal to make sure the home is worth the contract price. If the appraisal comes back at contract price or higher (even better, instant equity!), all is good. If it comes back lower than what you offered, your agent will help you with renegotiating the price with the seller.
• A week or so before the closing, you’ll need to call and switch all of the utilities into your name starting the day of closing. Your agent will be able to get a list of the utility companies for the property.
• A few days before closing, you’ll get a document called a preliminary closing disclosure from your lender showing how much money you will need to wire to the attorney’s office. The day before closing, you’ll get the final closing disclosure which will tell you the final amount so you can set up the wire.  Always confirm the wiring instructions with the paralegal before contacting your bank.
• The day of closing, you’ll do a final walk-through of the property to make sure everything with the house is okay before heading to the attorney’s office. Then you’ll go to the attorney’s office to sign a thousand documents. Make sure to bring your photo ID!

• You may or may not be able to move into the house the day of closing. This depends on whether or not the deed records in time, because even if you’ve signed all the paperwork, the home isn’t yours officially until the deed is recorded with the county.  Do not arrange for movers or any deliveries the day of closing.

Whew, I know that sounds like a lot, and it is.  But, if you’re working with a Realtor, it is his or her job to keep all of this organized for you and help you every step of the way.   If you’re thinking about buying a house, contact us and we’ll get started!