The Last 3 Home Buying Steps
It’s been a month now and I’m happy to say I’ve closed on my condo! That’s right, I’m officially a property owner. Now that I’ve completed the process from beginning to end, I felt it’s a good time to divulge the last steps of the home buying process. It was very stressful but equally as exciting at the same time. I last left off on applying for a mortgage so let’s jump to the next step below.
The Home Inspection: Your purchase offer will be contingent on a home inspection to review signs of structural damage and things that may need fixing. Your real estate agent can arrange this for you and note you will have to pay the inspectors. The point of the inspection is to protect you by giving you the chance to renegotiate your offer or withdraw it based on the inspector’s findings.
The Home Appraisal: Next your lender will arrange for an appraiser to provide an estimate of the value of the property you’re buying. You will also need to pay a fee for this. The appraiser is an independent partner and will let all parties know you are paying a fair price for the home.
Closing & Paperwork: Lastly, your lender will arrange for a title company to gather all the paperwork to ensure you are the rightful owner of the property you’re purchasing. They should also walk you through everything you’re paying for at closing. At closing you will sign a great deal of documents and give the final deposit. Once the check is delivered to the seller you are the official owner of the property!
These last steps may sound simple, but they can take some time. With that in mind, make sure your lender is keeping you up to date with where things are in the process especially if you need to make plans with your current landlord for moving out.
If you will be making renovations to your future property, this will also be a good time to start looking up contractors so you can start that process as soon as you close. Becoming a property owner is a great feeling and once you close you can sit back, relax, and congratulate yourself on a big achievement.
