It may seem that once you have a date set for the closing on a Central Coast home, it’ll be smooth sailing, but actually, there are still things that could go wrong and that could prevent the closing from happening. As your Central Coast real estate agent, I’d like to offer you some tips so that you can avoid any common mishaps from happening on your closing day. Getting the key to your home should be one of the most exciting days of your lives, not a stressful one!
1. Get contingencies settled. The three most common contingencies for buyers to include in their purchase agreements are a home inspection contingency, an appraisal contingency, and a finance contingency. This means that before the closing, you will have time to have a home inspection and appraisal done, and that you can back out of the purchase agreement if issues arise. If you are financing your home, this contingency allows you to back out of the deal if your final mortgage approval falls through.
2. Clear the title. As part of the closing process, your mortgage lender will require a title search and you’ll need to purchase title insurance. This protects you from legal claims to the house, say, if a distant relative shows up one day and claims that they actually own the house. You can choose the title company as a buyer, so get recommendations and complete the process before the closing.
3. Get final mortgage approval. Your home loan must go through the underwriting process before you head to the closing table. The underwriter will check your finances to make sure everything is as you say it is, so right before closing is not the time to do anything that may hurt your credit score. Don’t make any big purchases, like a car, boat or new home furnishings, and don’t move money around last minute without first discussing with your lender.
4. Review your closing disclosure. It’s wise to do this before the closing, so there are no surprises, and you can discuss any discrepancies with your lender. This document will outline your mortgage payments, the loan’s terms, closing costs and more.
5. Do a final walk-through. If you’d like to do a final walk-through of your home 24 hours before closing, you may do so. You can make sure the seller has vacated and that the home is in the condition agreed upon in the contract. If the seller said they’d fix anything that arose in the inspection, or that they’d include anything with the home, this is a great chance to see if those agreements were fulfilled.
6. Bring the right documentation to closing. Your agent and mortgage lender will fill you in on this, so that you come prepared. It’s best to start working on this ahead of time, in case you have issues finding any of these documents.
Ready to begin house hunting at Lake Nacimiento or throughout the Central Coast real estate market? Contact me, your Central Coast real estate agent! Let’s find you the home of your dreams to close on this summer.
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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.