02/24/2018
Buying a new home? Confused or scared on what to expect? Let’s sum up a few things!
Once your contract is signed, keep in mind, just because the realtor tells you the closing date will be on a specific day, does not meant you should schedule movers and painters yet! Wait until the bank gives you your mortgage commitment letter! Then you can place a deposit for movers or painters or whom ever you are hiring, tell them you do not have an exact day yet, but an estimated week! This helps prevent last minute rushing, and less headaches for behind the scenes! Sure there is always early occupancy or post occupancy, however most attorneys will advise against this!!!
Once in contract, and you have your pre approval from the bank, DO NOT USE credit cards or make big money purchases!!! This can change your debt to income, or other parameters on your loan!
When closing finally gets scheduled, (yes all attorneys try their hardest to close the deal in 60 days, but let’s be honest, s**t happens!) you need to electronically sign or acknowledge the Closing disclosure, then when it’s time to sign the mountains or papers, (plant a tree, trust me on this, and do hand exercises) you have to bring photo identification (passport and/or drivers license) and a bank draft also known as a certified check! Pay close attention to the buyer attorneys email or bank attorney email, or phone call and write the information down, they will tell you exactly how to have your bank draft typed!
Now it’s time to get to the table! The closer, could be myself if in Erie county NY, will make this process the least painful! I promise! We will give you all the important facts of the pages you sign as you sign them! We just sum it up into a couple sentences instead of an entire page or 16! Once signing is over, and the required papers have been filed with the clerks office the property is officially yours!
Yay! See that wasn’t so hard! No need to get nervous! We are all at the table to help get your deal closed!!!
Oh and laugh at the closers jokes! It makes our days go faster and not so mundane!
FYI the document known as an abstract or title, or as we like to refer to it as “the search” will take 6 months to a year to be returned to you! When you get it, DO NOT LOSE IT! Put it in a fire safe box! This document is needed to sell the property and costs around $1,000 dollars to replace!!!!
