Doing homework in advance will hep you understand what you’re asked to sign when you close the sale of your home.
We will work with the buyer’s/seller’s agent and title company to schedule your closing date. It’s important to be sure it meshes with the end of your lease or the sale of your existing home for a smooth transition. Consider a time a time when you may be able to take a few days off from work. It’s also smart to schedule your closing for the end of the month because that’s when you’ll have to pay the least amount of interest at the closing table.
You may be required to bring funds to the closing. If they’re not easily accessible or in a brokerage account, arrange early to transfer them to a liquid account to avoid last-minute problems. The title company usually requires the funds in the form of a cashier’s check, so be sure to leave time to get one at the bank.
Title insurance protects the policy holder against trouble with the real estate and your home’s title. Your lender will insist that you purchase a policy to protect it. You should also consider purchasing what’s called an owner’s title policy from the same insurer, which protects you from fraudulent claims against your ownership and errors in earlier sales. In Sun Valley, Ketchum and Hailey, Idaho sellers traditionally pay for the buyer’s title policy. The rates for most local companies are very competitive so we like to chose a local company that we have worked with before and have a solid working relationship. If your home has been sold within the past few years, you may be able to get a reissue discount from the last policy.
Get quotes and compare policies to be sure coverage will be in effect by your closing date. Depending on your home’s size, age, and amenities, an annual policy normally cost anywhere between $500-$1,000. Often times in Sun Valley, Idaho if yoiu are lucky enough to live by the Big Wood river you may also be required to purchase flood insurance.
Your lender will give you a good-faith estimate of your closing fees. Some of those fees can’t change, and others are variable. Before you go to the closing, read your good-faith estimate, compare it with your HUD-1 settlement statement, and be sure to address any discrepancies in the numbers.
Schedule an appointment to walk through the home one last time just before your closing. Make sure repairs you requested have been made and that no major changes have occurred since you last viewed the property. Also, make sure that the sellers left anything they agreed to leave and took all the things that they didn’t.
It is also smart to test everything one last time. Turn on electronics and appliances, such as the doorbell, dishwasher, washer and dryer, and oven, to ensure they’re functioning properly. Do the same with the hot water heater and heating and air conditioning systems.
If your walk-through uncovers problems, you should address the problems before the closing so that you are assured the repairs get done. Another option is to negotiate a discount to your sales price to cover the cost of the work needed and do the work yourself. I usually like this option because you are assured that the work gets done to your liking.
That’s about it. Be sure to give us a call or make a comment below so we can stay in touch.