It’s an exciting time when you’re exploring the neighborhoods of Denver for that perfect home to call your own. With all the options it can take a bit of time too. Sadly, your time can also be wasted by unprofessional agents who don’t inform you of everything you need to do to close the sale of your new home.
Don’t worry; when you’re dealing with professionals, you’ll get all the facts you need. So, here are the steps a buyer needs to take to bring his new home to closing.
Sadly, your time can also be wasted by unprofessional agents who don’t inform you of everything you need to do to close the sale of your new home.
1. Pay earnest money funds.
These funds are used as the down payment at closing. With the payment there must also be an order regarding who will hold the deposit, whether interest is to be accrued, and conditions of release of funds.
2. Submit the final mortgage application.
You will need to allow extra time to get loan approval in the current climate where falling interest rates are causing many people to apply for refinancing of their existing mortgages.
3. Arrange the home appraisal.
An appraiser will inspect the home and then compare it to other properties that are similar in features and condition to arrive at a value for your new home.
4. Ask for a property survey.
The size and shape of the buildings that are located on the lot, and the boundaries and location of the property will be ascertained during the survey.
5. Call for an inspection into the general condition, as well as other defects.
An inspector will also check for the incidence of lead, radon, earthquake, and termite infestations. Get the inspection done quickly after ratification of the agreement to allow the seller time to fix defects or to come to another agreement.
6. The mortgage company will check the accuracy of financial and employment information you supplied.
7. Homeowners’ and hazard insurance is required by lenders.
8. Get title insurance.
Defects in title can cause a property to become unsaleable, but title insurance creates security for the buyer. Here are some of the causes of title defects:
- Forged documents
- Misfiled documents — deeds, liens, mortgage
- Confusion caused by similarities in names
- Incorrect marital status
9. Secure a loan commitment.
The settlement date is confirmed once the escrow agent is informed of the loan commitment.
10. Coordinate the transfer of utility accounts.
11. Inspect the home one last time with your agent.
Make sure that the home is in the condition you expect it to be and agreed to.
An inexperienced agent can cause headaches and delay the process when buying a home, but our professional agents and streamlined processes make it easy for you to buy a home.
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