Congratulations, you’re almost home—literally! You’re this close to turning the key and settling into your brand-new house, but there are a few things that need to happen first.
Most sales contracts close within a 30-45 day period, though your specific contract might be a little shorter or longer depending on your negotiations. Regardless of the close date, my goal is to have your loan cleared to close in 2-3 weeks once you’re officially under contract. Once that loan is cleared to close, it’s PARTY TIME—your lender is, in effect, saying you’re good to go! You and I will coordinate with the realtors and the seller to schedule the close, ensuring it’s officially on the books.
One of your last tasks will be the scheduling of your final walkthrough. Put simply, this is a last look at the property to make sure it’s in the same condition as it was when you first came under contract.
QUICK PRO TIP: You ABSOLUTELY need to do a final walkthrough. I had clients who discovered last-minute flooding damage and were able to cancel the sale, saving them hundreds of thousands of dollars in repair costs.
The bottom line is simple: DO THE WALKTHROUGH! You want to make sure the house is exactly how it looked when you last saw it and avoid any tragic situations that could result from skipping this step. Your realtor should be scheduling this for you, and it’s usually done the day of or a day before closing.
You’ll also want to be on the lookout for the Closing Disclosure we discussed in Week 3, which will be sent 3 days prior to closing. It will have all the sales figures for both you (the buyer) as well as the seller, detailing the exact amount you’ll need for your cash to close. Look it over and make sure all the terms and costs are what you expected.
For closing day, there will be a few essential items you’ll want to bring. Be sure to have a photo I.D, as well as confirmation of your cash to close (a receipt of either a cashier’s check or wire transfer). Expect to spend 30-60 minutes signing papers, including title work and loan documents, while you chat and relax with the seller and your team that has helped you along the way.
Once you’re done signing all the documents to receive your funding authorization…CONGRATULATIONS! You just bought a property!