Now that you have made it through the initial search and the negotiations on your new home, it is finally time to begin the closing process! Let’s talk about some of the typical steps involved in this portion of your homebuying journey.
Up first, is the home inspection. Since most property sales are contingent on the results of the home inspection, this will be paid for by the buyers. The inspection typically takes place within 10 days of your offer being accepted. During the inspection, they will review the home’s exterior elements (i.e., roof, siding, trim, and windows) and will also check the interior features (i.e., kitchen/bathroom fixtures and appliances, and the major systems like heating/cooling and plumbing/electrical)
During the inspection, if any defects are discovered, your offer on the home should have a section stating how to proceed to complete the needed repairs.
After the inspection of your soon-to-be new home, you will want to complete a title search. This is going to provide you with any info on past owners and ensure that there are no claims against the title. And of course, it’s always a good idea to purchase title insurance just in case the records had any overlooked errors or in case there are any mistakes throughout the process.
Another standard part of the mortgage process is having an appraisal done. Your lender should order the report just so they can ensure the loan will be guaranteed based on the home’s current value in Northwest Arkansas.
Towards the end of your home-buying journey, if the contract states, you will be able to walk through your new home one more time to check it out before it officially becomes YOUR home. This is a great time to look around and make sure the home is still in the condition it was when you signed the sales agreement!
Now for the not-so-fun part, paying all the closing costs. in addition to your deposit and down payment, there a still a variety of other costs involved in closing on your new home including:
- Loan Origination Fees, Appraisals, and Reports
- Surveys and Inspections
- Mortgage Insurance
- Hazard Insurance
- Title Insurance, Notary, and Escrow Fees
- Recording Fees and Stamps
These are all things you should expect on your home-buying journey. But don’t fret, it may seem overwhelming, but your trusted Coldwell Banker Harris McHaney & Faucette agent will be right by your side to guide you home. Then, after closing is over, you are a new homeowner! How exciting!
In our next blog of the series, we will discuss what you should expect when you are choosing a home inspector. We will make sure you have the knowledge to find the best for your home!