This First Time Homebuyer series is here to help guide you along your way to home ownership. After you get started on your journey to buying your first home, know your budget, know what you’re willing to trade off, and made an offer, then you will be ready to close on your home! There’s strategy in closing and a good realtor can help you every step of the way. The following video will make your closing less stressful…
Some Of the Tips in this Video…
- You will need a escrow agent/attorney and a title company to close on your home
- The escrow agent/attorney is a neutral 3rd party that will collect and hold the title, financial paperwork, instructions, etc. during the closing.
- The title company provides insurance that the title is clear of liens, judgements, or other encumbrances.
- Then it’s time to go through the contingencies. Contingencies must be met or the participants can walk away from the closing. They all have a brief time limit and if you don’t stay on top of them and get them completed than the contingencies won’t apply legally. Your realtor can be a great help make all of this run smoothly.
- Mortgage Contingency – Can the buy come up with the funds?
- Inspection Contingency – Is there anything major wrong with the home? Termites, water leaks, housing code problems?
- Appraisal Contingency – Is the home appraised for enough money to allow the bank to loan the money and are the buyers comfortable with a swing in appraisal if that happens?
- Title Contingency – Is the house clear of liens, judgements, or other encumbrances?
- Final Walkthrough Contingency – Has anything changed a bunch in the home since the other walkthroughs?
Congratulations First Time Homebuyer! You Just Bought a Home!!!!
First Time Homebuyer Series Posts
- 1st Time Homebuyer Series - #4 What Happens After the Offer is Accepted?
- First Time Homebuyer Series - #3 Writing and Submitting an Offer
- First Time Homebuyer Series - #2 Knowing Your Budget and Making Trade Offs
- First Time Homebuyer Series - #1 How to Get Ready to Buy Your First Home
Tom Reese has 20+ years experience in helping his clients sell their homes for a price that sells and makes them a profit. Tom has helped his clients buy and sell property in every neighborhood in Northern Kentucky and Cincinnati.
About Tom Reese
Helping my clients attain their dreams has been the foundation of my success. With my strong attention to customer service, I have earned my clients continued support and referrals. Put my enthusiasm and dedication to work for you!
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Tom may be new to rapping but he’s not new to real estate!