AFY Kim Blue - Home Buyers Guide V1 - 3020

there are consequences. You’ll face increased closing costs the next month, in addition to any penalty for the delay. Although most sellers will work with you if the transaction does not close on time, failure to close opens the door to canceling the sale, which may occur in a seller’s market in which the seller may have taken backup offers that are potentially better than yours. Closing can be held in any agreed location. For example, at the attorney’s office, or at your lender’s or title company’s offices.

#9. Be Present at a Walkthrough

A final walkthrough is a last chance to see your future house before you buy it. Commonly, it’s scheduled 24 hours before the closure. The property should be in the condition that’s specified in your sales contract. You may inspect for any changes made subsequent to the home or pest inspections. Check if everything is in order and if any additional replacements are necessary. If there’s an issue, the closing day could be shifted or upon agreement, the repair costs will be submitted to the escrow account. Don’t skip this step because missing the final walkthrough is one of the reasons of closure delay.

#10. Get Ready for Your Closing Day

Now you have run the escrow marathon and survived all the possible obstacles in your way. It’s finally time to sign the papers and get the keys to your new home. Prepare all the paperwork that you’ve collected during the process. This includes the title search and insurance, inspection reports, bank statements, home appraisal, checks of down payment closing costs, and prepaid interest.

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