What Every Buyer Should Do Before Closing on a Home

What Every Buyer Should Do Before Closing on a Home

Buying a home is a complicated process. With so many details to keep track of, it is already hard enough to figure out if you like a house or not. Once you’ve settled on a place, closing on the home can seem overwhelming. Here are a few things to keep in mind when it comes to closing on your future home.

What Every Buyer Should Do Before Closing on a Home: Title Search

One of the most important things you need to do before you officially close on a home is to perform a title search. When you buy a home, you purchase the title, meaning the rights and ownership of the property.

A title search is a search of title records to determine the stipulated rights that come with the purchase of the home in question as well as if the person from whom you are buying the home actually has the right to sell it.

Performing this step allows you to know if the title is clean so that you can avoid any legal battles in the future. If one of the seller’s distant relatives surfaces years later claiming that the house belongs to him, having performed a title search before you bought the home will save you a huge hassle.

Get an Inspection

Another essential step you should take before you buy a home is getting a home inspection. Basically, before you close, your realtor will commission a home inspector to look at all aspects of the house to find any previously unknown problems. Home inspections can reveal all kinds of issues, such as problems with the roofing.

Something like the condition of the roof is hard to gauge without an expert’s opinion. But having that opinion can avert you to damage that may suggest that there is potentially more damage than that of which you had been previously made aware. Knowing that there is roof damage can suggest that there may be mold where water was able to seep in. it could even suggest deeper structural damage.

What Every Buyer Should Do Before Closing on a Home: Complete All Contingencies

Practically all purchase agreements have contingencies—conditions that must be met by either or both sides before the purchase can be completed. Typically, these contingencies protect the buyer in the case of unforeseen problems that arise with either the buyer’s ability to pay or with the condition of the home.

Common contingencies include a home inspection, an appraisal, and in some cases, a home sale contingency. Basically, before you can close on the home, you will need to meet these different contingencies—then, once you have met the contingencies and if you still feel good about going forward and purchasing the home, you can start the closing process.

Lock in Closing Costs and Interest Rate

What does it mean to lock closing costs and interest rates? Basically, when you are planning on buying a home but need to get a mortgage from a lender like a bank to pay for it, the bank will draft up a bunch of fees that you are required to pay in order for them to process your mortgage.

Of the fees, the lender typically charges you for attorney fees to draft the mortgage, insurance for the property for the bank, and a credit report fee. After they’ve given you an estimate of the cost of these fees, you can choose to “lock them in.” This means that you and the lender will agree on a fixed interest rate on the closing costs that will last a number of days while you finalize the sale.

There are pros and cons to this. Pros—the market rate may go up and you won’t have to pay as much as you would have. Cons—if the market rate goes down, you still have to pay the agreed-upon rate.

What Every Buyer Should Do Before Closing on a Home: Ask the Seller to Lower the Price

Once you’ve decided on closing costs, you may want to turn around and see if the seller is willing to help offset some of the closing costs. Depending on how desperate the seller is to sell the home, they may be willing to lower the home price in order to help you cover those other costs.

Review the Terms of Your Mortgage

Once you’ve locked in your closing costs and have finalized the sale price of the home, it’s time to take a final look at the mortgage. Now that you have the full financial picture of what purchasing this home will cost upfront, scrutinize the terms of the mortgage.

Do you feel good about the mortgage payment schedule? The interest rate? Making sure that you are truly ready to sign a mortgage is one of the most important steps in the closing process. Signing up for something that may be more than you can handle is ultimately a big mistake.

What Every Buyer Should Do Before Closing on a Home: Do a Last Walk-Through

Now that everything is lined up for the final closing, perform a final walk-through of the home before the actual closing day. You’ll typically want to do this 24 hours before you actually close. It’s a good opportunity to ensure that the previous owners are completely moved out to your satisfaction and that anything the seller had agreed to fix is completed to your satisfaction as well.

Bring the Right Documentation to the Closing

The big day has arrived. It’s time to finally close on your home. Even though you’ve already jumped through many hoops to actually get to this point, it’s important to know what documentation you need to have ready at closing. Being aware of this before the actual day arrives can help you have it ready to go when it’s time.

Some of the documentation includes your own government ID, a copy of your contract with the seller, the reports from your home inspection report, and any documentation from the lender that demonstrates you were approved for your loan.

Buying a house is quite the process. First, you spend hours on end walking through different houses deciding if there is one that fits you and your family’s needs. When you finally do find a house you love, figuring out the process of closing on it can seem complicated. Start with these steps to get an idea of how the closing process will work.

Ready to buy a house? Find one in our listings!

 Steelbridge Realty LLC  is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.

 



$80,000
Land For Sale
Active
0.25
ACRES
COLLIER
COUNTY
205 2nd Ave
Immokalee, FL 34142
Immokalee Industrial Park Subdivision
Price Change - 2 weeks ago
$13,775
Land For Sale
Active
0.214
ACRES
LEE
COUNTY
1108 Eaves St E
Lehigh Acres, FL 33974
Lehigh Acres Subdivision
Price Change - 3 weeks ago
$24,900
Land For Sale
Active
0.282
ACRES
LEE
COUNTY
789-791 Bedford Dr
Lehigh Acres, FL 33974
Lehigh Acres Subdivision
New Listing - 3 weeks online
$9,900
Land For Sale
Active
0.253
ACRES
LEE
COUNTY
1122 Rambler St E
Lehigh Acres, FL 33974
Lehigh Acres Subdivision
$16,500
Land For Sale
Active
0.5
ACRES
LEE
COUNTY
1707 Louis Ave
Lehigh Acres, FL 33972
Lehigh Acres Subdivision
Price Change - 2 weeks ago
$18,700
Land For Sale
Active
0.5
ACRES
LEE
COUNTY
1404 Johns Ave
Lehigh Acres, FL 33972
Lehigh Acres Subdivision
Price Change - 2 weeks ago
$20,700
Land For Sale
Active
0.506
ACRES
LEE
COUNTY
1220 Michael Ave
Lehigh Acres, FL 33972
Lehigh Acres Subdivision
Price Change - 3 weeks ago
$19,900
Land For Sale
Active
0.233
ACRES
LEE
COUNTY
1531-1533 E 12th St
Lehigh Acres, FL 33972
Lehigh Acres Subdivision
Price Change - 3 weeks ago
$12,900
Land For Sale
Pending
0.226
ACRES
LEE
COUNTY
453 Grant Blvd
Lehigh Acres, FL 33974
Lehigh Acres Subdivision
New Listing - 3 weeks online
$29,900
Land For Sale
Pending
0.248
ACRES
LEE
COUNTY
348/350 Grant Blvd
Lehigh Acres, FL 33974
Lehigh Acres Subdivision
$24,700
Land For Sale
Active
0.3041
ACRES
LEE
COUNTY
700 Fargo Dr
Fort Myers, FL 33913
Lehigh Acres Subdivision
New Listing - 3 weeks online
$249,990
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,272
SQFT
403 E Cleveland Ln
Lehigh Acres, FL 33936
Leeland Heights Subdivision
$199,700
Single Family Home For Sale
Active
3
BEDS
1
TOTAL BATH
1,080
SQFT
426 Cactus Cir
Lehigh Acres, FL 33936
Lehigh Acres Subdivision
$202,900
Single Family Home For Sale
Active
3
BEDS
2
TOTAL BATHS
1,176
SQFT
422 Valley Dr
Lehigh Acres, FL 33936
Lehigh Acres Subdivision
Price Change - 2 weeks ago
$20,700
Land For Sale
Active
0.18
ACRES
LEE
COUNTY
424 Alabama Rd S
Lehigh Acres, FL 33936
Lehigh Acres Subdivision
$21,900
Land For Sale
Active
0.227
ACRES
LEE
COUNTY
236 Pennfield St
Lehigh Acres, FL 33974
Lehigh Acres Subdivision
$39,700
Land For Sale
Active
0.425
ACRES
LEE
COUNTY
702 Zemil Ct
Fort Myers, FL 33913
Mirror Lakes Subdivision
Price Change - 3 weeks ago
$229,700
Single Family Home For Sale
Pending With Contingencies
3
BEDS
1
TOTAL BATH
1,080
SQFT
1108 Adams Ave
Lehigh Acres, FL 33936
Leeland Heights Subdivision
$19,900
Land For Sale
Pending
0.346
ACRES
LEE
COUNTY
352/354 Urbana St
Lehigh Acres, FL 33972
Lehigh Acres Subdivision
$19,900
Land For Sale
Pending
0.343
ACRES
LEE
COUNTY
348/350 Urbana St
Lehigh Acres, FL 33972
Lehigh Acres Subdivision
Price Change - 2 weeks ago
$28,700
Land For Sale
Active
0.335
ACRES
LEE
COUNTY
1926 Magenta Ave
Lehigh Acres, FL 33972
Lehigh Acres Subdivision
New Listing - 2 weeks online
$199,990
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,194
SQFT
1677 Poinsettia Ave
Lehigh Acres, FL 33972
Lehigh Acres Subdivision
Price Change - 2 weeks ago
$18,300
Land For Sale
Active
0.25
ACRES
LEE
COUNTY
3216 39th St SW
Lehigh Acres, FL 33976
Lehigh Acres Subdivision
$22,000
Land For Sale
Active
0.25
ACRES
LEE
COUNTY
2814 11th St W
Lehigh Acres, FL 33971
Lehigh Acres Subdivision
$22,000
Land For Sale
Active
0.25
ACRES
LEE
COUNTY
2816 11th St W
Lehigh Acres, FL 33971
Lehigh Acres Subdivision
New Listing - 3 weeks online
$28,900
Land For Sale
Active
0.46
ACRES
LEE
COUNTY
50 Olive Ave S
Lehigh Acres, FL 33976
Not Applicable Subdivision
$107,700
Land For Sale
Active
0.241
ACRES
LEE
COUNTY
10021 Alabama St
Bonita Springs, FL 34135
Heitmans Subdivision
$21,700
Land For Sale
Active
0.23
ACRES
LEE
COUNTY
3803 15th St W
Lehigh Acres, FL 33971
Lehigh Acres Subdivision
$20,700
Land For Sale
Active
0.231
ACRES
LEE
COUNTY
3853 Hopevale St
Fort Myers, FL 33905
Lehigh Acres Subdivision
$33,700
Land For Sale
Active
0.233
ACRES
LEE
COUNTY
6510 Chabot Ave
Fort Myers, FL 33905
Buckingham Park Subdivision
$33,700
Land For Sale
Active
0.244
ACRES
LEE
COUNTY
14121 Cedardale St
Fort Myers, FL 33905
Buckingham Park Subdivision
Price Change - 2 weeks ago
$68,700
Land For Sale
Active
0.173
ACRES
LEE
COUNTY
17374/376 Dowling Dr
Fort Myers, FL 33967
San Carlos Park Subdivision
Price Change - 2 weeks ago
$68,700
Land For Sale
Active
0.171
ACRES
LEE
COUNTY
17486/488 Ellie Dr
Fort Myers, FL 33967
San Carlos Park Subdivision
New Listing - 2 weeks online
$154,990
Single Family Home For Sale
Pending
3
BEDS
1
TOTAL BATH
1,109
SQFT
3116 Lafayette St
Fort Myers, FL 33916
Franklin Park Subdivision
$184,990
Multi-Family For Sale
Pending
5
BEDS
3
TOTAL BATHS
2640 Saint Charles St
Fort Myers, FL 33916
Evans Addition Subdivision
$169,900
Single Family Home For Sale
Pending With Contingencies
2
BEDS
2
TOTAL BATHS
1,436
SQFT
718 Lady Bird Ln
North Fort Myers, FL 33917
Twin Brooks Estates Subdivision
New Listing - 2 weeks online
$39,700
Land For Sale
Active
0.321
ACRES
LEE
COUNTY
184 E Mariana Ave
North Fort Myers, FL 33917
Northwood Subdivision
Price Change - 2 weeks ago
$38,700
Land For Sale
Active
0.24
ACRES
LEE
COUNTY
1299 Old Bridge Rd
North Fort Myers, FL 33917
Gramac Subdivision
Price Change - 2 weeks ago
$86,000
Land For Sale
Active
0.674
ACRES
LEE
COUNTY
1180 Palm Ave
North Fort Myers, FL 33903
North Fort Myers Subdivision
$33,800
Land For Sale
Active
0.37
ACRES
LEE
COUNTY
4400 Ruthann Ct
North Fort Myers, FL 33917
Walsh Subdivision Subdivision
New Listing - 2 weeks online
$349,900
Single Family Home For Sale
Pending With Contingencies
3
BEDS
2
TOTAL BATHS
1,385
SQFT
1273 Sabal Gardens Dr
North Fort Myers, FL 33903
Edgewaters Gardens Subdivision
Price Change - 2 weeks ago
$38,700
Land For Sale
Pending
0.18
ACRES
LEE
COUNTY
924 Ridgeway Dr
North Fort Myers, FL 33903
Ridgeway Subdivision
New Listing - 2 weeks online
$619,990
Single Family Home For Sale
Pending
3
BEDS
3
TOTAL BATHS
1,739
SQFT
4006 SE 11th Ave
Cape Coral, FL 33904
Cape Coral Subdivision
$49,700
Land For Sale
Active
0.344
ACRES
LEE
COUNTY
1721 NE 16th Ter
Cape Coral, FL 33909
Cape Coral Subdivision
$39,700
Land For Sale
Active
0.23
ACRES
LEE
COUNTY
1627 NE 16th Ter
Cape Coral, FL 33909
Cape Coral Subdivision
$39,700
Land For Sale
Active
0.23
ACRES
LEE
COUNTY
1628 NE 17th St
Cape Coral, FL 33909
Cape Coral Subdivision
$49,700
Land For Sale
Active
0.356
ACRES
LEE
COUNTY
1805 NE 16th Pl
Cape Coral, FL 33909
Cape Coral Subdivision
$43,700
Land For Sale
Active
0.344
ACRES
LEE
COUNTY
2206 NW 1st St
Cape Coral, FL 33993
Cape Coral Subdivision
New Listing - a week online
$29,900
Land For Sale
Pending With Contingencies
0.23
ACRES
LEE
COUNTY
2244 NW 6th St
Cape Coral, FL 33993
Not Applicable Subdivision
New Listing - 3 weeks online
$879,700
Land For Sale
Active
0.229
ACRES
LEE
COUNTY
11689 Island Ave
Matlacha, FL 33993
Matlacha Subdivision
$48,700
Land For Sale
Active
0.23
ACRES
LEE
COUNTY
2022 NW 41st Ave
Cape Coral, FL 33993
Cape Coral Subdivision
$35,900
Land For Sale
Pending With Contingencies
0.23
ACRES
LEE
COUNTY
3004 NW 41st Pl
Cape Coral, FL 33993
Not Applicable Subdivision
$47,000
Land For Sale
Active
0.23
ACRES
LEE
COUNTY
3005 NW 42nd Ave
Cape Coral, FL 33993
Cape Coral Subdivision
New Listing - a week online
$34,900
Land For Sale
Active
0.23
ACRES
LEE
COUNTY
3737 NW 44th Ave
Cape Coral, FL 33993
Not Applicable Subdivision
Price Change - a week ago
$19,500
Land For Sale
Active
0.23
ACRES
CHARLOTTE, FL
COUNTY
449 Crystal Avenue NW
Port Charlotte, FL 33952
Port Charlotte Sec 010 Subdivision
New Listing - 7 days online
$19,900
Land For Sale
Active
0.23
ACRES
SARASOTA, FL
COUNTY
Albatros Lane
North Port, FL 34288
Port Charlotte Sub 12 Subdivision
New Listing - 7 days online
$29,900
Land For Sale
Active
0.23
ACRES
CHARLOTTE, FL
COUNTY
8162 Dressel Street
Port Charlotte, FL 33981
Port Charlotte Sec 058 Subdivision
Price Change - a week ago
$24,500
Land For Sale
Active
0.23
ACRES
CHARLOTTE, FL
COUNTY
12500 Willmington Boulevard
Port Charlotte, FL 33981
Port Charlotte Sec 072 Subdivision
New Listing - 3 weeks online
$17,750
Land For Sale
Active
0.23
ACRES
CHARLOTTE, FL
COUNTY
12961 Xavier Avenue
Port Charlotte, FL 33981
Port Charlotte Sec 072 Subdivision
Price Change - a week ago
$17,900
Land For Sale
Active
0.23
ACRES
CHARLOTTE, FL
COUNTY
11937 Florence Avenue
Port Charlotte, FL 33981
Port Charlotte Sec 065 Subdivision

Leave a Reply