The home-buying process, part two

Congratulations! You found a house you want to buy and the owner accepted your offer!

Some real estate agents consider their job done once a buyer has a signed contract on a home. But at McSharry and Associates, we realize that this is where the expertise of a seasoned professional becomes critical. We see our role as project managers, ensuring that all of the professionals involved in the process are working in unison to help our clients fulfill their goals. We stay in contact with the seller’s agent, the home inspector, the attorneys, and the lender so that the process moves forward smoothly. Whether it’s an unexpected structural issue or a delay in mortgage approval or a hassle with the moving company, it’s virtually impossible to not encounter some issue along the way. And we are always available to help problem solve or advocate on your behalf.

Here is a run-down of what you need to do, and how we help you get to the closing table:

• Hire an attorney: An attorney helps negotiate issues that arise from the contingencies and makes changes as needed to the contract. An attorney prepares the required documentation for the closing and secures title to the property. An attorney also attends the closing to ensure that the costs have been calculated correctly and explains the meaning of each form that needs to be signed. Let us know if you would like a referral to an attorney, as we know several local attorneys who specialize in real estate work.
• Apply for a mortgage: Unless you are paying cash for a property, you will need to secure financing. If you have been pre-qualified or pre-approved you already have started the process. Understanding mortgage rates and terms is crucial, so please let us know if you need any information to make the application process easier.
• Schedule and attend inspections: These should occur as soon as possible after the contract has been signed and attorney approval has been competed, so that you can learn of any defects quickly. We will work with your attorney to re-negotiate the contract, should any defects be uncovered.
• Schedule appraisal: The bank will require an appraisal of the property before it determines how much money it will lend you towards the purchase price. We will coordinate with the seller’s agent to get the appraiser access to the property.
• Title work: While your attorney will complete the title, we will make sure that it is completed in a timely fashion.
• Arrange closing date: It’s rare that the closing occurs exactly on the date that was originally specified in the purchase contract (we liken it to a pregnancy due date). Although the attorneys schedule the closing we will work with them to find a mutually convenient day and time.
• Find movers: If you need help finding a reputable moving company, let us know.
• Home owner’s insurance: You will need a binder and a paid receipt for the first year’s coverage prior to the closing.
• Arrange utility transfer: Cable, gas/electric or oil company, telephone/internet service, trash hauler, etc.
• Homeowner’s title insurance: If you are taking out a mortgage, the bank will require you purchase title insurance. You will also be asked at the closing table if you want to purchase owner’s title insurance (which is optional) so let us know if you have any questions about it.
• Final walk-through: Either the day before or the morning of the closing, we will go to the home together to make sure that everything is as you expect it to be. If there are any last minute surprises, we will work with the attorneys to make sure they are resolved before you take possession of the property.
• Attend closing: All the details have been taken care of, now it’s time to sign the papers, write a few checks and get your new keys!

Congratulations! You are a home owner!