Now that the Inspection & Appraisal are complete - What is the Next Step?

By
Real Estate Broker/Owner with Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 DRE# IR40011786

Now that the Inspection & Appraisal are complete - What is the Next Step?

 

Home Sold

 

The exciting part of purchasing a home is finding the Home of your Dreams and getting excited about all the bells & whistles in this new home.    The inspection is scheduled and completed, the appraisal is done and value has come in right on track --- now what?

 



There is a flurry of activity in the first couple of weeks once you get your property under contract.    After you have reviewed HOA documents, appraisal and inspection are complete, there will be a lull in activity.   This is the time the lender is compiling all your information and getting your loan into underwriting.     This can take two or more weeks and a buyer can sit back and relax, or better yet --- start packing!     It is a good time to schedule a moving truck (or moving company) and get contractors (if needed) scheduled for days following the closing.

Whatever you do, if you are obtaining a loan, PLEASE DO NOT put furniture, appliances or any purchases on credit during this time.     The lender will do another credit check right before closing, and you surely do not want to lose your home this close to closing!

You may want to schedule a locksmith to meet you at the property on the day of possession to change locks on a resale home.   You never know how many neighbors, relatives or friends to the seller  have a key to this home.    Always better to be safe than sorry!

The week before closing is a great time to call the utility companies (electric and gas) and have the utilities transferred into your name day of possession.     In Colorado, in most cases, the title company will transfer the water for you.   This is the only utility that runs with the property.     The title company will escrow enough money from the seller for the water bill, so it does not create a lien on the property.     If the property is in a covenant community, trash will be included in the HOA fees.     Call the Internet/TV companies of your choice, and either transfer service or set up a new account.

Either the day before or the day of closing will be your final walk through.    This is the time you can inspect the issues that were found on inspection, and be sure they are corrected to your satisfaction.      This is also the time you walk through and be sure the seller did not damage the property while they were moving, or if it was vacant, that nothing happened before closing.Keys to your Home

Here in Colorado, we close at the title company office, buyers receive keys at the closing, and at the end of the closing after funding --- the home is yours!   

 



Congratulations!

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Metro Brokers - House to Home, Inc.House to Home

GRI, ABR, CRS, CNE, e-Pro  

Broker/Owner

Joan@JoanCox.com

720-231-6373

 

Denver Real Estate

Homes for Sale in Denver

Neighborhoods in Denver

 
  A Denver Metropolitan Realtor

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Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. William True 04/16/2012 10:28 AM
  2. Karen Hawkins, MBA - Langley & Surrey, BC 04/18/2012 07:28 AM
  3. John McCormack 05/21/2012 01:34 AM
Topic:
Home Buying
Location:
Colorado Denver County Denver
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Ambassador
832,369
John McCormack
Albuquerque Homes Realty * www.AlbuquerqueHomes.com - Albuquerque, NM
AlbuquerqueHomes.com

Good morning Joan -

I have already hit the suggest tab on this one.  Excellent post and information my friend.  In the Albuquerque area the home owners get the keys when the home closes and funds.  Many don't understand that their new dream home has to fund in this area before they are handed the keys. 

Hope you enjoy this Monday in all you do.

John

 

April 16, 2012 06:03 AM #1
Rainmaker
1,056,678
Ginny Gorman
Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Great post Joan, i always give my homeowners a checkoff sheet a month prior to closing to get ready on these points...buyer or seller has different things to do...John's point about funding too has to be covered..since most buyers do not understand that part!

April 16, 2012 06:27 AM #2
Rainmaker
1,378,751
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

John, same here in Colorado, after closing & funding, you will get the keys!

Ginny, I always get questions during this 2 week process as it LOOKS like nothing is happening, compared to the first 2 weeks when the buyers are required to participate.

April 16, 2012 06:47 AM #3
Rainmaker
952,112
Kathy Clulow
RE/MAX All-Stars Realty Inc. Brokerage - Uxbridge, ON
CNE - ASP - SRES .... Uxbridge Ontario Real Estate

Joan - some great tips especially the one on changing the locks it is something that most don't even think about ..... especially with new homes ..... new homes are generally master keyed and often all the various trades have access to those keys to enable them to complete their work. In years past when I sat on a new house subdivision I had one key that would open all the homes.

April 16, 2012 07:10 AM #4
Rainmaker
452,366
Ritu Desai
Samson Properties - Ashburn, VA
Northern Virginia Realtor - Fairfax/Loudoun/PW - 7

Joan, love the note to the buyers don't purchase furniture or any items till the closing. It is so tempting to start shopping for your dream home.

April 16, 2012 07:29 AM #5
Rainmaker
1,375,234
Rebecca Gaujot, Realtor®
Coldwell Banker Stuart & Watts Real Estate - Lewisburg, WV
Lewisburg WV Real Estate, Greenbrier County

Joan, I also suggested this informative post.  Great tips for the new home owners.

April 16, 2012 07:30 AM #6
Rainmaker
1,345,394
Anita Clark
ColdwellBanker SSK Realtors ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Joan: Very similar to here with the procedures...good tips, sure wish ALL buyers would follow them.

April 16, 2012 07:36 AM #7
Rainmaker
1,444,187
Lawrence "Larry" & Sheila Agranoff. Call 631-805-4400 (c)
Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

Hi Joan, At the closing table will all funds distributed, the keys are handed over here on Long Island to the new buyers. And important  that you noted, the buyers should not forget about the final walk-through!

April 16, 2012 07:50 AM #8
Rainmaker
305,803
William True
True Sarasota Real Estate - Sarasota, FL
Sarasota Real Estate

Joan, excellent information for buyers! Hit the "Suggest" button and will reblog later today.  Wishing you a great day in Denver!

April 16, 2012 09:42 AM #9
Rainmaker
688,022
Kwee Huset
Kwee Huset Realty - Venice, FL
Venice Florida Homes For Sale

Joan, you are detail with your transaction, buyers and sellers are blessed to have you as their Broker. Suggested.

April 16, 2012 07:31 PM #10
Rainmaker
577,703
DeeDee Riley
Lyon Real Estate - El Dorado Hills CA - El Dorado Hills, CA
Realtor - El Dorado Hills & the Surrounding Areas

Joan,

Great advice for your Denver buyers!  We do things a little different as far as closing and possession.  Buyers and sellers sign at the title company but until the loan is funded it isn't released for recording at the county.  Once it is on record the buyers get their keys. 

Have a great week!

April 16, 2012 11:49 PM #11
Rainmaker
352,437
Donna Yates Real Estate - serving
ReMax Town and Country - Blue Ridge, GA
North Georgia Metro & Mountains

Joan: That is interesting that the water runs with the property in Colorado but it makes sense. Great info in your post and we can't stress enough to buyers getting financing not to make a large purchase and use those credit cards while awaiting a loan approval. 

April 17, 2012 03:36 AM #12
Anonymous
Anonymous
Anonymous

A big 'suggest' from me on this one, too, Joan - great info, nicely laid out - and tips that all buyers should know!

April 17, 2012 07:24 PM #13
Rainmaker
1,378,751
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Thanks everyone for your comments, and these buyers are very excited to get to closing end of month!

April 18, 2012 06:31 AM #14
Rainmaker
408,497
The Scott Loper Team Lansdale & Harleysville PA Homes
Keller Williams Real Estate - Montgomeryville - Lansdale, PA

Hi Joan,

This is so true and deserves to be featured.  Buyers have no idea that something that seems as innocent as buying furntiure for their NEW home could be a problem.

Lisa

April 19, 2012 06:55 AM #15
Rainer
167,569
Dave Sullivan
www.TheCreditGuy.TV - Birmingham, MI
The Real Story on Your Credit Score - TheCreditGuy

Excellent information I will forward it if that is ok? thank you!!!

November 17, 2012 06:36 AM #16
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Rainmaker
1,378,751

Joan Cox

Denver Real Estate - Selling One Home at a Time
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