First Time Home Buyer Steps Part 8

Your home inspection is completed and it either came away crystal clean, really really bad or most likely somewhere in between. If you have come to resolution with the issues you're continuing on with the transaction- if not, you're going back to the 'search for homes step.' Once you have this out of the way the rest is pretty much smooth sailing!

You'll possibly need to come up with documentation or sign papers to complete your loan paperwork and you will definitely want to shop around for homeowners insurance- something you will need to have done and ready before closing. Keep in mind that the insurance company is going to want you to pay a year in advance- just another one of those things you rarely consider when budgeting for a home.

You're through the process now. Home found, offered on, negotiated, inspected, (possibly re-negotiated), insurance purchased....now it's time for the big day, closing! You'll want to do a final walk-through of the property to make certain it is in the condition it was promised to be in. I recommend doing this immediately before closing, but the evening before is also a justifiable option in most cases.

As a buyer with a mortgage, you'll want to ice up your hand the night before (or is that heat? I never know). Bottom line is- you'll have a bunch of paperwork to sign with your attorney. He or she will explain what you are signing and why- and sometimes your lender will be there to answer questions as well, and of course, your favorite REALTOR will be hanging around should any complications arise. I've been in closings that were done in a half hour. I've also been in some that lasted 3,4,5 hours or had to be pushed back to the following day- almost always while waiting for funding. If funding is present, the closings go smoothly and everyone can go out and celebrate! And by celebrate, I mean moving furniture and boxes and cleaning!