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There are quite a few things you should know before closing on a new home. I want to go over the five most important ones to help you properly prepare for your closing.
1. Arrange for the utilities to be on. There’s a good chance the seller won’t leave the utilities on for you, so make sure you put them in your name to avoid settling into a new home with no power.
2. Wire in your funds. It used to be that you handled funds with a cashier’s check, but most everything is done through wiring now.
3. Watch out for wire fraud. This one is huge. People will hack into the agent’s email or the escrow company and send you fraudulent emails to gain your bank account information. Always make sure to have a phone conversation, or if possible, a face-to-face conversation with anyone who sends you an email with wiring instructions.
Watch out for wire fraud!
4. Beware of last minute closing delays. Lenders might take more time than initially discussed.
5. Don’t plan your life around the closing date. This one relates to number four as well. You don’t want to end up with a moving truck in front of the home only to find out there is some sort of delay. There is a good chance the owner of your new home isn’t going to let you in until the delay is resolved.
If you are thinking about buying or selling a home or if you have any other questions, please feel free to give me a call or send me an email. I would be happy to help!
