Next Steps in the Buying Proces

We're talking next steps in the buying process.  Last week I shared about the first steps after your offer is accepted.  By now you've gotten you earnest money to your agent, heard from your lender on their next steps and scheduled your inspection. 

Your lender and closing agent are doing the heavy lifting right now and they, along with your agent, will lead you every step of the way.  In addition to following their instructions, you've got a few jobs.

1.  Get an insurance quote

Your lender should have given you some directives on this by now, but don't forget.  Make sure to call around to compare rates and coverage.  Check if they offer a multi-line discount, it may be worth changing your car insurance to get better rates on your homeowner's policy, too.

2. Maintain your credit

Yes, we talked about this last week, but it warrants repeating.  Curb your spending and don't take on any new debt that could jeopardize your mortgage.  Don't change jobs, cosign a loan for someone else or spend your savings.  

3. Prepare to move out of your current digs

If you're selling (that's a whole other blog post!) follow your listing agent's directives.  If you're moving out of a rental, check that you're in compliance with your lease.  You probably have to give a certain amount of notice, so let your landlord know you're moving sooner rather than later.

4. Prepare your "stuff"

Start packing.  Decide if you're going to use a moving company, or if you're lining up friends and whether you need to rent a moving truck.  You don't need to finalize those things just yet, but most will need to be reserved a few weeks in advance, so make decisions now so you can make some calls and figure out your budget.  Remember, you don't want to blow through your savings or affect your credit, so if you're using a moving company you'll need to know how much to save up.

5. Prepare your SELF

Start making lists of what needs to be done and when.  You'll need to update your address on all bills, magazines, etc. contact the post office to forward your mail in case you forgot anyone, set up utilities at your new home as well as so many other things.  Your Realtor will remind you as each task comes due, but it can be nice to write it down to get it off your mind and know it's a "later" task.

6. Attend your inspection and work with your Realtor to negotiate repairs
You don't need to know much about about plumbing, electric and roofing, your inspector will walk you through the inspection and provide a written report of any issues.  Your Realtor will go through the report with you and determine what repairs, if any, need to be addressed before closing. 

I've said it before, but I'll say it again.  If your agent is any good, she's going to be reminding you of what needs done long enough before it's due to keep you on track but not say it too far in advance so she doesn't overwhelm you with the whole To Do list.  So stop stressing and start packing!