Tip Tuesday: The Home Stretch in Home Buying

First, let's recap.

• You've made an offer and negotiated a deal.  You're now under contract to purchase a house.
• You've submitted earnest money to your Realtor and she has deposited the check.
• You're watching your spending and not doing anything to jeopardize your mortgage.
• You've gotten insurance quotes and provided the information to your lender.
• You've completed your inspection and negotiated repairs with your Realtor's help.
• You've contacted your landlord or put your current home on the market.
• You've started packing and scheduled movers or a moving truck and friends.
• You've started mentally preparing and making lists of what needs done in the future.

Now you're in the home stretch, and it's just down to the nitty gritty.

1. Your lender will schedule an appraisal.  

An appraiser assesses the value of the house to make sure it's a good investment for your lender.  Odds are your Realtor had a pretty good handle on this before, and the report won't come back with anything surprising.  There are a lot of factors that go into it though, so sometimes they catch something your Realtor or the listing agent didn't.  If that happens, you'll have another opportunity to negotiate repairs or a price adjustment with the sellers.  

2. Maintain your credit.

Notice how this keeps coming up?  Think maybe it's important?  You are so close to closing on your dream home, don't let an impulse spend stop the process in its tracks.

3. Double check.

Sometimes there are special circumstances agreed to in your offer.  Your Realtor is probably already on top of this, but it never hurts to check in.  You'll also want to check with your lender because she sets your closing date.  Although it's not final until a few days before, she should have given you a good idea by now.  

4. Set up utilities.

You don't want to get to your new home after closing only to realize you can't move in because there's no water/power/sewer.  If you're not from the area, ask your Realtor for contacts.  She likely also knows the good internet providers, trash pick up and cable.  Just make sure you have your closing date set before finalizing this so you're not paying for someone else's utilities.  Bonus - your Realtor likely knows the good local shops and restaurants too, so don't be afraid to ask!

As always, your Realtor knows what needs done and when but is probably only telling you a few steps at a time so you don't get overwhelmed.  But don't hesitate to ask questions.  She would much rather you ask and educate yourself than feel uncomfortable.  After all, this is your investment in your home.  Congratulations, and enjoy the ride!