Buying your first home can seem rather overwhelming, and this can be especially true during the closing process. Since closing is the final step in purchasing a property, there is a lot that can go wrong. However, going through closing as a first-time homebuyer does not need to be confusing or scary. If you’re about to buy real estate in Irvine, follow these seven tips to ensure the closing process goes smoothly.
1. Pick a Closing Date That Gives You Plenty of Time to Move
Some first-time homebuyers make the mistake of setting a closing date that is just a few days before the lease to their rental space is up. This leaves them rushing around to move, and there is no scheduling flexibility in case anything goes wrong. Try to at least have a couple of weeks between when you will close and when you need to be moved in.
2. Get Closing Documents Ahead of Time
It is important to read and understand all the documents before signing them, but this can be difficult if you are feeling rushed. Try to get all relevant documents at least a few days beforehand so you have time to read them and ask questions before the closing date.
3. Make Sure You Have a Cashier’s Check for the Down Payment
This tip might seem obvious, but it is a common issue for first-time homebuyers. When you pay your down payment, it will need to be in the form of a cashier’s check because this is a safer form of payment. Make sure you talk to a bank teller face to face and get a cashier’s check before you go into the closing meeting.
4. Set Aside Plenty of Time to Close
Trying to get through your closing on a brief lunch break from work is a bad idea. Though closings shouldn’t take too long, it is best to prepare for unexpected delays. Set aside a few hours so you can handle any issues that might arise.
5. Budget for Closing Costs
Many first-time homebuyers do not realize they need room in their budget for closing costs. Taxes, surveys, title insurance, and loan origination fees can add up quickly. Therefore, it is important to set aside money for these costs before closing.
6. Get Help from Experts
As a first-time homebuyer, assistance from an experienced professional can be invaluable. Buyers who try to do everything on their own often end up overlooking important things. Try to find a good mortgage lender and real estate agent who can walk you through each step in a closing.
7. Ensure Repairs Are Completed
Talk to the seller to make sure any agreed upon repairs are finished before closing. Schedule a walkthrough inspection a day or two before closing so you can see if everything is completed on time.
Before you can close on a home, you need to find a property you love and make your offer. Whether you want to see homes for sale in Turtle Ridge or West Irvine townhomes for sale, trust in the experienced agents at OC Residential. Call 714-454-6304 to begin your search today.