When buying a home, there is no way to guarantee a "smooth" transition from an approved contract to the settlement table, but doing your part is at least half the job! My grandparents always said to "expect the unexpected" - Learning to expect these minor problems and delays throughout the home buying process can relieve much of your stress!
There are several common causes of postponed settlements in buying a house. Bureaucratic snags such as extensive credit checks and slow home appraisals are some of the many issues that can bog things down. In many cases, there isn't much you or the seller can do but wait.
While you're waiting for the home buying processes to move along though, you should consider the following. While I have don't have extensive real estate buying experience, each of these instances happened to me and may be avoidable for you if you are prepared:
There are several common causes of postponed settlements in buying a house. Bureaucratic snags such as extensive credit checks and slow home appraisals are some of the many issues that can bog things down. In many cases, there isn't much you or the seller can do but wait.While you're waiting for the home buying processes to move along though, you should consider the following. While I have don't have extensive real estate buying experience, each of these instances happened to me and may be avoidable for you if you are prepared:
- Apply for homeowners insurance on your new home. Homeowners insurance is a necessary evil; avoid feeling caught in the steel-jaw trap by shopping around.
- Get an exact accounting settlement cost, and make sure the money and necessary documents will be with you at closing. Many new home buyers will tell you they were called at the last minute and told to have additional monies ready - This happened to me. So EXPECT more monies will be needed during the home buying process. Just think if you don't need the additional monies for closing you'll receive a nice bonus, and if you do need the money, you'll be much less stressed! On the closing of my first new home I was called just over 30 minutes before closing and told to have an additional $4,500 in a certified check available!
- Select a date for the final walk-through of the house you are buying. On the last house my husband and I purchased, we waited to do the final walk-through the day of closing. When we got to the house we immediately noticed things missing, and hidden damages revealed. We almost backed out of the sale, but instead had a wonderful realtor that was able to get us additional monies at closing. I am so happy our real estate agent insisted we not skip that final walk through!
- Contact utility companies about starting service in your name. Without this important step you'll likely be sitting in the dark, without water and unable to watch television if you wait to switch all of the utilities until after you move in. While this is extreme, it happens! On the last new home I purchased the seller had the water turned off a week before we moved in, thankfully my husband and I had contacted the utility companies ahead of schedule so we had the water and electricity turned on the day of closing!
Buying a new home can be a challenging process, and we've all heard the horror stories about buying a new home and the challenges in trying to close the deal. Make it easier on yourself by doing your homework and being prepared!
If you have any real estate questions or concerns when buying a home, the Wickland Group can address your needs. Our experienced team of Realtors, marketers and support staff are here to help you with your real estate needs in Ann Arbor and throughout Washtenaw County. Expect only the best customer service and support from the team, taking all of the stress out of your home buying experience!
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