The Essential 7-Step Home Closing Checklist

• Set a date
• Confirm what you need to bring to closing 
• Review your closing documents
• Complete your final walkthrough
• Get your closing funds ready
• Attend your closing appointment
• Make your move

1. Set a date

The first step in your home closing checklist is pretty self-explanatory. Once you’re approved for financing, your lender will reach out to schedule a closing date. Who needs to be at closing? It varies, but you may want to have your real estate agent, your closing agent, your lender, the seller, and any other borrowers on your loan present at closing. Oh, and you. That’s a big one.

2. Confirm what you need to bring to closing

Once you’ve set your closing date, get in touch with your real estate agent or mortgage lender to confirm everything you’ll need to bring to closing. Some common items include:

• A form of government-issued ID
• Payment for your closing costs
• Proof of homeowners insurance

Typically, your finalized closing documents will be provided for you to sign at closing. More on closing documents next.

3. Review your closing documents

Your lender is legally required to send you your closing documents at least three business days before your closing date. Don’t wait until the last minute to review them, though! Take as much time as you can to comb them thoroughly for any spelling errors, math mistakes, or unexpected fees. If you find errors in your closing documents, make sure to let your lender know as soon as possible so they can correct the mistakes. And if you have any questions about closing or the documents involved, now is the time to ask.

4. Complete your final walkthrough

About 24 hours before your closing date, you and your real estate agent will have the opportunity to walk through the home and make sure everything is aligned with what you’ve agreed to purchase. This could include a lot of easy-to-forget details, so we recommend bringing a final walkthrough checklist along to ensure you don’t miss anything that matters to you.

• Check locks on windows, doors, and gates
• Make sure windows, doors, and gates open and close properly
• Confirm appliances are functional
• Check for mold (especially in damp areas like under sinks)
• Test all electrical outlets
• Test the thermostat and HVAC system
• Check floors, walls, and ceilings for damage
• Look for signs of pests, like mice and ants
• Make sure the irrigation system is functional
• Make sure all agreed-upon repairs have been completed

5. Get your closing funds ready

Whether you’re paying by cashier’s check or wire transfer, make sure you have your payment ready to go before closing. If you’re transferring funds from a different account, don’t forget to leave enough time for the transaction to process before your closing date.

6. Attend your closing appointment

Today’s the day! Gather up your documents and meet at the closing table. Plan for the appointment to take up to two hours. During the appointment, you’ll sign your closing documents, pay your closing costs, and get your keys. Feels good, doesn’t it?

7. Make your move

The house is yours, and now it’s time to move in. Whether you’re moving across the country or across the street, it’s always best to have a game plan for moving day. Are you hiring movers or calling in a favor with friends? Where will your pets be while your belongings are being moved? When does your mail need to be redirected to your new address? The more questions you have answered before moving day, the less stressful your move will be.

Pro Tip: Nail your move with this handy checklist.

Understanding the closing timeline

With all these steps involved, you’re probably wondering just how long it takes to close on a home. A lot of factors determine the closing timeline, including how complex your loan is, how many loans your lender is processing in addition to yours, and the seller’s move-out schedule. In general though, it takes 30-45 days to close. If you’re anxious to get through it, there are a few strategies you can try to move the process along faster:

• Get pre-approved before making an offer
• Agree to buy the house as-is
• Avoid making any big purchases until after closing

Remember, buying a home is a big commitment. Don’t rush the process and miss out on potential savings and peace of mind along the way. Between your home closing checklist, your final walkthrough checklist, and your moving checklist, you’re more than prepared to close on a home, the right way. Ready to get started?

Getting pre-approved, buying your home as-is, and waiting until after closing to make big purchases are all good ways to get through your home closing checklist faster.

The post The Essential Home Closing Checklist appeared first on Cardinal Financial.

If you’re a first-time home buyer, you’ve probably heard of the negotiations that come at the beginning of the home buying process—when you’re negotiating the purchase price of the home. But, many first-time buyers are not aware that negotiations don’t stop there. Oftentimes, they continue well into escrow, after you’ve already drafted and signed the initial contract. It’s common for buyers to negotiate all kinds of details related to their home purchase, especially who pays for what repairs after a home inspection. Did your home inspection reveal some issues that need to be repaired? We’ve got a few tips for navigating these tricky post-home inspection negotiations like a pro.

Ask for a credit

The sellers are on their way out, physically and mentally. If it’s looking like you’re going to close the deal and buy this home from them, they’re probably packing up their things and daydreaming of the next chapter of their lives. Making repairs on their “old” house probably isn’t high on their priority list. Even if you asked them to take care of the repairs themselves, they might not do as nice of a job as you’d like. At this point of post-home inspection negotiations, you might want to ask the sellers for a credit at closing. This means the sellers agree to give you a certain dollar amount at the time of closing that you, the buyer, can use toward repairs. And, if you get the credit, you won’t have to worry about going back and forth with the seller about whether the repairs were done to your liking—you can take care of them completely on your own.

Think about the big picture

Let’s say you’re thinking about the kitchen in your new home and you already know you’re going to renovate it someday. Why not now? Sure you could probably deal with the water damage behind the sink or the back burner of the stovetop that won’t stay lit, but if you can negotiate these repairs now, wouldn’t you do it? When you’re working through post-home inspection negotiations, consider the future of your new home, and remember that a seller credit toward these repairs could help offset the costs due at closing.

Don’t show your cards

If your home inspection is coming up, find out whether the seller’s agent will be walking the property with you, your agent, and the home inspector. If so, you might want to hide your true excitement about the house. Showing satisfaction with the current state of the home in front of the seller’s agent could hurt your chances of negotiating those repairs later. If the seller’s agent can sense even the slightest disapproval from you during the home inspection, you’re building a case for yourself that the agent will probably mention to the sellers.

Be ready for anything

There’s a saying for home purchases: It’s not over till it’s over. That means until you sign the closing documents and have the keys in hand, anything could happen. Don’t sign the initial contract thinking that you’ll be able to negotiate the price of the home even lower after the inspection. With all the people involved, the unknown factors, and the competitive state of the market, there’s a good chance that glimmer of hope will fade quickly. Think about this: if your home inspection results are favorable, there’s nothing for you to negotiate. If you didn’t consider this possible outcome during the initial contract negotiations, you may have just lost out on big savings. Now don’t go and try to negotiate a new purchase price anyway—the sellers will likely turn away and find another buyer.

Negotiations are tough, and post-home inspection negotiations are not exempt! Keep in mind these helpful tips or ask your LO for advice and you’ll be more prepared for your home buying process.

The post How to Negotiate Post-Home Inspection Repairs like a Pro appeared first on Cardinal Financial.