Step 3: Closing the deal!

Correct! Even when sellers are honest (which most of them are), misunderstandings or sloppy repairs can cause anger and cost money to re-repair. Don’t let this happen to you. Moving into your home should be a happy experience. Make sure you are not greeted by a half-done repair job when you walk through the door of your new home; do a final walk through with your inspector to make sure all of your conditions have been met.

Inorrect. Even when sellers are honest (which most of them are), misunderstandings or sloppy repairs can cause anger and cost money to re-repair. Don’t let this happen to you. Moving into your home should be a happy experience. Make sure you are not greeted by a half-done repair job when you walk through the door of your new home; do a final walk through with your inspector to make sure all of your conditions have been met.

Correct! Escrow companies that are owned or controlled by the listing agent’s real estate company sometimes aren’t as “independent” as they should be. Not wanting to bite the hands that feeds them, they tend favor the seller’s side of the transaction. They also tend to add extra fees that seem unreasonable (perhaps due to the lack of competitive pressures). It’s better to specify your own escrow company.

Regardless of whether the escrow company is of your choosing or the listing agent’s, beware of the various fees that certain escrow agents have learned to add into the deal to increase their profitability.  Be sure to ask the escrow company for a list of all fees you will be expected to pay, and ask them about charges you don’t understand. If the escrow company tries to impose additional charges later on, hold them to their original list.

Inorrect. Escrow companies that are owned or controlled by the listing agent’s real estate company sometimes aren’t as “independent” as they should be. Not wanting to bite the hands that feeds them, they tend favor the seller’s side of the transaction. They also tend to add extra fees that seem unreasonable (perhaps due to the lack of competitive pressures). It’s better to specify your own escrow company.

Regardless of whether the escrow company is of your choosing or the listing agent’s, beware of the various fees that certain escrow agents have learned to add into the deal to increase their profitability.  Be sure to ask the escrow company for a list of all fees you will be expected to pay, and ask them about charges you don’t understand. If the escrow company tries to impose additional charges later on, hold them to their original list.

Correct! Have you ever been at a restaurant that only takes cash, and all you have is your credit card? It’s embarrassing. Chances are, you’ll feel much more upset if you have a similar experience at your closing. Talk with your real estate agent to be sure that you will have the money you need, in the right form, at closing. You’ll need checks for your lawyer, down payment, closing costs and the mortgage itself. Be sure that you get the money in a form that is acceptable; personal checks are often not accepted, you may need a bank check instead.

Inorrect. Have you ever been at a restaurant that only takes cash, and all you have is your credit card? It’s embarrassing. Chances are, you’ll feel much more upset if you have a similar experience at your closing. Talk with your real estate agent to be sure that you will have the money you need, in the right form, at closing. You’ll need checks for your lawyer, down payment, closing costs and the mortgage itself. Be sure that you get the money in a form that is acceptable; personal checks are often not accepted, you may need a bank check instead.

Correct! Imagine someone trips and injures themselves in your home, and requires extensive medical care. For your sake and theirs, get liability insurance, to make sure the medical bills can be be paid. Don’t just get liability insurance-get excess liability insurance. One million dollar’s worth is a good amount, and it’s not that expensive.

Inorrect. Imagine someone trips and injures themselves in your home, and requires extensive medical care. For your sake and theirs, get liability insurance, to make sure the medical bills can be be paid. Don’t just get liability insurance-get excess liability insurance. One million dollar’s worth is a good amount, and it’s not that expensive.