Tudor Square Realty Inc.

Buying a Home

Buyers Checklist

Expenses

Prior to closing, your realtor will contact you to review the closing statement. Your closing expenses are usually itemized and explained around the time of mortgage application. A certified or personal check is required at closing.

 

Taxes

At closing unpaid taxes will be adjusted on a per diem basis.

 

Insurance

At least two weeks prior to closing, notify your insurance company of your pending purchase. It is IMPORTANT to provide your lender with an insurance binder or policy.

 

Utilities

The seller will arrange for a final reading on utilities; however, you will need to transfer the utilities into your name prior to closing.

 

Telephone

Call one of the area telephone service providers to begin your service.

 

Cable TV

Notify the cable company regarding your impending move.

Keys & More

Keys to your new home will be given at time of possession. Sellers have been requested to leave any pertinent household information & documents at the property.

 

Schools

Enroll your child into school and make arrangements for the previous schools records to be transferred.

 

Trash Collection

Make arrangements for trash collection if you live outside of the Batesville City limits.

 

Voter Registration

Voter registration form can be obtained at your local license branch.

 

Change of Address

Do address change for your mail, bank accounts, credit cards, insurance, subscriptions, creditors, and driver’s license.

 

Property Tax Exemptions

At closing, ask the title company if they will be filing your property tax exemptions with the county courthouse.

Buyer Hesitation

Depending on the housing market conditions, some buyers will be hesitant before deciding on a property. This is often due to the fear of making an incorrect decision, and this can actually hinder making the right choice.

In a neighborhood, there will be some nicely kept or correctly-priced properties. These properties historically sell quickly. Buyers that are less hesitant will spot these homes and commit quickly, while other buyers are still considering. The procrastination can cause you to miss out.

Pre-Qualified vs. Pre-Approved

A pre-qualification letter for a loan is a review of the borrower’s information for an application for loan. The borrower provides income, asset, and liability information. This information is not verified. Pre-qualification provides the borrower with information to begin the home purchase process.

A loan pre-approval is where the borrower’s income, assets, and liabilities have been verified through a loan application, a credit report, and an automated underwriting system. The underwriting system assigns a level of risk to the borrower. This is a solid indicator on how an actual underwriter will view a loan once submitted for approval. Once the process is complete a pre-approval letter can be written. Pre-approval letters are nice to have when making an offer to purchase. Final loan approval is necessary to complete a purchase. 

Closing

There is much more involved in a transaction then a buyer’s decision to purchase. Bringing the transaction to close requires close attention. Many details need to be confirmed, coordinated, and finalized. 

Some of the details requiring attention are the following: purchase agreement being signed by all parties, disclosure documents need to be signed, buyer’s loan needs to be approved, all contingencies have to be addressed and removed, and title matters that surface during the closing need to be cleared. These details are only a few of the elements in a successful sale. Proper implementation in dealing with these matters can make a big difference in bringing the sale to a timely close. 

Ready to Buy?