Selecting a Home

Before you make an offer, check that the seller is the home’s legal owner. It helps avoid legal problems later.

Before you sign an offer that depends on financing, call your lender to learn all their requirements. Not all of them show on the pre-approval letter. Let the lender know the seller or their representative may call, and ask them to answer questions about your qualifications.

The offer depends on finding a buyer for your current home within a set time, or closing its sale by a set deadline.

You’ll pay the agreed earnest money (a deposit that shows you’re serious) to the title company handling the closing.

It typically takes three to four hours, and all utilities must be on. If the inspection finds problems that change your interest in the home or its value for the price, common fixes are:

• Repair request
• Closing cost credit
• Renegotiate the price
• A mix of these

Before closing day:

• Book movers and packers
• Tell your insurance company about the purchase
• Ask local officials or your attorney about transfer taxes
• Set up utilities so they’re on by closing day
• Change your address with the post office and others

Check that any agreed repairs are done. Any damage or issues found between the final walk-through and closing are generally the buyer’s responsibility.

With a loan, your lender issues a “clear to close” first. The attorney or title company finalizes the sale, you sign the papers and the home becomes yours. Closing can happen at a title company, an attorney’s office or online. Be ready to wire your share of the funds.