THE 10 STEPS OF BUYING A HOME IN THE POCONOS OF PA; STEP 10 CLOSING

There are 10 Steps to Buying A Home in The Poconos of PA; Step 10 The Closing Process

 

Step 10: The Closing Process

The Day of ClosingThe final step in buying your home in the Poconos. You and your Realtor will do a final walk through of the home approximately 1-2 hours before the scheduled closing.  You want to confirm that the home has been emptied out of all the Sellers possessions as well as the fact that the seller has left the home “broom swept” and in the same condition as it was when you agreed to make the purchase.

To prepare for The Closing:

Step 10 The Closing ProcessFirst, remember to bring your Government Photo ID with you to the closing.  One of the first things that the Title Company/Attorney will ask you for is your ID.  It has to be a Photo ID and issued by a Government entity; your drivers license, etc.

Second, your proceeds due at closing should be in the form of a Certified check made out to the Closing Agency, usually the Title Company. The Title Company or your Realtor will have contacted you 24-48 hours before closing with the final number that is due from you at closing.

Next, the Closing Agent will then usually begin the closing by going over the HUD-1 Settlement Statement.  This is the Statement of all the costs/items required to close on your new home. They will go over this Statement line by line, explaining each item to you as they go along.  Be certain to verify these amounts and that they agree with your Contract and other items you have agreed upon while you were Under Contract, if applicable. (ie. A credit from the seller for an item that was agreed upon in the beginning or after inspections, etc) DO NOT BE AFRAID TO ASK QUESTIONS! That is what they are there for and it is very important for you to be able to understand exactly what is required from you over the next 30 years.  The Title Company and Your Realtor want to be sure you understand all aspects and everything that you are signing.

For example, one couple did not understand that their taxes would be escrowed and become part of their mortgage payment. So when they received the tax bill they should submit the tax bill to the mortgage company for payment instead of paying the tax bill directly.  It eventually got straightened out however they could have used that money for something else, I’m sure, if they had not forgotten this important point.

Once the Settlement Statement is reviewed with the Title Company by the Seller and the Buyer the Title Company will usually finish the closing documents with the seller (they usually have so few compared to you) and then funds will be dispursed and the Seller can then leave the Closing.  That way the Title Company can go over all the mortgage documents with you a)uninterrupted by chatter in the room 2) in private with you, which is nice. Depending upon the Mortgage Company, be prepared for the closing to take at least one hour.

Pay attention to these details! Again, Do Not Be Afraid To Ask Questions. It is important for you to fully understand your obligations and responsibilities while you own this home.

You will receive a copy of everything that you have signed.  KEEP THESE RECORDS.  They are important documents.  Some will be needed for tax purposes and The Deed and The Settlement Statement will be needed for you to take to the Community office (if applicable) to get your Gate passes, ID badges, etc. And also a way for you to remember to watch for the “Official” deed to come to you and to watch for the tax bills to come in for submitting to your mortgage company for payment (if applicable) and that you receive them on time.

Once all the documents are signed and CONGRATULATIONS are issued, you are good to go to your NEW HOME! WOOHOO!

Now is the time to contact (if you have not done so already) The Electric Company, The Cable Co., The Phone Co., etc. Most people will have contacted the utility companies around 48 hours before closing however I have known some who waited until they closed to do so.  We normally recommend 48 hours in advance.  Now is also the time to change the locks on the home, garage, shed, etc.

Step 9 Homeowners Insurance

Step 8 The Title Company

Step 7 Inspection Company

Step 6 Acceptance of Offer

Step 5 Put your Offer together

Step 4 CMA

Step 3 Find a Reputable Realtor

Step 2 Where do you want to be

Step 1 Get Pre-approved

KEY ITEMS TO CONSIDER WHEN BUYING A HOME IN THE POCONOS OF PA

 

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When looking for a Realtor© in the Poconos that will listen, assist and guide you without "pushing" you, contact Bobbie Smith. I would love to help.

 

Bobbie Smith, CRS

(Certified Residenial Specialist-CRS)

570-242-1891 Cell Best (Call or Text)

570-421-2345 Office 

RS#274017 

Email me now: bobbiej51@hotmail.com    

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All pictures, text, etc. stated within is the exclusive property of Bobbie Smith and cannot be copied or duplicated without written consent from Bobbie Smith.  All statistics and data contained herein are obtained from reliable sources and are deemed reliable however each individual should always do their own research on each topic and derive their own conclusions. Any statements of opinion are just that, the opinions of Bobbie Smith. *Realtor is a registered trademark of NAR*

Comment balloon 6 commentsBobbie Smith • August 27 2012 01:57PM

Comments

Ah yes, after weeks (or months) it is finally closing day and it can be overwhelming for many buyers.  Good list to help keep them on track Bobbie.

Posted by Anita Clark, Realtor - Homes for Sale in Warner Robins GA (ColdwellBanker SSK Realtors ~ 478.960.8055) over 6 years ago

Bobbie - Thank you for sharing detailed quality information on the ten steps to buying a home in The Poconos, PA.

Posted by John Pusa, Your All Time Realtor With Exceptional Service (Berkshire Hathaway Home Services Crest) over 6 years ago

Hi Anita, I'm sure there is more that I could have added but the post was long enough already. Thanks!

Posted by Bobbie Smith, 570-242-1891 over 6 years ago

Hi John, Hope it helps many. Thanks!

Posted by Bobbie Smith, 570-242-1891 over 6 years ago

Great information for your buyers Bobbie.  Step 10 and then it's time to move into the new home.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) over 6 years ago

Morning Gabe, Yep. Step 10 and then it's all yours! WooHoo!

Posted by Bobbie Smith, 570-242-1891 over 6 years ago

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