7 STEPS TO A STRESS-FREE HOME CLOSING
Posted on 19th Dec 2017
DO A WALK-THROUGH
Schedule an appointment to walk through the home one last time just before your closing.
Make sure repairs you requested have been made.
Look for major changes since you last viewed the property.
See if the sellers left everything they promised to leave.
Check to see that the sellers took all their personal belongings.
Test electronics and appliances to ensure they’re still working.
Turn on the HVAC and hot water. Are they functioning right?
Walk the yard to be sure no plants or shrubs have been removed.
7. RESOLVE ISSUES IDENTIFIED IN YOUR WALK-THROUGH
If your walk-through uncovers problems:
1. Delay the closing until the seller corrects them (if your state allows it). But that’s often not feasible because your lease is probably over and you’ve already scheduled movers.
2. Negotiate a discount to your sales price to cover the cost of the work needed. If the air conditioning is on the fritz and a contractor says the repair will cost $500, ask that the sales price be reduced by that amount. If you make that request at closing, however, be ready for a delay while the title company redoes the paperwork.
3. Have the title company hold a portion of the seller’s proceeds in escrow until the dispute is resolved. Once that happens, the funds will be released to you or the seller, depending on the outcome.