Buying a Home in Austin, Texas - Step Six: Preparing for Closing (Ducks in a Row)
This is part six of a seven-part series intended to teach you more about the homebuying process in Austin, Texas. The first five parts are here:
Now that we have successfully negotiated the repairs for your home based on the inspection report we received, the number of hurdles remaining is rather small.
Some of the main things which must be done to ensure a smooth closing include:
- Choosing a homeowner's insurance carrier
- Finalizing all the details of your financing
- Scheduling for all of the utilities to be turned on at the new home
- Arranging for a moving truck
- Picking an acceptable date to close with your builder (if it's a new home)
Let's cover these steps in depth for a moment:
If you don't already have a company in mind for your home's hazard insurance, we are happy to recommend a couple of possibilities.
With regard to the financing, don't be surprised if your lender comes back to you for more documentation even after they say that you have been approved for the loan. The final stage of your mortgage loan is the underwriting process, and the underwriter usually has a few conditions that need to be cleared before the lender can produce your closing paperwork. This might include your latest pay stub, or some other minor document. The good news is that this means you are nearing the finish line!
We will endeavor to get the necessary phone numbers for you for the utility companies. Depending on where you live, you might have a choice when it comes to your electricity provider, since Texas was deregulated a few years back and most outlying areas of town (not Austin proper) have competing companies.
I never recommend planning to move in the same day that you close, since this is asking for headaches. I would plan to give yourself a 2-3 day cushion on the move.
Basically, we will have a few weeks when things seem to be moving more slowly, after the whirlwind of finding the right home, negotiating a good deal, and getting the place inspected. During this period, we are heavily dependent on your lender and the title company to perform their functions properly to ensure a smooth closing for you. I have often said that I can do my job 100% correctly yet still not get paid. Obviously, I only get paid when you close on your home, so I will do my best to keep all of the personnel involved moving in the right direction.
The next (and final) step will be your closing! I will post a link here once that post has been written. :)
If you have any questions at all about buying a home in Austin or the surrounding areas, please don't hesitate to call me anytime at 512-796-7653 (cell) or email me: firstname.lastname@example.org. I look forward to helping you find the right place!
Photo above courtesy of Joe Lanman via Flickr.com.