Hey, everyone. It’s Andrea Lutzs and I’m here to talk to you about buying a house.
And you are almost there. We are getting so close. You are through in inspection, you’re through appraisal, and now you just need to get your butt over to the closing table. We’re so close, so close. So, what now? Well, obviously, start packing. I think this is a great time to kind of go through every single thing you own and decide is this really worthy of a move. It’s a hard thing to do right now. You’re overwhelmed, you’re stressed, you’ve got so much coming up, and it just feels like just throw it in a box, throw it in a bag, lets go. But try to do it if you can. It can make the biggest impact on you when you move into that new house, and the only things you’re putting away are the things that you actually use and love. So, try to do the whole downsizing moment if you can when you move.
You know, when you’re packing think, “Is this something that I actually use? If it’s not, is it trash, or can it be used by somebody else?” Please try to donate whenever. There are so many organizations, especially, here in Bloomington we’ve got so many organizations, and they have all these needs all the time. You have gross towels that you’re never going to use again, and you think, “Maybe I’ll use them for a rag, or something.” Give them to the animal shelter. They will love it. You’ve got like kids books, the women’s shelter would love them. If nothing else ReStore, Goodwill, Saint Vincents they’ll take your things, and they will give them to people who really need them.
So, try to go through all your stuff, and try to be somewhat organized about your packing. You will thank yourself so much when you get on the other side of this. So, if you have a box that’s going into the living room, and it’s all of your books for your living room bookcase write living room bookcase on there. You will be so happy. And when you move in every box goes in the right spot, and you know where it’s going, and if there’s nothing in it that’s junk it’ll make you so happy.
So, start packing, start getting rid of things that you don’t need, start getting organized, and while you’re getting organized think about your new home. What are you going to need in your new home? Now, don’t go out and buy a brand new couch, not yet. Don’t make any major expenses until you’re through the closing, pretty please. I’ll let you talk to your agent or your loan officer, and make sure everything’s okay with that. Think about what you’re going to need in your new home.
For instance, your utilities. You’re going to need to call all of the utility companies for your new home, and get them in your name. I would suggest starting them on the day of the closing, or maybe even the day before. You certainly don’t want to start it any later than that because if those utilities get disconnected you’re going to have to be on the hook there for a reconnect fee, which could be a lot of money. So, call all the utility companies, depending on where you are, and what your home is. It might be gas, electric, water, sewer, you might want to also have to call like a propane, or there may be all these things depending on the home that you’re buying that you need. But your real estate agent will help you with that, and they’ll tell you what you need to do there.
But also think about cable, internet. Those are things that are not house specific, but there are different regions for different internet companies, and telephone companies, and cable companies. So, make sure you don’t forget about that stuff as well. And sometimes they take a long time to get that stuff changed. So, think ahead. I usually suggest people call a week ahead. Two weeks ahead is not too far in advance. I wouldn’t go a month out because utility companies they’re just not awesome at remembering all of the things all the time. So, call them one to two weeks ahead of time, and you’ll be in good shape.
Okay. So, you’ve got your stuff packed for the most part. You’ve called the utility companies. Now you’re kind of getting to the point where you’re just a couple of days before closing. Something you’re going to want to think about doing is a final walk through just like any other purchase of anything else you want to make sure that you’re buying what you want to be buying, and the last time you were at the house was what? During the inspection? And maybe, maybe not, you’ve asked for repairs. But even if you haven’t asked for repairs likely someones been living there, or even if no ones living there you don’t know. Maybe there’s been a bad storm, and a limb has come off a tree, and it’s gone into the living room. You need to make sure that that house is in good shape when you sign on the dotted line.
So, ask your agent for a final walk through. Usually I suggest this the day before closing. You can do it right before closing, you could do it a couple of days before, or even a week before. But it’s nice to do it right before because it’s nice to look at the house when there’s nothing in it, when the people have already moved out. And if you do that a week before a lot of times it’s basically the same as when you looked at it during the inspection. So, wait until kind of near the closing, if possible the day before or right before the closing, and hopefully all their stuff is out of the house, and you can walk through the house and look through it and make sure it’s in the same or better condition as when you put that offer in.
So, the things you want to look for: In your offer you wrote in personal property that’s coming with the home. A lot of times that’s appliances like refrigerator, range, microwave, dishwasher. Are they still there? They should be. If there’s another personal property addendum that you’ve worked on with your agent that includes other items like, let’s say, a chest freezer in the garage, or a couch, or a chair, or a dining room table make sure those things are there. Also, make sure the other things are there that should be there that are attached to the walls, the floors, or the ceiling. Are the chandeliers there that were there when you put the offer on the house? I hope so. They shouldn’t be taking those. Kitchen cabinets? They better be there. Anything that was attached to the home stays with the home. If you’re going through the house, and you’re like, “Wait a minute. There were built in shelves here, weren’t there?” You’re agent will be able to say, “Yeah. There were, and we need compensated for that.” Those are the things you need to look for when you’re going through the house.
Also, make sure those repairs were done. If you asked for repairs during your negotiation you’ll want to go through, and say, “Yep. That electrical box was fixed, and yes the sink is now fixed and it’s not leaking anymore, and I can see that they put that roof repair in place.” All of those things. So, go through the whole house room by room, make sure that there is no new damage, make sure any repairs that were promised were done, and make sure that everything that was attached to the walls, the ceiling, or the floor is still attached, and any personal property that you asked for is still in the home. And once you’re through that process, and you feel good about it it’s time to go to the closing table.
So, how do you prepare for closing? It’s pretty straight forward. You’re going to get a final statement from your loan officer, and also from the title company, and that will tell you the amount that you need to bring to the closing.
So, in Indiana, anyway, anything above 10000 dollars you need to have that wired. You can’t write a personal check for 150000 dollars. They’re just not going to let you do that. So, keep in mind there is wire fraud. Don’t freak out about it, it’s okay. We have things in place to protect you, but just know that it does happen. And when you get that final statement that tells you that amount that you need to wire call the title company, confirm all of their account numbers over the phone or in person, and make sure that you have it right. Then go to your bank, or call your loan officer, or go online, or however you’re going to do it, and set your wire to transfer to the title company on closing. You’ll want to do this a good 24 hours in advance. You can do it a couple of days ahead if you’d like, but at least one day ahead of closing.
Now the closing is very straight forward. Once you get there it’s a piece of cake. Bring your driver’s license, they’re going to want to make sure that you are who you say you are, and then, essentially, it’s just about an hour of time that you’re sitting there John Hancocking your way through all these papers. So, you made it. You’re all the way through the process, you found the house, you bought it, you negotiated, you went through all the inspections, appraisal, and, Yahtzee, now you’re at the closing table. You’re signing all the paperwork, and you’re done.
So, congratulations on finding your new home, and enjoy it. And I hope you’ve really enjoyed this series. Please check me out on YouTube I’ve got a lot of other great videos to watch. Please subscribe, and thanks so much for watching, and all of your support. Have a great day.