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First Time Home Buyers in South Lake Tahoe: Step Ten

December 2nd, 2009 categories: First Time Home Buyers, For Buyers, For Sellers, Lake Tahoe Real Estate, South Lake Tahoe, CA, Stateline, NV

SoundbiteblogClosing, then Owning Your New Home

This is inspired by a colleague and friend of ours, Rich Jacobson , who owns the Kitsap County Real Estate Blog in Washington state. His work for the source of this series is superb, and with his graces we are retooling it for first time home buyers in our South Lake Tahoe real estate market.

This then is the last in a series of articles focused on helping 1st Time Home Buyers successfully buy a house in South Lake Tahoe. In each  article we have focused on key events, or steps if you will, in the South Lake Tahoe home buying process.

1. In the first of these, we talked about Mortgage Lenders and Loan Pre-Approval.
2. In the second article we looked at the first five of the top ten traits to look for in finding A Great Real Estate Agent ( Pt 1).
3. In the third article we discussed the second five of the top ten trails to look for in finding A Great Real Estate Agent (Pt 2).
4. In the fourth article we looked at the initial meeting with your agent and Exchanging Vows: The Buyer Agency Agreement.
5. In the fifth article we looked at How Much $$$ Does it Cost to Buy a House?
6. In the sixth article we provided Tips for Home Tourists.
7. In the seventh article we looked at Writing the Offer they Can’t Refuse.
8. In the eighth article we looked at the Home Inspections.
9. In the ninth article we looked at Managing Last Minute Issues.

Step Ten: Closing and Owning Your New Home

are-we-there-yet.jpgRemember when we were kids, and our families took that unbearably long cross-country vacation? When all we could think about was "how many more miles?

Well, that’s the way it is in the final days leading up to your closing! Excitement looms, but what you have to do is just be patient, you’re almost there!

When your loan documents arrive at the escrow company, the Escrow Officer ensures that all necessary documentation is in order and ready for signing.

The escrow officer will draft a HUD-1 Statement. This is an estimate of your closing costs. You will be given a copy of this estimate prior to signing. Review these numbers to verify that they are consistent with your expectations.

The Escrow Officer will schedule a time for you to sign all closing documents. For most standard residential transactions, the signing to take at least an hour. The Escrow Officer will instruct you on what you will need to bring to the signing (typically your Driver’s License and any funds necessary to close the transaction).

In some instances, you may have negotiated with the Sellers to contribute to your closing costs, if so that will be addressed at this time. In addition, your Earnest Money Deposit will also be applied to your final statement.

At this final stage, you will have already contacted all of the local utility companies and have them switch accounts to your name. Your agent will provide contact information for all utility companies that serve the property.

Remember, you have the right to a final walk-thru of the property, prior to closing, just to ensure that everything is as specified per your purchase contract.

Closings can vary significantly from State to State. In some states, normally those east of the Mississippi River, an attorney and all parties are usually present at the closing. Fortunately, that is not the case here in South Lake Tahoe.

Here, buyers typically sign a day or two before the actual closing occurs. The Seller comes in separately, which tends to make the process more comfortable for both parties.1sttimebuyer2.jpg

Upon signature of all relevant documents, they are normally sent  to the Lender for final review. In most instances, the following day your loan is funded. The escrow company then takes the documents to the County courthouse where the new deed is legally recorded. Then the house is YOURS!

Your Real Estate Agent will have made prior arrangements to obtain the keys. You can now take possession.

Before you begin moving your household goods inside, take time to tour the home again:

  • Verify that utilities are working.
  • Locate any instruction manuals for all the appliances and primary systems.
  • Are the garage door openers there?
  • Is there a trash can? Check with your Disposal company to determine acceptable containers.
  • Have all the locks changed as soon as possible.

A good real estate professional never disappears after you’ve closed. Something alwayscomes up after the fact. So don’t hesitate to contact your agent for help. Your complete satisfaction and future referral/recommendations are very important!

Enjoy this day! You’ve now a South Lake Tahoe homeowner… a RESORT homeowner! Take pictures, write in your journal. This is a moment  you will want to cherish for many years to come!

The first post in this series, Mortgage Lenders and Loan Pre-Approval  here.
The second in this series, Get a Great Agent (pt 1)  here.
The third in this series, Get a Great Agent (pt 2) here.
The fourth in this series, Exchanging Vows: The Buyer Agency Agreement here.
The fifth in this series, How Much $$$ Does it Cost to Buy a House here.
The sixth in this series, Tips for Home Tourists here.
The seventh in this series, Writing the Offer They Can’t Refuse here
The eighth in this series, your Home Inspections here
The ninth in this series, Managing Last Minute Issues here.

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This entry was posted on Wednesday, December 2nd, 2009 at 10:37 am and is filed under First Time Home Buyers, For Buyers, For Sellers, Lake Tahoe Real Estate, South Lake Tahoe, CA, Stateline, NV. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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