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What Happens After Closing? What to Expect When Buying a Home

The iServe Blog


When I purchased my first home, I was unaware of the issues I would be faced with. Because I was buying a foreclosure that needed a lot of work, I wanted to get started as soon as possible. But I was completely unprepared when the agent asked when I wanted to move in. I soon had our pickup packed with a new-to-us refrigerator, some small appliances to make do with, power tools and building materials. To say that I was a bit naive would be putting it lightly.

When you're buying a home, it's easy to get caught up in the process leading up to closing, especially if you're a first-time home buyer. Finding a home, choosing a loan type, digging up all your documentation — it's a long, involved operation. With so much of the process tied up in the closing, it's common to focus on everything up to that point. But what happens once you've closed on the house? Here's a quick glance at what's involved.

What Happens After Closing? What to Expect When Buying a Home

With so much focus on closing, it's easy to think that it's the end of the process. But in truth, what you've agreed to in the closing may actually impact what happens afterward. Did you agree to a move-out or move-in date with the other party? Is there work that needs to be done before you can move in that was detailed in the agreement? Issues such as these will impact what happens after the papers are signed.

Once you've signed the paperwork, it's registered at the land records office and the original deed will be returned to the new homeowner. The existing mortgage and any legal holds are paid along with any other miscellaneous charges such as property taxes, utilities, homeowner's association dues and similar costs that are due or coming due at the time. Repair escrows, if any, are also handled during this time.

But what needs to get done once you take possession of your new home, beyond picking out paint colors and settling in? First, make sure you change the locks. You have no idea to whom the former owners gave keys. While you're at it, take care of a few other housekeeping tasks such as changing the furnace filter, locating the water, gas and electrical cutoffs and finding companies to handle any other tasks such as chimney inspection and gutter cleaning. You'll also need to change your address for your driver's license and any important contacts. 

Though closing is the pinnacle of the home buying process, what happens afterward can seem anticlimactic. However, if this part of the process drags on, it can be very frustrating. By having all your ducks in a row before closing, the process after the fact can be much more enjoyable. At iServe Residential Lending, LLC, we're here to help you with the home financing process. Please feel free to contact us today to speak with one of our experienced loan officers to help find your way home.

 

iServe Residential Lending, LLC is not affiliated with or acting on behalf of or at the direction of the FHA, VA or the Federal Government.

Programs, terms and guidelines subject to change without notice. Not all applicants may qualify. All loans subject to underwriter and investor approval. Arizona Mortgage Banker License BK-0920658; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, License 413-0646; Colorado - Regulated by the Division of Real Estate; Georgia Residential Mortgage Licensee License #19613; Licensed by the New Jersey Department of Banking and Insurance License # 512567; Licensed Mortgage Banker—New York State Department of Financial Services License # B501014; Oregon Mortgage Lending License ML-3238; Licensed by the Virginia State Corporation Commission (Lender License MC-3220),  NMLS # 2914 (www.nmlsconsumeraccess.org). iServe Residential Lending, LLC, 15015 Avenue of Science Suite 250, San Diego, CA 92128 Phone: (858) 486-4169