Closing Day Is Here

The day has finally come – the day you close on your new home! You (the buyer) are signing on the dotted line to take ownership of your new home. The seller is signing on the dotted line all rights releasing them from ownership of the home that you just purchased.



Be sure to tackle any last minute requirements that will need to be completed before closing to avoid delay. The buyer would want to be sure to complete a final walk-through before closing to ensure that the home is still in the same condition as stated in the sales contract to purchase. If you find any major problems during the walk-through, you can ask to delay the closing until the problems are corrected.



Here are a few of the important documents that you will receive after signing on the dotted line at closing:



HUD-1 settlement statement: A detailed list of all costs related to the sale of the home. Both you and the seller (who may be paying some of the closing costs) sign it. Borrowers should compare their HUD-1 statements against their good faith estimate to see if the actual closing costs differ significantly from the closing costs estimated by their lenders earlier. By law, you have the right to review this document 24 hours before closing, and you may want to so you have some additional time to clear up any mistakes and resolve problems.



Final TILA statement: You received the first version of this statement after applying for your mortgage. This final version outlines the cost of your loan and APR and takes into account any modifications made to your rate, points, etc., between application and closing. Make sure that everything is in order.



Mortgage note: This document states your promise to repay the mortgage. It indicates the amount and terms of the loan, and what the lender can do if you fail to make payments.



Mortgage or Deed of Trust: This document secures the note and gives your lender a claim against the home if you fail to live up to the terms of the mortgage note.



Certificate of Occupancy: If you are buying a newly constructed house, you need this legal document to move in.



Once you've reviewed and signed all closing documents, the house keys are yours and you will have successfully purchased your new home!



Takia Walker

Real Estate Professional

Fairfax Realty, Inc.

Why is it best to use a real estate agent when selling your home?

A homeowner will always have an attachment to their own home which will cause them to set a price for their home that might be unrealistic. The worse thing that can happen with an overpriced home is that it will sit on the market for a very long time. A potential buyer will get the wrong idea if they see that a home has been on the market for a long time. The homeowner will neglect to complete necessary home improvements that could possibly bring more value to their home. A homeowner will have limited ability to advertise their home fully. An agent will have company websites and local MLS services that puts the listing on larger networks to share with other agents that will more than likely attract a buyer. The agent has been trained and equipped with the knowledge to understand the market and the selling process to get the house sold for the price that is comparable with the market in the homeowners area. The agent would compare the recently sold and the current listed properties to set the realistic price for the home. They would be taking all the stress and weight off of the homeowner to get results that they might not be able to get if they try to sell on their own.

Takia Walker
Real Estate Professional
Fairfax Realty, Inc.

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Why should a purchaser take advantage of a buyer's market?

A buyer's market is a market that has more more houses for sale than buyer's. Home prices are lower, which means mortgages are lower. Property taxes are lower, which means it helps to keep the mortgage lower, if taxes are included in escrow. Interest rates are lower, which means lower mortgage. So from the sound of it, you can save more money when purchasing a home now, in this buyer's market. Many sellers are offering more incentives in order to sell their homes now, which a purchase can reap the benefit of. Many sellers are paying more closing costs now, just to sell. You also have the advantage of buying a more expensive house for a lower price. Financing has been stiffened and is more difficult to obtain in today's market. Many banks and mortgage companies have created programs for the individuals that have the income but don't have perfect credit. You will still need to have fairly decent credit and meet other guidelines as well, to qualify. There are many down payment assistance programs available to assist, if you qualify. The market will not stay this way forever. Eventually, home prices and interest rates will rise again and then the great advantage to buy will be over. Don't miss out on your opportunity to own with a low interest rate and a low purchase price of a home that would already have equity years later when the market picks up.

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Now is the time to purchase real estate in order to obtain low interest rates and low home prices. You will also be eligible for up to $ 8,000.00 tax credit as long as you purchase your home before December 1, 2009. Homes with low sales prices are graet advantages because it gives you the pleasure of buying a home that already has equity in it from day one of purchase. Homeownership is the greatest investment to obtain. Take advantage of the opportunity now because the clock is still ticking and time is running out.