What Can Homebuyers Expect During the Closing Process?

03/24/17 • -1 min

Memphis Real Estate Podcast with Rita Driver

We’re back today to talk about what the closing process looks like if you’re a buyer.

Selling your home? Get a free home valuation.

Buying a home? Search the local MLS.

Last time we went over what happens during the closing process from the seller’s side. Today, we’ll explain how the process works for a buyer.

Once you go under contract, we start lining up all the inspections and get in touch with your lender. We also speak with a closing attorney. Tammy will need to know your social security number, which mortgage company you're using, and your plan for homeowners insurance. She then sends all of that information to the closing attorney. The closing attorney then makes sure you make it to the closing table without any surprises.

We will take care of all the little details that go into your real estate transaction.

During that process, the closing office will also check the title for you. Our closing attorney, Drew Johnston, is excellent. He’ll make sure the title is clean without any sort of lien.

If you need any help with or have any questions about homeowners insurance, often called hazard insurance, Tammy and I can assist you with that as well. There are often a lot of discounts involved, and you need to ask for those.

It’s important to know that the closing attorney has nothing to do with the keys to the home. Once your lender has given the funds for the home to your closing attorney, Tammy and I will handle getting you your keys.

Whatever I can’t handle, Tammy takes care of and vice versa. Whether you are looking to buy or sell a home, we will take care of all the little details that go into your real estate transaction.

If you have any other questions, please don’t hesitate to give us a call or send us an email. We look forward to hearing from you!

We’re back today to talk about what the closing process looks like if you’re a buyer.

Selling your home? Get a free home valuation.

Buying a home? Search the local MLS.

We will take care of all the little details that go into your real estate transaction.

Previous Episode

What Can Sellers Expect During the Closing Process?

Today Tammy and I want to go over what you can expect during closing as a seller.

Selling your home? Get a free home valuation.

Buying a home? Search the local MLS.

As a seller, what should you expect when you are getting ready to close?

Tammy takes over once you are under contract, so she is joining me today to talk about the closing process. Once you’re under contract, you’ll have a termite and a home inspection, both of which Tammy will help you order.

Tammy will also ask for some financial information from you that needs to go to the closing attorney so they can call and order a payoff. This allows them to know exactly how much is going to be sent to your mortgage company in order for you to receive your net proceeds and purchase your next home.

We will help you through every step of the closing process.

Your social security number is needed to make sure there are no judgments or liens against you in addition to those that are attached to the house. We strive to make sure we have all of that information prior to getting to the closing table so there are no delays. Tammy makes sure all of the necessary documents make it to the closing table.

You might not receive funds at the closing table, but don’t freak out. After closing is completed you will receive your money either from picking up a check at our office or having our attorney transfer the funds into your account, which is seamless and easy. Speaking of which, we are even getting to the point where you could close via Skype!

If you have any further questions or if you are looking to sell your home, please don’t hesitate to give us a call. We would be more than happy to help!

Next Episode

What Should Home Sellers Know About the Market?

If you’ve felt like your home equity wasn’t quite where it should be, you probably won’t feel that way once you learn what’s happening in the market right now.

Selling your home? Get a free home valuation.

Buying a home? Search the local MLS.

If you’re considering selling your home, I’ve got some powerful points for you to consider.

Right now, our inventory is low, property equity is up, and if you’ve owned your home and are waiting to retrieve your equity so you can move into a smaller, larger, or different home, it’s a great time to accomplish that. Interest rates are still extremely low for buyers too.

In the last few years, many homeowners felt that the equity in their home wasn’t where it should be. We’re back to a stable enough point now and those equities are attainable. I’m actually having difficulty keeping properties on the market for more than one week at a time.

We’re seeing multiple offers and bidding wars.

In some cases, we’re experiencing multiple offers and bidding wars. We’ll get five or six offers in just two or three days. I just wanted you to be aware that if you’ve been thinking about it, right now is an absolutely fantastic time to sell your home and recoup that equity you felt would never come back.

If you have any questions for me or need any help buying or selling a home, give me a call or send me an email. I would love to hear from you soon.