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I'm closing on Monday and I'm wondering what are the last minute things I need to do? I am still waiting for the HUD statement which the realtor will have tomorrow (hopefully). I'm also doing the final walk through tomorrow evening at 530 because the repairs won't be complete until then. Is this normal to do a final walk through the business day right before closing? Is there anything I need to do or don't do in order to close on time? I want ot make sure I have all my ducks in a row before Monday. I am working all weekend so will not have any time to get papers or follow up with anything through the weekend.
I'm closing on Monday and I'm wondering what are the last minute things I need to do? I am still waiting for the HUD statement which the realtor will have tomorrow (hopefully). I'm also doing the final walk through tomorrow evening at 530 because the repairs won't be complete until then. Is this normal to do a final walk through the business day right before closing? Is there anything I need to do or don't do in order to close on time? I want ot make sure I have all my ducks in a row before Monday. I am working all weekend so will not have any time to get papers or follow up with anything through the weekend.
JUST KIDDING!
Honestly, assuming the walk through goes OK and there is no confusion about "funding issues" (which should be spelled out on the HUD info but will need to run through the lender / your bank...) most closings are rather uneventful. You put signatures on an enormous stack of paper (much of which has things saying that they are in compliance with a Federal Paperwork Reducation Act ...) a few checks change hands, somebody digs around for a set of keys and POOF you "own" a home with giant new mortgage.
Nice real estate professionals will have a check list of things to follow-up prepared: utiliies, change of address info, garbage pick-up schedule, maybe a gift card for dinner or a bottle of wine...
I doubt my real estate agent will give me any kind of gift. I am sure she thinks i'm crazy by asking her the constant questions and stressing out to her that the loan wasn't approved in a timely manner, and things weren't done fast enough. She'd probably pay me just so she never has to see me again
I'm doing the final walk through on Friday. The house has been vacant for at least 2 months, maybe longer. There were some small repairs but nothing major that needed to be done. Should I be requesting receipts for the repairs? I just sent my realtor an email asking if she could get receipts for the repairs and owner manuals for all of the new appliances.
One suggestion I've seen in books and heard from a coworker -- do have your checkbook and more importantly, some cash on hand. While not common, it's apparently not unheard of for a calculation to be slightly off and you to owe a small amount more than the cashiers check you brought.
On walkthru, our buyer's agent has been insistent that they should only be done immediately before closing, as in, you walk out of the house, drive directly to the closing office, and are certain *nobody* else will be in the house once you finish the walkthru. But he is pretty anal about such things (which is fine so long as he's on my side!)
- Cashier's check/wire to Title for Cash-Due-At-Closing amount
- Checkbook. Usually you can write a check for up to $500 at closing. Maybe they mis-calculated the taxes that need to be paid, there's a myriad of things that are fine-tuned on the last day. Be loose. Be ready for the number to change.
- Eat your Favorite Breakfast the morning of closing. Treat yourself with respect and reward yourself for getting through it. Make as much of the day as you can a Celebration for YOU.
- Pack a lunch. Literally. If the kids are with you, especially. "Hurry up and wait" is normal here.
- Be prepared to maybe return to Title/Atty to initial that one doc that was missed.
- Be prepared to not receive keys until tomorrow. In every way.
- Aspirin. Pre-emptively.
- Don't be hungover. (That one's more My Rule, but hey, there's always tomorrow.)
- Be Certain. Certain that the contract terms have been met fully. Certain that you understand every page that you sign. It's ok to call the lender or attorney if you don't understand even the most minor detail. YOU ARE IN CHARGE HERE.
- Patience. It's unlikely that your Loan Officer, Realtor, Attorney, Title Person, Doc Drawer, Underwriter, Closing Department, and Funding Department people ALL know how to tie their shoes. This is highly, highly unlikely. Compliment and thank everyone as if you are just trying to get the Hell out of The Land of The Dumbasses. Because you are.
Most important, remember that you just kicked substantial ass, navigating a ridiculous, stupid process, and you are ending it with your pen today. Congratulations! Now let's go spend a ton at home Depot!!!
What are the reasons that I wouldn't recieve the keys on the day of closing? The repairs are supposed to be complete tomorrow (fri) at 530 when I do the walk through. The house has been vacant for at least 2 months and the seller wanted an earlier closing date rather than the end of the month like I requested.
What are the reasons that I wouldn't recieve the keys on the day of closing? The repairs are supposed to be complete tomorrow (fri) at 530 when I do the walk through. The house has been vacant for at least 2 months and the seller wanted an earlier closing date rather than the end of the month like I requested.
The bank. The Fed. The wire transfer. The bank has deadlines to request the Wire of money through the Federal Reserve. It comes down to when the loan is Cleared to Close, when the docs that you sign are returned to the lender (some lenders want FedExed original hand signed docs, others are ok with scanned docs, some only need the Settlement statement to Fund), and if it all happens during Business Hours.
You have to sign docs very early in the morning and have a sharp Title Company and Lender to fund on the same day. Your mileage will really vary here, but by and large if you sign closing docs after lunch, the loan funds on the next business day.
My closing time is 10am. I have a moving company coming the following day at 8am so I will be really upset and have to pay some fines to the moving company if I have to change last minute. Oh well, its too late to change anything now. I'll just keep my fingers crossed.
My closing time is 10am. I have a moving company coming the following day at 8am so I will be really upset and have to pay some fines to the moving company if I have to change last minute. Oh well, its too late to change anything now. I'll just keep my fingers crossed.
That's like, the kiss of death right there.
Your lender should have told you to push the movers to after lunch.
It may well all happen perfectly, but I've had many deals that were cut too thin as far as time between closing and moving trucks.
Do you know the bbt policies whether they want scanned docs or fed ex docs? My friend used bbt a month ago and closed at 2 pm and got the keys that day. I'm hoping mine goes as smoothly as that!
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Passports, urine samples, eye of newt...
...) a few checks change hands, somebody digs around for a set of keys and POOF you "own" a home with giant new mortgage.
