What Happens between the Clear to Close and Closing...

WesternMARealEstate
WesternMARealEstate
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Published 2015-05-04
Congratulations, you got your loan approval from the bank and you’re getting ready for that special day where you’ll be buying your next home. Only a few more things to do.

Hi, Don Thompson here, your local real estate expert advisor.

At this point, you’re almost there… you got your loan commitment from the bank. And YOU’RE ready to close. Whoa...Not so fast…. Let’s take a look at your commitment letter. Usually, it comes with “Conditions” and you need to check these conditions and get them taken care of.

Once all of the conditions are handled, you will get the “Clear to Close” which are the words everyone is anxiously waiting for. This means that your file is complete and you can close.

Just as a reminder, like I mentioned in a previous video, DO NOT change anything in your financial picture yet… even though you have a clear to close, the bank can still pull your credit again or call your employer and make sure you still have a job. And if they find anything has changed, they WILL pull your loan.

So, let’s assume all is good, you’ve got the clear to close and you schedule your closing. You should have an opportunity to “Walk through” the home one more time to make sure everything is as you expect it to be, any repairs you negotiated are done, any personal property the seller was suppose to leave is still there, nothing got damaged when the sellers were moving out... everything is acceptable to you, because once you sign the papers, it’s yours.

The closing attorney or your attorney will be the person who will be advising you of the amount of money that you may still have to bring to the closing. These funds must be in a bank check or possibly a wire transfer.

You now are ready to go to the closing…you’ll sign the loan documents and mortgage and bring the balance of your money if required. Usually, you will receive your keys then, unless some other arrangements have been made.

Congratulations! You now own your new home.

As you can see, the home buying process can be complicated, even if you’ve been through it before. Call me today at 413.221.9981 and I would be honored to advise you through the process.

Thank you and have a great day!
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