Want A Smooth Closing, Follow These Tips

April 17, 2010 - PRLog -- ATTENTION BUYERS!!!

Tips to prepare you for a smooth closing on your next home in Kansas City, Raytown, Lee's Summit or where ever you are buying a house!

Closing costs -

There are various fees and costs required at the time the property closes.  Closing costs usually range from 2 percent to 6 percent of the sale price.  As you are planning out your offer, its important to distribute  your cash available for the transaction between the down payment and the closing costs (also note: if you are having a home inspection done, this expense is paid for by the buyer and will cost a few hundred dollars).  A part of the lending processes, your lender MUST provide you with a “Good Faith Estimate” which will breakdown all costs so that you know what to expect at closing.  Also good to note that often times you can ask the seller to pay some or all of these costs.  So be sure to ask your lender!

Negotiate problems prior to closing-

It's common for a problem to arise before closing. You want to address those issues as soon as possible so they are resolved prior to the day of closing.  For instance, if the seller had agreed to make a repair prior to closing, and the repair that has been done is not acceptable to you, discuss a solution prior to closing. This will give both parties time to analyze the options and come to a mutually acceptable resolution.

Close at the end of the month– When determining to closing date you request/accept in your offer, keep in mind how the closing date will affect your costs due at the closing table.  Upon closing, your lender will charge you prepaid interest from the date the loan is recorded through the end of that month.  So here’s a tip…schedule the closing for the latter part of the month and you will lower your closings costs by paying a lower amount of prepaid interest!  And ask your lender when your first mortgage payment will be due.  You may find you close on the 28th of this month and you don't have a payment for another 30 days or so.

What you will get at the closing –

   Settlement Statement, HUD-1 Form (itemizes services provided and the fees charged; it is filled out by the closing agent and must be given to you at or before closing)
    Truth-in-Lending Statement
   Mortgage Note
   Mortgage or Deed of Trust
    Binding Sales Contract (prepared by the seller; your lawyer should review it)
    Keys to your new home

If you would like more detail on the content of this report don’t hesitate to contact us, we are here for all of your real estate needs.

Tucker One Properties, Inc.
115 E Gregory Blvd
Kansas City, MO 64114
www.TuckerOneProperties.com
816-523-4400

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Tucker One Properties buys, renovates, and resells homes in Kansas City, Raytown, Lee's Summit, Grandview and other areas of the Kansas City Metro.