Leave a Message

Thank you for your message. We will be in touch with you shortly.

What To Expect On Closing Day As A Buyer

What To Expect On Closing Day As A Buyer

For many buyers, the time between getting an offer accepted and closing on a home can be a stressful one. Many people think that once they hit closing day, they’re in the clear, but the truth is, there are still some issues that can come up on closing day, and those issues often come as a surprise to the soon-to-be-homeowner.

The good news? There are ways to deal with closing day surprises; you just need to know the right way to handle the situation.

But what, exactly, does that look like?

A recent article from realtor.com outlined closing day surprises, and how buyers can effectively deal with them, including:

 

1. Issues with the walkthrough

On closing day buyers should do a “walkthrough” of the house before signing on the bottom line. Walkthroughs are an opportunity to tour the property to make sure it’s still in the same (or better!) condition as it was when the contracts were signed, and that everything that should be in the house is intact, as well as anything that shouldn’t be there is gone. But what if the house isn’t in the same condition? For example, the basement has flooded from a recent flood or, now that the sellers have moved the furniture, it’s clear that pieces were strategically placed to hide flaws in the walls or floors? If you notice there are issues with the house during your final walkthrough, it doesn’t have to be a dealbreaker. Instead, ask the sellers to cover the cost of the repairs, and to put an adequate amount of money to cover the costs into escrow.

 

2. Disagreements over what comes with the home

Sometimes, there are misunderstandings about what stays and what goes when the seller leaves the home; for example, you might expect that the refrigerator you saw when you toured the home would be there when you moved in, but on closing day you find out the seller took it with them. So, what should you do? Unless an item was specifically included in your contract as part of your deal, it’s usually best to let it go, and just buy your own items once you move into the home. Unless you’re super attached to a particular item for some reason, it’s generally not worth losing the home over. But if the item was included in the listing or agreed upon terms of the contract, ask the sellers to return the item to the house, or replace it with a similar one before closing.

 

3. Money transfer issues

On closing day, funds need to be transferred from the lender to cover the cost of the home. Different financial institutions and title companies have different requirements over how those funds are transferred; for example, some prefer an electronic transfer, while others prefer a certified check. To avoid any misunderstandings, ask your agent and lender how funds should be transferred before closing day. And if you make a mistake, try not to stress too much; these issues can generally be cleared up pretty quickly.

 

Are you still looking for your dream home? Get in touch with us and we'll help you find it in Jacksonville, Nocatee, and St. Augustine Florida. 


Recent Blog Posts

Stay up to date on the latest real estate trends.

Signs a Buyer May Not Be Serious

Not every buyer who shows interest is serious about actually putting in an offer and moving forward with a home purchase, no matter how enthusiastic they may seem.

11 Things That Might Make You Feel Like Your Real Estate Agent Is a Secret Superhero in Disguise

Let’s take a look at 11 things that could be a sign that your real estate agent is actually a secret superhero in disguise

What Should You Not Say When Buying A House

For some buyers, stress and excitement can cause them to say things without thinking about them which could potentially cause the process to take a turn for the worse.

Feeling Like You Missed the Peak Time to Sell Your House? Well, It’s Not Too Late… Yet

The good news is you’re not the only potential seller feeling that way, and it’s not too late to capitalize on a sellers’ market.

Spring Living Room Ideas

Spring is officially upon us! Here are some of the spring’s biggest decor trends you can incorporate into your living room.

Things to Keep in Mind When Trying to Secure a Mortgage After a Foreclosure

No one wants to go through the foreclosure process, but if you have a foreclosure in your past, it doesn’t necessarily mean you won’t be able to get a mortgage.

How Long Does It Take To Buy A House

Buyers often wonder how long it’ll take to find the perfect home, so they can plan when to start their home search in earnest.

7 Things in a Home Inspection Report That Often Get Blown Out of Proportion

There are a lot of things inspectors include in their report that aren’t worth losing the house you love over.

Recent Study Finds That Price Is Becoming More Important Than Location to Homebuyers. (Spoiler Alert: Both Matter!)

A recent study is making headlines claiming that the majority of buyers now think price is more important than location. Are the tides changing? Find out in this blog.

Work With Us