Hi, it’s Cori with Monmouth County Dream Homes here in Marlboro New Jersey. I like to think of myself as your local real estate expert. Here on my channel I discuss all things Real Estate, Monmouth County and Marlboro Township. Check back often, I put out new videos each and every monday!
So i’m glad to see you are back for Part 2 in my series about buying a home without the use of a realtor. Now is when it really gets tricky. That first part, looking for a house on your own, that was nothing!
You are UNDER CONTRACT so I’m assuming you picked a great attorney and you are happy with how the process is going so far. But what’s next? There is a LOT that goes on behind the scenes when I’m working with my buyers, but today I’m going to share that information with you, so you can handle it on your own.
Submit your Second Deposit
Submit Second Deposit. When you submitted and negotiated your offer, you put down a monetary amount for your second deposit. Most of the time that deposit is due within a week of coming out of attorney review. So follow up and get that over to the attorney, or whomever you agreed upon that was going to hold it in escrow!
Contact Your Lender
Reach out to your lender. This entire process will mean nothing if you don’t get the mortgage commitment. Your lender is going to need to clear you to close. In order to do this a lot needs to happen. There is a list of things they are going to need from you and you need to make every effort to send those documents to them ASAP. Once your offer is accepted, there is still a lot of work you need to take care of and it’s mostly with the financing portion.
Home Owners Insurance and Closing date
Home insurance is an extremely important step in buying a home. You can NOT close here in NJ without it. You’ll want to be sure to find an insurance agent you like and that your insurance plan covers everything that you want it to. Research and ask questions. This is also the time to confirm a closing date with your attorney!
Now it’s time to be sure your home inspection is set up. Be sure you hire a licensed and reputable inspector for this process. This step is a BIG deal. Here in Monmouth County, I highly suggest you also add a termite inspection and a radon inspection. These can both be a huge problem in our area.
Inspectors are doing their job by trying to protect you as the home buyer, but they are also trying to protect themselves. I suggest you take a deep breath and review the reports slowly and with a highlighter. Look for items that may truly be a HUGE deal. Little cosmetic issues, not really all that important.
Check to be sure the appraisal has been ordered. Once your inspection is complete, your lender will order a home appraisal. This appraisal will determine the amount approved for your mortgage loan. Appraisals are paid for up front and the fee is non-refundable. Your lender should send you a copy of the appraisal once it is received.
Due Diligence Repairs Request
Well, the process was going pretty smoothly, UNTIL NOW. The inspection report is back and you’re overwhelmed. Just please remember all home inspections come back with pages and pages of information to read and in my opinion, these inspection reports are scary. Especially if you are a new homeowner. I did do a video covering this topic extensively so please check that out!
Now it’s time to have your attorney submit a list of all your repair requests. This too gets a bit tricky, but hopefully your attorney will help you along.
Final walk through
Schedule your final walk through. This is your chance to make sure any requested repairs were made and all of the personal belongings of the previous owner were removed from the property. The main purpose of your final walkthrough is to make sure the home is in the condition in which you agreed to buy it.
Gather all documents
You will need to gather the appropriate documents to bring to closing and get together the funds needed. Be sure you have reviewed and have all documents needed. Also confirm how much money you will need to wire your closing attorney. The required amount will be included in the Final Closing Disclosure. It is recommended that all funds be wired 24-48 hours prior to your scheduled closing time to ensure things go smoothly.
Schedule Utilities to be turned on
One of the last things you’ll do a handful of days before you move in is to set up your utilities. You can contact the listing agent to see who the seller’s current providers are so that you can either remain with them or switch to someone you like.
You’ll want to turn on things like electricity, gas, water, cable, internet, phone, etc. That way when you move into your new home you’re ready to go.
Closing Day | Moving Day
On closing day, you will sign your closing documents. This can take about an hour and usually takes place at the closing attorney’s office. Once all documents are signed, you will receive the keys to your new home!!
Congratulations, this is the best part! It’s time to move into your new house and you can finally relax after unpacking.
Don’t forget to do your change of address. You’ll want to be sure all of your mail is now coming to your new address.
So you did it. You purchased a home all on your own without the use of an agent? How was your experience? Would you do it again? Drop me a comment below. I’d love to hear all about it!
Thanks for joining me this week, i’ll see you next Monday!
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