Editorial

Front Page - Friday, February 25, 2011

Real Estate Facts

Reaching the finish line

Elwynn Schwartz

My last column got you started on your purchase by determining how much you could afford, getting loan pre-approval, finding the right agent to tour suitable homes. Now what?
Get “comparables” from your representative for each appealing home, review property disclosures, and research liens and restrictions. If possible, ask the seller’s reason for listing.
Now you’re armed to make your offer, which should include contingencies regarding financing and inspections, as well as any special requests or repairs, and also a closing date and earnest money deposit. There may be some negotiation, but once both parties have agreed on the terms, you’ll sign the Purchase and Sale Agreement.
Now you’ll apply for financing, order an appraisal and inspections, and possibly renegotiate after those reports are complete. You’ll need to secure homeowners insurance and complete the loan process. You’ll want to have cash ready for your down payment and closing costs, and do a final “walk through” just before closing.
You and your agent will be able to review all the settlement documents in advance of the closing date, to be sure everything is correct and to dot the “i”s and cross the “t”s. You’re finally ready to make an appointment with the closing attorney, get an Official Check from your bank for down payment plus closing costs, and sign the papers giving you the coveted status of “homeowner!”
Elwynn Schwartz is the owner of Chattanooga Real Estate Consultants and may be reached at 423-894-3050.

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