Your finally in contract on a home purchase! Here are 4 tips to remember once your offer is accepted to ensure the escrow closes.
1. Homeowners insurance. Get your homeowners insurance lined up. Check with a few companies but make sure they are quoting you apples for apples. The Escrow officer will need to have information on your new policy from the company you choose.
2. Don't jump the gun and start buying things for your new home. Don't open any new credit or charge accounts and don't buy a lot on credit till you close. The lenders most of the time pull credit again right at the end of the process and it can really affect your credit score.
3. Communication with your lender and agent are critical. There are many timelines that have to be met for the transaction to close. It is critical for everyone one to communicate by responding to emails and phone calls as quickly as possible. If there are issues, they need to be dealt with to move forward. This works both ways - your agent and lender should be good about getting back to you as well.
4. Everyone wants to win. A give and take situation where everyone feels like they won is ideal. Keep that in mind throughout the transaction as we not enemies but people with the same goal in mind so need to work together to make the deal happen.
Whether your time to close is 14 days or 60 days, here are four tips to remember once your offer is accepted to make sure it closes and you get the keys to your home in the end.