Homes4Boise by Susan Meloy
Susan Meloy
208-890-9854208-890-9854

The Final Steps Before Closing

THE APPRAISAL

Your lender will submit a request for an independent appraisal of the home you want to purchase. This process can take a week to ten days. Your lender will advise me when the appraisal is complete and when we can move towards closing.

FINAL UNDERWRITING

Your loan will be sent to your lender’s underwriting department for final approval once all of the following have been completed: you have identified a property to purchase, the inspection contingency has been met, the appraisal has been completed, and your lender has received all the required documents from you.

LOAN APPROVAL & PREPARATION OF CLOSING DOCUMENTS BizHandshakePhoto

Once your loan has been formally approved by the underwriters, your lender will prepare closing loan documents and send them to the title company. Your lender will work closely with the title company’s escrow officer to coordinate the accuracy and timely preparation of the final closing statements.

CLOSING STATEMENT

After the Title Company receives the closing paperwork from your lender, they will compile a closing statement for everyone to review including you, me and your lender. This is when you will know the specific amount of funds to bring to closing. You have the right to request time to review your final closing statement prior to your actual appointment to close.

PRE-CLOSING WALK THROUGH

Per your Real Estate Purchase and Sale Agreement, you have the right to do a final walk-through of the home you are purchasing. The purpose of a walk-through is to verify that any and all the items to be repaired or corrected from the home inspection have been completed and to ensure the home is in the same condition it was in when you made your offer. I will schedule and attend this appointment with you.

UTILITY TRANSFERS

You willemfmay282010-021-copy need to call the appropriate utility companies the week of closing to transfer them into your name as of the date of closing. Remember, actual closing may be a day or two after you have signed closing documents! See pages 16-19 for a complete list of utility providers in our area.

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