Monday, November 24, 2014

Home Buying Process - Getting to the Closing (after the contract is signed!)

Whether buyer or seller a meeting of the minds (signed contract) is only the beginning of the end.   There will be many players (and emotions) involved in the process from contract signatures to the exchanging of keys.  At times there will be drama, excitement, fears, name it! 

The process I speak of here is specific to the Brevard County, Florida real estate purchase/sale process but similarities exist regardless of location.

Who are some of the actors?

Besides the obvious actors like the buyer, seller, buyer's real estate agent and seller's real estate agent probably the most important actor is the mortgage lender.

It is critical buyers have an open communication link with their mortgage lender.  Once a mortgage pre-approval has been received it is critical that nothing be done to impact it (no job change, no new major purchases, no new credit account or application, etc.).

Then there are the property inspectors.  The home inspector and termite inspectors are key to identifying red flags that either need to be addressed or send the message to walk away.  Some issues may require further examination by the expert (i.e. HVAC, contractor, etc.).   And if there is a pool or spa there may be an additional inspector involved as well.

With my buyers in Brevard County, Florida I always include an inspection contingency - a buyer's "get out of jail free card"  in all offers to purchase a home including cash offers.

Then there is the appraiser.  Although not part of the mortgage lender mentioned above it is this independent appraisal of value that ultimately determines whether a mortgage lender will indeed provide a mortgage loan.   This where I prefer buyers use a local lender who uses a local appraisal company  although a buyer has no impact on which appraiser is used.  I just spoke with an agent who had a buyer fail to obtain a mortgage because the appraiser was in Tampa - almost 150 miles away!

Finally, there is the closing agent.  In Brevard County, Florida the closing agent is typically a title company although attorneys provide closing services as well.

There can be other incidental actors involved as well depending on whether the sale is a distressed sale (short sale or foreclosure) or even an estate sale.

Whether buyer or seller keep your lines of communication open with your real estate agent as well as your mortgage lender.  Ask questions as they arise and be responsive to any and all requests for additional information.

Remember, with real estate transactions time is of the essence.  Do not miss deadlines!

Considering buying a home in Brevard County, Florida?  Call me at 321-693-3850 or send me an email.

Image courtesy of Stuart Miles at