Closing A Home Sale Iowa City IA

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Closing a home sale may seem guaranteed once an offer to purchase has been made and accepted, but there is a lot to consider for both Buyers and Sellers, and deals can collapse at the eleventh hour. Here are some steps and tips to remember to help Buyers close the deal successfully...and safely.

Get financing

One must be aware of the details of agreement when financing a house with a mortgage. Buyers should ask these questions:

• How will the taxes and insurance be paid?
• Will there be a pre-payment penalty?
• What is the interest rate on the loan?
• Are you going for a fixed or adjustable rate (OUCH!) mortgage?
• Up to what percentage of the property value will the bank finance? How will you finance the remainder?
• Be careful of Private Mortgage Insuance (PMI). Ask your Mortgage Broker.
• What are the closing costs and their amounts? These can occasionally be negotiated, and are sometimes paid in part or in full by motivated sellers.

Get appraised and surveyed

Hire a full service Home Inspection Company to do a complete examination of the property if the bank doesn’t—and they usually will. Make sure that you have a true picture of the property’s value from a professional. Their job is to find out what is wrong with the property so it can be repaired. The results of this examination may save you additional money before the purchase occurs. The property should also be surveyed to check for encroachments.

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Author: Bob Burns
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