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Real estate closing series - Part 4 The day before closing
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Part 2 After attorney review period is over
Part 3 Two days before closing (business day)
One (business) day until closing!
This is typically the day that the lender’s appraiser walks through the property to make sure that it is “substantially complete”. Things the appraiser will expect to be done are: installed appliances, flooring, heating and air conditioning units installed, cabinets are in, countertops installed, and the unit is fully painted. The bank does not want to finance an incomplete unit. This is why it is so important to have stayed on a Seller or Builder to complete any necessary construction in a timely manner. The charge for this appraiser’s services will show up as a charge on your closing statement, and typically the lender hires this person.
Call your lender to get the final pay off number, or the amount of money you will need to bring to the table to close. Do NOT expect to be able to bring a personal check to closing. You should get the pay off number ahead of time and go to your bank today to get a cashier’s check. Also bring your checkbook to closing and some extra cash, in case this number fluctuates a little on closing day due to some last minute charges. For example, sometimes people will forget that 2 months of HOA can be required by the association at closing and you would have to quickly come up with this money before completing the transaction.
Tip #1 – Don’t save getting this check until the last minute, on your way to closing. You never know what can come up, and if you don’t have this check- you can’t close. Take care of this the day before.
Tip #2 – Sometimes the lender will require verification that you have the funds available that are going to be necessary to bring to the closing table. As these requests come to you from the Lender, be sure to respond as soon as you can. You’d be surprised how fast lending dollars that you thought were long ago secured fall apart because of a missing document.
Ok, try to get some sleep. Tomorrow is a big day!
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