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Contact Powers Team

If you have any questions or need more detailed information, please feel free to contact me via phone at 301.613.7253 or fill out the form to let us know how we can help with your real estate needs.

Office Location 795 Rockville Pike,
Rockville, MD 20852
Phone: (301) 613-7253
Fax: (301) 424-9290

What Happens Once I Have Found My Home?

Obviously, once you have found the home you want to make an offer on, you will want to sit with your Realtor to discuss your options.  He/she will go over the area comparable sales and market data to help you best determine what type of offer you should make.  Although your Realtor can make suggestion on his/her opinion, it is ultimately your decision on what to write the offer for.  Be sure to weigh all the factors including whether there are other offers on the table to be competitive with your bid.  Things to consider:

                Amount of deposit

                Amount of offer on home

                Desired settlement date

                Pre-settlement occupancy?

                Seller subsidies desired?

                Contingencies or conditions of sale (ie: inspections by your or bank required inspections,  

                etc)

 

After an offer has been accepted, the closing process begins.  This is where your pre-approval is going to become extremely valuable for you. It will save you extra work in the short days before settlement.  Most settlements occur within 30 – 60 days and some as early as 5 days depending on your contractual agreement.  If all your preapproval is in place for your loan, you should only have to satisfy the lender requirements for the property you chose.  This can include but is not limited to appraisal value, termite and other inspections, and obtaining title and hazard insurance. 

There are other optional, but highly recommended inspections and procedure that you should obtain before the closing as well.  The home inspection is a right that you have in purchasing your new home.  There are a lot of mechanical and structural items that cannot be seen with a casual walk-through.  It is strongly advised that you do not give up your right to this inspection because of the additional cost.  In the long run this could save you thousands of dollars if a problem is found that the seller will need to fix before closing.  After closing, it is highly unlikely that you will have any recourse to recoup the cost if you forgo your home inspection right.  Your Realtor will help you understand all of the contingencies you should ask for regarding your particular transaction. 

You will also want to contact the utility companies.  The seller will be doing this on his/her end as well.  But you must call in advance of settlement to be certain that the utilities are not cut off, but transferred (with the exception of the phone and cable utilities, which the seller must completely disconnect).

Prior to closing, check with the settlement company , lender, or agent to determine what you need to bring to settlement.  Usually, this requires any certified funds for what you are putting down on the home.  

All of this is why obtaining a seasoned Realtor adept at communicating is so important.  The Powers Team works hard to ensure that the details of settlement go as smoothly as possible so that you will know what steps need to be taken by you.  We do this every day and are committed to helping you have a smooth transition to your new home.

More articles:

  • Investing in real estate
  • Why be pre-approved? (Prequalification vs. Pre-approved)
  • How does the settlement process work?
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