Death in the family, illness, loss of a job, or divorce can take a great toll on our daily lives and finances. If tragedy strikes and you are unable to afford your monthly mortgage payments and find yourself falling behind, you may be able to modify your home loan to catch up and avoid foreclosure.
What to Consider Beyond the Inspection
You have found the perfect home, got pre-approved for a Kansas City home loan, and got the home inspected. Despite how close you are to getting your dream home, you’re not quite there yet. There are several things you need to check off your list after you’ve had the home inspected.
Home Owner’s Insurance
Now that you’ve purchased the home, you will need to get homeowners insurance. Homeowners insurance helps protect your home in case it is damaged. Check with the seller to see if they are offering an allowance so you can purchase a home warranty, which will cover the costs of repairs should something break down after you’ve moved in. Doing so can save you a lot of money.
If the home needed repairs, it’s a good idea to go through the house again and confirm that all the repairs the sellers said they were going to do are completed. You don’t want to move into your new home and discover that something was missed.
Schedule Closing Date
Now that you put an offer on the home, it is up to you to schedule the closing date. The date can be tentative when you first make the offer, but it is usually determinate on how long it takes for the title company to deliver a clear title and title insurance. If the closing date isn’t made by the time you initially scheduled it, you have around 30 days to close. If not, you and the seller can determine a new closing date. If not, either party can cancel the sale.
Get Utilities Transferred to Your Name
After you’ve scheduled a closing date, it’s time to turn on the home’s utilities and get them transferred to your name. Utilities include:
That way, on the day of closing, both you and the buyer can ensure that services are not interrupted. Just make sure that the seller knows when you will be turning on the home’s utilities so if something does fall through, the seller isn’t left with a home without power. This courtesy is especially important if the sale is happening in the cold of winter.