A Beginner’s Guide To Closing On Your First Knoxville Home
Buying your first Knoxville home is an exciting experience. There is, however, quite a bit that needs to get done in order to get to the closing table.
To help prepare you for all that needs to be done for a successful, smooth clothing, here is a beginner’s guide to closing on your first Knoxville home.
Make Arrangements For Closing Funds
In a vast majority of cases, when you buy your first Knoxville home, you will either be required to wire the funds to the title company or required to get a cashier’s check.
If you currently live in Knoxville, this might not be a major issue because you already have a local bank. Still, it’s good to know the requirements for closing funds in advance so that you’re not scrambling the day of closing to get to the bank.
If you live out of town and are moving to Knoxville, be sure and see if there is a local branch of who you currently bank with. If not, be sure to speak with them about your options for getting funds for closing. You may be required to set up the wire or get the check before you leave town because some banks require you to physically be there. It’s best to know this sooner rather than later.
As far as your final number for closing, you should have this a few days prior to closing. If you need to get your check earlier, it’s usually advised that you get your number based on your good faith estimate and add $500 or so as a cushion, any overage a check can be cut back to you at closing.
Take The Day Off Of Work
Depending on the flexibility you have at work, it can be helpful to take your closing day off of work. Or, at least try to take the afternoon or morning off to give yourself the time.
There’s more to closing on your first Knoxville home than just signing off on a stack of paperwork. You’ll most likely to a final walk through with your realtor, need to run to the bank, and want to set up utilities the day of closing. It can be helpful to have the time to take care of these things.
Also, if for some reason something goes wrong or gets delayed, it can be helpful to not have to worry about work.
Take Care Of Any Last Minute Details
Be sure to touch base with your loan officer and see if there are any additional items they need from your prior to closing or at closing. You don’t want to get too caught up in the last bit of chaos that comes with moving into a new home, only to forget something critical.
In addition, it can be important to touch base with your realtor, movers, and utility companies to square away any last minute details that need to be dealt with prior to closing.
Bottom Line – Be Prepared
A successful closing is the culmination of careful planning and anticipation. It’s important you take care of any essential details and ask any important questions prior to closing. It will make all the difference when it comes to closing on your first Knoxville home.
Are you thinking about buying your first Knoxville home? Please let us know if there is anyway that Knoxville Home Team can assist you in your home search. You can contact Rick at 865-696-9002 or via email at [email protected]. Or, you can contact Kati at 865-392-5880 or via email at [email protected]. Also, be sure to check out our Knoxville Home Search Page.