Iowa City Real Estate Blog: Buying a Home in Iowa City: Step 6: Preparing to Close on Your New Home

Buying a Home in Iowa City: Step 6: Preparing to Close on your home

This is part 6 in a 7 part series that gives a detailed look at how the home buying process works when you buy a home in the Iowa City area. I've included links to the other parts at the end of this post.

What happens in this phase is that things slow down dramatically. After the whirlwind of finding the right home, making an offer and getting past the inspection process, you finally have time to wind down a bit.

This is the time when the Bank and Title Company are called into action to take care of title work and financing. It's my job is to watch the time line and make sure all the players in the transaction are moving in the right direction. If someone drops the ball it's up to me to give them a nudge and get them back with the program and on the way to a timely close.

While this is happening there are just a couple of things for you to take care of. The first is to talk to your lender to ensure they have everything they need to process the loan. One thing they will want for sure is that you arrange for home owners insurance. This is really important - You won't get a home loan without having your home insurance in place for the day of closing. Just a heads up that it's worth comparison shopping home insurance. The price variances with different insurance companies is quite amazing!

Scheduling the utilities to start in your new home is pretty much the last thing you need to do before closing. This can be done about a week before the date you're scheduled to close. Here in Iowa City it is typical to take possession on the same day you sign the loan documents, so the utilities should be switched to your name for that date too.

If you're like me and absolutely cannot move without having internet access, then you may need to call the cable or telephone company sooner at busy times of the year to ensure they can fulfill your request.

That just about covers what we need to be doing as we prepare to close on your new home. There are still the obvious things like scheduling a moving truck and changing your address at the post office, but other than that you're almost done...All you need to do now is sit and wait for the closing date to roll around...We still need to do the final walkthrough and talk about the HUD Statement - I'm saving them for part 7 - Closing on Your Home.

If you're a first time home buyer, just a reminder that it's mid-September and you have 73 days and counting until the first time home buyer tax credit expires. It may be extended, it may not - I don't know and I'm not going to add to the speculation. I can tell you what I do know - Home prices in the Fall are usually lower than in the Spring. Interest rates are at or around a very low 5.00% right now. Those two together are already reason enough to buy a home now. And then there's the $8000 dollar tax credit - It looks like a winning situation all round, don't you think?

Not quite there yet? Give me a call, or drop me an email. I'd love to help you figure out the best plan of action for you.

Buying a home in Iowa City: Links to the previous 5 Steps:

Step 1: getting pre-approved for a home loan
Step 2: choosing the right area to live
Step 3: Finding the Right Home
Step 4: Making an Offer
Step 5: Home Inspections and Repairs