Ryan Arlia's blog

Concluding a Property Purchase

Step Five: Inspection and Insurance
Alright, once your offer is accepted you now have a bit of work to perform. You will have to run all sorts of inspections like building quality, radon, insect, title, etc. This is where some problems can arise like radon gas in the home, a leaky roof, or termite damage. After all of this, you need to arrange for homeowners insurance and finalize the mortgage.

The Final Step
It's not over yet, make sure all the required paperwork is done. If the title work, mortgage, homeowners insurance, and other items required under state and local laws are not completed, the closing may not happen on time. Then depending on the restrictions of the contract, fines or loss to the rights of the home may result.
After all of this, the house is yours. Now would be a great time for renovations and fixing up the place, especially if you plan on investing labor into the property just to resell it; and if your moving in, your stuff won't be in the way for the renovations.

Question and Answer
Q: Can you save on closing costs?

A: Yes! Closing costs are said to be about 2-3% of the price of the house. So hassle the seller to get the best deal possible. Try to get a no-point loan. Even with the higher interest rates, it will still reduce your closing costs. There are lots of loans out there, the idea is to find the best one that suits you.