8 Key Steps to Closing on a House in Grand Rapids
You’ve searched high and low, and finally found a great house in your price range. Congratulations! We’ve talked previously about how to prepare yourself for negotiations (so you don’t get bullied). But what happens once you agree on a sale price?
Unfortunately, the journey isn’t over. Here’s a quick breakdown of the steps you’ll walk through from offer to closing in Grand Rapids.
1. Escrow
When both parties are represented by a realtor and the house is bought from the MLS, an escrow deposit is expected. This is a good-faith deposit from the buyer, often 1% of the purchase price. This money is deposited with a neutral third party, such as a title company, realtor, or attorney. Continue reading “8 Key Steps to Closing on a House in Grand Rapids”
3 Services You Should Shop Around For When Buying a House
Buying a house can be overwhelming. There are dozens of essential steps, and you will have to hire multiple professionals to complete the process. With all of the details involved, it’s very easy to throw your hands in the air, and just accept whoever your Realtor (or your uncle Bob) recommends.
However, you can lose a lot of money this way!
While they may be suggesting top-notch professionals, it’s hard to know for sure until you shop around a little bit. We are NOT recommending that you automatically choose the cheapest option. However, if you compare and contrast several people in the same industry, it can help you make a great decision about who to work with.
So what companies should you shop around for?
1. Mortgage Companies
There are many, many mortgage companies in Grand Rapids. These vary from small operations to large conglomerates, and include banks, credit unions, and independent organizations. Don’t be afraid to talk to a few, and find the right fit for you! Continue reading “3 Services You Should Shop Around For When Buying a House”
4 Things to Expect from a Title Company in Grand Rapids
Congratulations! It’s time to close on your house! Whether you are buying or selling, this is an exciting time. One of your next steps is to get the agreement to a title company. But what does a title company do in Grand Rapids? What should you expect, and what is with all of those fees?
1. Title Search
First, the title company will do a thorough search of your property’s history. They will look for the chain of ownership, and check the transactions when the house was bought or sold. In addition, the company will make sure that all documents have the proper signatures in place.
If anything is missing, the title company will tell you about it, so you can work to remedy the problem.
They will also check for liens on the property. These could be from back taxes, unpaid contractor bills, or a missing signature on an old document. In Grand Rapids and Kalamazoo, these issues will need to be fixed before you can close on the house. Continue reading “4 Things to Expect from a Title Company in Grand Rapids”