It’s easy to underestimate just how much preparation and work is involved in Buying a home in the Iowa City area. This 7 part series covers a lot of ground, and yet it’s still just a broad outline of the home buying process. One point it does illustrate very well is how important it is to choose the right agent when you’re buying a home. She’ll be the one who makes the home buying process a smooth and easy experience and not one of those nightmare scenarios you’ve heard your friends talk about!
The Final Steps Prior to Closing on Your New Home
Reviewing the Closing Disclosure
Prior to closing buyers will get a Closing Disclosure from the lender showing exactly how the proceeds of the sale will be distributed. It will show the closing costs and they should be very much in line with the costs shown on the GFE, (Good Faith Estimate), you received when you first spoke to the lender. It will also show how much the check needs to be for that you bring to closing. (It may need to be in the form of a Cashier’s Check, the lender will let you know if that’s the case).
The Final Walk Through
The very last thing buyers do before closing is the final walk through of the home. Sometimes this happens directly before closing. More often, it happens the day before. That way if anything does come up the seller still has time to do something about it before closing the next day. For the record, we’re not talking major problems here. The most common thing to come up at a final walk through is that the sellers have left trash in the garage – Not what you’d call a deal breaker, just stressed out sellers who leave stuff behind!
What Happens on the Day of Closing
The day of closing is huge for you as a buyer since it’s the day all the documents are signed and you get the keys to your new home. 
It’s a surprisingly simple occasion considering how big a deal it is. All you need to do is show up at the closing location, which may be the Attorney’s office or the Lenders office with check in hand. This is when you get to sign the HUD Statement, the Home Loan Documents and the Mortgage Agreement. Not to mention an array of disclosure statements and other papers required by the lender. You will need to limber up your writing hand that day as there are a lot of documents to sign!
That’s it. Once you’re done signing documents the seller will sign the warranty deed to transfer the property along with a few other documents. In a transient town like Iowa City it’s not unusual for sellers not to be at closing at all. Sometimes the listing agent will have those documents signed prior to closing and bring them to give to the lender at closing. (Remember, the deal is that you give the seller x amount for the home and they give you clean title in the form of a warranty deed. And all of this happens at closing).
The entire process takes about 45 minutes and when you’re done you get the keys and the garage door opener and you’re on your way!
7 posts later you can see that there’s a lot more to buying a home in the Iowa City area than picking out a house and writing an offer on it. I’m hoping the one big take away for you as a buyer from this series is to recognize the benefits of personal representation when you buy a home in Iowa City. This is true if you already live in Iowa City and know the area and it’s especially true if you’re relocating to Iowa City and need some extra help. It really doesn’t matter what your circumstances are. A (good) buyer’s agent will be of enormous benefit to you with advice and guidance throughout the home buying process. You can’t put a price on peace of mind!
