Jeff’s Carlsbad Blog for First Time Home Buyers

What Happens After the Due Diligence Period?

Posted in General Information,The purchase process by Jeff Dowler on December 28, 2007

In the process of purchasing Carlsbad real estate (or elsewhere here in California), the period once you have completed the due diligence may seem a bit of a letdown. After all, you’ve been through all the anxiety of:

  • finding the right home
  • putting in an offer
  • negotiating the final purchase price
  • getting the offer accepted
  • wading through all the disclosures
  • worrying about getting your loan commitment…then getting it
Read Part 1 on How to Make an Offer

Read Part 2 on After the Offer Comes the Negotiations

Read Part 3 on What to Expect After My Offer has Been Accepted (the due diligence period)

Read Part 4 on Your Carlsbad Home Loan Commitment

Whew, now THAT’S over. So what happens after the due diligence period?

This will be somewhat of a quieter time for you. But there is still lots to do.

ONE: You need to being planning your move (how are you going to move? If with a mover you need to get estimates and pick the right vendor). And you probably should start packing the personal stuff you don’t need. If you are having a mover pack for you, that can make your job a little easier, but if not you will want to start packing as it can take quite a while.

TWO: Check into the utilities for your new house – gas and electric. You will need to set up accounts IN YOUR NAME and have them plan to start the new accounts on the day of closing (when you take possession). Allow some time for this, it often cannot happen over night.

THREE: Check into cable and telephone services. They often need a week or sometimes more to set things up, and may need to come out to the house. Need more telephone jacks or a cable installed? Again, plan ahead. Some folks are just using their cell phones and not having new phone service installed.
FOUR: Pay your home owner’s insurance policy for 1 year starting from the closing date and make sure the escrow company gets a copy of the binder (receipt) showing you are paid in full. You cannot close without this, at least if you are financing the purchase.

FIVE: There may be some conditions you will still have to meet according to the mortgage lender (see your loan commitment). These may not need to be met until the day of closing but it depends. Make sure you understand what is required and take care of it.

SIX: Don’t forget to take care of all the mail forwarding – notify the post office (you can do this on-line). And notify your magazine subscriptions of your new address in plenty of time.

Congratulations. You are almost there!


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