Step 10:

Closing

 

Congratulations!

 

You Have successfully made it through the HUD process and now it's time to close on the home.

 

The next step is to make sure your Buyer Select Closing Agent Company has been in contact with the Asset Manager to coordinate necessary documents, schedule closing and for you to coordinate funds necessary to complete the transaction at closing. You will need to speak with your Buyer Select Closing Agent for the required wire transfer for funds to close.

 

You will then want to schedule a walk through of the property. The walk through is a process for you to visually inspect the property before closing to make sure the property is still in the same condition since contract ratification and inspections.

 

If during the Walk Through, you notice any damage or vandalism, then you will want to alert the Asset Manager immediately. If damage or vandalism has occurred, HUD and the Asset Manager will determine the remedy which can vary from selling the home AS IS, offering a minimum replacement cost or canceling the contract. 

 

Once the walk through is completed and satisfactory, then you will proceed to the scheduled closing appointment. 

 

You will need to schedule to have the locks changed or rekeyed. You WILL NOT receive HUD keys at the closing table. HUD keys are property of HUD and do not convey with the property. 

 

You have now successfully completed the closing and achieved homeownership!

 

 

© 2020 by Native American Group LLC t/a Better Homes and Gardens Real Estate Native American Group.

A licensed real estate firm in the states of VA/NC

 

 

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