Regrets or Mistakes Made After Closing?

Question

Will be closing on my first property this Friday. Would love to hear any regrets, mistakes, tips, or things you wish you knew after closing to help make me a little less nervous. Thanks!

David Wandel · Answer

Just relax. It's almost Friday. Most problems pop up a week before closing. You're past any potential issues with title and underwriting.

Don't forget to have the utilities put in your name. I still forget to do this from time to time and get to the property and have no electricity.

Account Closed · Answer

Closing means everything is signed but it doesn't mean that it is funded and recorded. You have to wait until the check is cashable if you are the seller, or that your loan funded if you are the buyer. It is likely that escrow will verify employment of the borrower and check some other information before they release funds.

Mindy Jensen · Answer

@Peter Deutelmoser, Don't forget to have a final walkthrough. Unless you're tearing it down completely, you want to make sure the condition you SAW it in is the condition it IS in at closing.

Unless you're tearing it down, change the locks immediately after closing. Who knows how many people have had keys to that house before you? If it's tenant occupied, connect with them to let them know you'll be changing the locks and you'd like to give them a new set of keys.

Get homeowners or landlord insurance NOW.

Peter Deutelmoser · Answer

@Evan Polaski Thank you, I appreciate the advice!

Peter Deutelmoser · Answer

@David Wandel Thanks for the tip, I’ll make sure to do that.

Evan Polaski · Answer

@Peter Deutelmoser first, trust your gut that made you go for this property.  The nerves are always high, but everything will be fine.

For me, the issues post close always come in the form of contractor or getting into a rehab (BRRR and flip) and finding more than I thought. Nothing a little money can't get you out of.

Regrets or Mistakes Made After Closing?

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