Offer was accepted on duplex!!! What should I get in place?

Question

So I got my offer accepted and now next is inspections... There is currently a PM in place and they were in the process of evicting a tenant. What should or could I do to prepare for and after closing??? maybe ask the PM for the lease in place? maybe ask for a statement of expenses? can I even ask for that stuff? what about bank account should I open up on NOW or wait till after closing? Let me know what you guys think I should get in place ahead of time.

Anthony Lee · Answer

@Jonathan Perez An independent insurance agent will definitley be able to get you the right policy for the right price.

Kevin Siedlecki · Answer

@Jonathan Perez - yes the insurance that the bank is getting you is probably way overpriced. Good luck!

Jonathan Perez · Answer

@Kevin Siedlecki You're right about "walking into the middle" of an eviction. Doesn't sound fun at all. I'm going to ask the PM about that for sure. And as far as insurance it's included in the mortgage but I am going to see if I can get quotes for something better, Also need to find a good lawyer.

Kevin Siedlecki · Answer

@Jonathan Perez - you can definitely ask for all of that stuff, and should get those things. I would also stipulate that the eviction has to be complete before closing. That's just something you don't need to walk into the middle of, especially in PM is doing it.

Just a general checklist since you didn't mention this stuff:

Keep your lawyer in the loop once your offer is accepted. You'll need title search and other closing services performed that are time sensitive.

Get in touch with an insurance agent. It will have to be insured immediately upon closing.

If you are getting financing, get your stuff together. That's going to be 2 years worth of tax returns, at least your last 2 paychecks, proof of funds for purchase and reserves, and bank statements for any accounts you will be taking money from for the purchase.

Hopefully that helps!