Congratulations! Your offer has been accepted, and you’re officially on your way to owning a beautiful home in New Hampshire’s Lakes Region. But before you get the keys, there are crucial steps to complete. Here’s your guide to navigating inspections, escrow, financing, and a few important “don’ts” that will keep your path to closing as smooth as the waters of Lake Winnipesaukee!

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Step 1: Schedule the Home Inspection – The Foundation of a Smart Purchase

Why the Inspection Comes First
The inspection is your first chance to look beneath the surface of the property and uncover any potential issues. Completing this early on helps you make informed decisions about repairs or adjustments before you move forward with the loan. It’s better to discover any surprises now so you can decide how to handle them—without risking delays to the closing process.

Choose a Local Inspector
A thorough inspection reveals the property’s true condition and highlights any immediate repair needs. Look for inspectors familiar with Lakes Region homes who understand the unique impacts of seasonal weather and lakeside moisture. They’ll be best equipped to spot issues specific to this area.

Attend the Inspection if You Can
Being present gives you firsthand knowledge of the property’s strengths and any areas that might need attention. You can ask questions, see potential issues up close, and make informed decisions about how to proceed.

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Important Note: You Pay for the Inspection (Just Like the Appraisal)

When buying a home, just like you’re responsible for covering the cost of the appraisal, the home inspection fee also falls on you, the buyer. This is an investment in understanding the true condition of your potential new home and should be handled with care.

Why Keep the Report Private from the Seller and Their Agent?
The inspection report is for your benefit, so it’s best to keep it private between you and your agent. Sharing it with the seller or their agent could weaken your negotiation power. If any issues arise, you can negotiate repairs, request a credit, or adjust your offer—but you're in full control with the information in your hands. Revealing details of the report could inadvertently give the seller leverage to counter your requests.

But Share It with Your Agent!
Your agent is your advocate in the transaction. Sharing the inspection report with them means you’ll benefit from their guidance and expertise as you decide on any next steps. From there, you and your agent can strategize on repairs, credits, or other adjustments to protect your best interests in the purchase.

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Step 2: Reviewing Inspection Results and Negotiating Repairs

Analyze the Inspection Report
Once the inspection report is in, go over it with your agent. Some findings are common and easy to fix, while others may require more attention.

Request Repairs or a Credit
Based on the report, you may want to negotiate with the seller for repairs or a credit at closing. Addressing significant issues now will help ensure a smooth transition once you own the home.

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Step 3: Entering Escrow and Making Your Earnest Money Deposit

Escrow Basics
Escrow is a secure holding area for funds, documents, and earnest money deposits. A neutral third party (usually a title company or attorney) oversees the transaction, ensuring both parties meet all terms before closing.

Protecting Your Deposit
This “good faith” deposit is now held securely in escrow. The funds are only released according to the terms of your purchase agreement, giving you peace of mind as you move forward.

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Step 4: Locking in Your Financing (and Avoiding Major Financial Changes)

Complete the Mortgage Application
Now that the inspection and repair negotiations are complete, it’s time to finalize your mortgage. Promptly submit any documentation requests—such as tax returns, pay stubs, and bank statements—to keep the process moving.

Avoid New Purchases or Job Changes
Hold off on big purchases, like furniture, cars, or appliances, and avoid changing jobs if possible. Lenders watch your credit closely until closing; even small changes can delay or jeopardize your loan approval.

Lock Your Interest Rate
Securing your interest rate now protects you from market fluctuations and keeps your payments predictable.

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Step 5: Navigating the Appraisal Process

Understanding the Appraisal
An appraisal confirms the home’s market value for the lender, ensuring it aligns with the amount they’re financing. Appraisers assess comparable sales, property condition, and location.

Handling Low Appraisals
If the appraisal comes in below the purchase price, don’t panic—there are options. You may renegotiate with the seller, appeal the appraisal, or in some cases, cover the difference. Discuss all this with your Realtor; that's yet another part of our skill arsenal.

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Step 6: Securing Home Insurance – Protecting Your Investment

Choose Comprehensive Coverage
Given the Lakes Region’s unique weather and geography, ensure your policy covers snow, ice, and storm-related incidents. Your lender will require proof of insurance before closing.

Submit Proof of Insurance
Once you’ve selected a policy, your provider can send the details to your lender to keep everything on track.

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Step 7: Reviewing the Closing Disclosure

Check for Any Surprises
The Closing Disclosure outlines all final costs and is sent to you at least three days before closing. Review it thoroughly, comparing it to earlier estimates. Any discrepancies? Let’s resolve them now to avoid last-minute hurdles.

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Step 8: Final Walkthrough – One Last Look

Ensure the Property Is Ready for You
The final walkthrough lets you confirm that all repairs are complete and that the home is in the agreed-upon condition. This last check-up means you can close with peace of mind!

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Step 9: Closing Day – It’s Time to Sign!

Bring Your Essentials
Come with a valid ID, a certified or cashier’s check for any remaining closing costs, and any other requested paperwork. With all documents signed, the home is officially yours!

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Step 10: Moving In and Celebrating

Take a Moment to Soak It All In
Congratulations! You’re now the proud owner of a Lakes Region home. Celebrate this big milestone, and get ready for everything the area offers—from lakefront views to winter wonderlands.

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My Final Words...

The journey from offer acceptance to closing day is an exciting one! By following these steps and staying proactive, you’re setting yourself up for success and ensuring a smooth transition into your new Lakes Region home. Enjoy the process, and welcome to the neighborhood!