Following a Buyer, Part 3 (Suvir & Pragya)
The Last Mile
Part 2 was about the weeks when nothing seems to happen, which is exactly what you want. The last week before closing is different. It's short, it's full of small jobs, and every one of them has a deadline. None of it is hard. All of it matters.
Making sure the numbers match
A few days before closing, two documents arrive that should tell the same story. The lender sends the Closing Disclosure, which sets out the loan and every cost attached to it. The closing attorney sends the settlement statement, which shows where every dollar goes on the day.
Your lender is the right person to walk you through the Closing Disclosure. It's their document, and they can explain every line of it. Small changes between the first version and closing day are normal: things like daily interest, tax and HOA prorations or recording fees get updated as the date gets closer, and the lender may issue a revised one. What matters is that the
final cash-to-close figures agree.
My one rule: don't wire a penny until your lender has confirmed the attorney's figure matches theirs. If they don't match, one of them needs updating, and it's far easier to fix before the money moves than after.
The Wire
Wire fraud targets real estate closings because there's a lot of money and a deadline. Criminals send fake wiring instructions that look exactly like the real ones, and money sent to the wrong account is usually gone for good.
So, before sending anything:
- Call the attorney's office and confirm the instructions out loud, using a phone number you already had, never one from the email with the instructions in it.
- Treat any change to the wiring instructions as fraud until you've confirmed it by phone.
- Send it one or two days before closing, once the lender has confirmed the numbers match. Wires take time, and closing day is not the day to find that out.
Utilities, and a small surprise
Utilities should be in your name from closing day. Suvir and Pragya set up internet, water and trash early, and one detail caught them out: the water company wanted proof of residency at an address they didn't live at yet. A phone bill did the job.
My tip for the internet: book the installation for moving day, a few hours after your closing time. Closings can start late, and you don't want an installer waiting outside a house you don't own yet.
A $25 precaution
The inspection flagged a leak at one of the bathroom sinks. The sellers have been very conscientious about it. They've checked it several times and can't see any sign of it leaking.
We'll check it again at the final walkthrough to make sure it hasn't leaked. Beyond that, I suggested one precaution for after they move in, in case it magically starts again. (Every time I think about a leak coming back on its own, I picture Mickey Mouse and the enchanted brooms in The Sorcerer's Apprentice. I'm dating myself.) It's a
water leak alarm, about $25 from Home Depot or Lowe's. It sits on the floor under the sink and screams if it gets wet, so a drip gets noticed in minutes, not after it has soaked into the cabinet and the floor.
WHAT I'D TAKE FROM THIS
Where things stand
- Loan: Closing Disclosure in; lender confirming the final figures.
- Insurance and utilities: in place.
- Next: the final walkthrough, then closing.
What I'd take from this
- Let your lender walk you through the Closing Disclosure, and have them confirm it matches the attorney's figures before you wire.
- Verify every wire by phone. Every time.
- Send the wire one or two days before closing, not the morning of.
- Set up utilities early, and book the internet for a few hours after closing.
- A $25 leak alarm under any sink that has ever leaked is the cheapest peace of mind in the house.
Next time
The final walkthrough, closing day, and the keys.
Buying this winter or next spring?
Get in touch. The best time to start the conversation is before you need it.
