| This article looks at what happens after the auction | | | | title company to ask for this information and do not |
| and you have signed the purchase agreement on your | | | | close until you have a letter from them. |
| new foreclosure investment property. There are some | | | | Make you take out home owner's insurance. Your |
| things you need to remember at this point and they | | | | mortgage company, if you are using one will require |
| are listed here. | | | | you to have set up this insurance anyway before |
| The first thing you should do is a few days before the | | | | closing on the property. Just get a 1 year policy and |
| closing date, is to review the closing papers. The title | | | | bring the receipt to the closing, you can always shop |
| company should be able to provide you with this | | | | around for a better deal later, the important thing is to |
| documentation. The next thing to do is to make sure | | | | have coverage. You can reduce the cost of this |
| there are no outstanding utilities bills attached to the | | | | insurance if you increase the deductible you are liable |
| property. Call each utility company and request any | | | | for before any payment is made to you. You can also |
| outstanding balances. It is important to tell the | | | | consider insuring the property for the price you paid for |
| companies what date you plan to take ownership of | | | | it rather than the value it is estimated as having on the |
| the property to avoid paying for utilities that you did not | | | | open market. |
| use. Often, the water bill is attached to the house and | | | | Get the utilities transferred to your name. Get this done |
| sometimes included in the property taxes. Make sure | | | | as soon as you can after the closing date. Call the title |
| the vendor pays the water bill prior to the closing date | | | | company and get them to send you a copy of the |
| to avoid a potentially big water bill upon closure. | | | | recorded deed. It will be date and time stamped and |
| It is also a good idea just before closing to have a look | | | | have the recoding information. The official recording of |
| inside the property to ensure all is as it should be. | | | | the deed may take a few weeks but this copy is |
| Ideally you have a relationship with the vendor and | | | | good to have in the meantime. In some cases this |
| they will be happy for you to quickly check the | | | | information is available online. |
| condition of the property. If you can't get access then | | | | Finally, make sure you obtain keys to the property and |
| you should seriously consider stopping the completion | | | | you are all done. Congratulations you have completed |
| until such time as you can have pre-closing access. | | | | the process and are now in possession of a |
| It is very important that you verify the title insurance. | | | | foreclosure investment property. Hopefully this article |
| This protects you from unexpected claims on the | | | | has provided some useful tips as you move to closure |
| property immediately after closure. You should call the | | | | on your new investment property. |