Be cautious as new homeowner

First, you will get lots of coupons and offers in the mail. Marketing companies watch the county records for new homeowners and your “change of address” form with the post office is also a trigger telling companies you’ve moved and you may need to buy stuff. Chances are you held off purchasing new furniture, etc. until after closing. But keep in mind that even if you want to buy things ahead of closing, it doesn’t hurt to ask the merchant if they have a discount for new homebuyers. Many do, particularly furniture companies, and sometimes they’ll give you the discount even before you close.

Keep in mind also that you will notice things about your home that you did not notice before closing. Perhaps a ding on the countertop, scratches on the floor, chipped paint, that sort of thing. This is regular and normal for the most part. Sometimes it isn’t.

There may be things wrong with the home you didn’t know about or your inspector didn’t catch. Maybe the problem developed after the inspection and wasn’t noticeable during your walkthrough. Know that this is normal. Things like this are rarely worth suing over unless you think there’s been fraud. The best approach is to be as diligent as you can and budget for some unforeseen circumstances — and above all, remember that “perfection” doesn’t exist (although some homes come close).

Perhaps at the closing table you exchanged contact information with the home seller. If both parties are open to it, then the information is exchanged; if not, the Realtors can help facilitate communication after closing if necessary. Perhaps you as a buyer find something the seller left behind, or have received mail that needs to be forwarded, or have questions about those things you did not notice prior to closing.

But there’s another reason you might wish to contact the seller. At the closing table, the attorney likely told you that if the property tax bill changed after closing such that the proration on the statement was inaccurate, then the parties should arrange a re-accounting amongst themselves if appropriate. Personally I’ve never seen that happen, but it could; know that if the tax bill you receive is significantly higher than a previous proration on the closing statement, that it is appropriate to contact the seller for a re-accounting.

Now here is a tip that we often forget to tell buyers – but it’s important. You’ll get solicitations from companies that offer to send you a copy of your deed for a price – (prices I’ve seen range everywhere from $25 to $75). These solicitations look “official” and give the impression that the only way you can get a copy of your deed is to pay that company to send you a copy — NOT SO. The county will send you a stamped-filed deed after your closing for FREE and your Realtor can always pull your deed from the online records and send it to you at no cost. There is no need to pay a third party company to send you a copy of your deed — hang on, it is coming your way for free.

But that is not the worst “official looking” correspondence you will get. You may also get letters asking you to pay to file a homestead exemption form; again, you don’t have to pay. The forms are free on the county websites and you can file for free. (The homestead exemption gives you a break in property taxes if you live in and occupy your home).

You may also get correspondence from companies that want to split your mortgage payments into payments every two weeks rather than monthly. If you want to prepay your mortgage, you can do that without the help of a third party who wants to charge you to help.

If you get a notification that your loan has been sold and you should send your payments to a new lender, CALL your current lender before believing a document sent by mail. The name of your mortgage company is easily available in public records, so a scammer can write you an “official looking” notice purporting to be from your lender that is in no way official.

So, keeping in mind these tips, reminders and warnings, enjoy your new home.