And then what happens....

Whoohooo let’s move in! NOT! Now comes the appraisal and inspection process. Most lenders require an inspection on the property. You should get this anyway! We had a great inspector that walked us through the whole house and the ins and outs. He checks the shingles outside and some siding and landscaping then went inside and explained the furnace, water heater, water softener, sump pump, etc. I probably looked like a little nerd carrying my notebook taking notes but I wanted to learn! We went through the plumbing, electrical, foundation, and everything! He made notes on every little thing that could be improved. After he prepared his report, he sent it over with all the improvements. We went over this with Brenda, and determined which ones were pressing. We for sure wanted the window to be replaced, plumbing fixed, outlets to code, and furnace checked. We submitted these requests to the home owners and they came back to us with what they agreed to take on. Once you have an accepted purchase and sale agreement, you'll take a copy to your mortgage lender. He or she will be responsible for ordering the appraisal and will order the Title Policy, if this has not already been done by your agent. This will happen after you have seen the results of the home inspection and have indicated that you are prepared to go forward with the purchase.

Your appraisal is then done (without you there) and if he/she determines that the agreed upon price is acceptable for the home’s value,  you can move forward! Did you include an appraisal contingency? Do you have the cash to make up the difference in price values if the appraisal comes in lower than the offer? Those are things to think about. You work on setting a closing date as well. Be sure to watch your spending – don’t go buy all these new items for your home! Wait!! The underwriters on your loan see that as a red flag!

You also schedule a walk through before your closing. The walk through you do with your realtor to be sure the home owner hasn’t decided to go pull out their fireplace or something! It’s a final look around before you call the home, yours!!!

 

Now, closing day!!