The process of finding the ideal house can sometimes be compared to finding your soul mate, it is hard and at times time-consuming, but once you get the house you have always wanted, it is always one of the best times because it is one heavy investment. Most of the times, one goes ahead to get a loan approval in order to make a good offer through the tedious process of negotiating on the price, but once you have signed the sales contract, the major hurdle is seen to be over, but unfortunately, that is not the case. A lot has to be done in order to seal the contract for good and that is what we are going to look into, “ what happen’s next?”

Property inspection

Once you have the sales contract at hand, you definitely have to start on the inspection. Ensure you know the period of inspection and have it completed within the timeframe. There are several types of inspections that you may need to schedule. These include:

• HVAC inspection
• Septic inspection
• Pest inspection
• Radon inspection
• Standard home inspection
• Mold inspection

Discuss your inspection needs with your realtor and make sure that you have resolved all issues pertaining any inspection within the time period set.

Documentation of the lender

Communicate with your mortgage lender once you have executed the sales contract about the mortgage process. Be ready to provide all the necessary documentations during this process. If you can provide the requested documentations in time, you will minimise the time to complete this process. Always check with your lender from time to time as its possible that they may not update you regarding the process. If your lender does not complete the loan process fast, you will expose yourself to a breach of contract by not closing on time.

Title commitment

This stage is handled by the Title company which issues the title commitment, that reviews the history of the property and discloses any skeletons that are related to the property. Review the title commitment and ask our attorney to advise accordingly in case you see something that concerns you. Be cautious in the reviewing process before going to the next step.

Appraisal

Once you have completed the inspection process, your lender will initiate a home appraisal to verify that the value of your house is worth the loan amount you seek. In some states, the appraisal takes 10 days to complete starting from the date it was ordered. This, therefore, hinges on the time your lender orders for the appraisal. You are going to cover the cost of the appraisal, this is done way faster once you finalise on the home inspection.

Insurance and warranties

You will be required by your lender to have a Home Owner’s Insurance Policy on the purchased property. You will need to look around and select a homeowners insurance provider that works for you. Once you have this in place, your lender, realtor and the title company should be made aware.

Some sellers will also want you to choose a home warranty. If you buy a home warranty, find the best company that suits your needs.

 

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EdConstable.com Team
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