INSPECTION

One of the most crucial steps in buying a home is performing an inspection. The buyers elect to do this if they so choose. The buyer’s agent will set up a day & time that works for them to have the inspector perform a full inspection of the home. It is best for the seller not be present during this time, but is recommended that the buyer is if they have questions along the way. It should take anywhere between 1-5 hours, depending on the size of the home, the inspector, & how many inspections the buyer is requesting. After the inspection, the buyers agent will send an inspection objection requesting specific repairs or replacements to be made, if needed. At this time, the seller can decide which items they agree to fix, repair, or replace (if any) on the inspection resolution. Remember, inspection items should be left to things that affect health and safety. Asking to have the house painted blue is not an inspection item!

APPRAISAL

An appraisal will be required by the lender if the buyer is obtaining a loan. The appraisal is to determine at which amount the bank will provide a loan. It is the sellers agents responsibility to meet the appriser at the home to show where they came up with the listing price. This can be explained by providing a list of comparable properties that sold of a similar amount, a list of showings & offers that were received, a list of recent upgrades or modifications, etc. The appraisal could come in low, high, or at value. We will guide you through the process if the appraisal comes in low.

LOAN MONITORING

By the loan termination deadline date, the loan needs to be satisfactory in the buyer’s subjective discretion. Specifically, “contract is conditional upon buyer determining, in buyer’s subjective discretion, that the availability, terms, conditions, and cost of such new loan are satisfactory to buyer.” By that date, if the buyer does not approve of the loan, they must deliver “written notice to seller to terminate the contract.”