Step 5. You Have a Contract on a Home – Congratulations!!! (Loan App & Inspection)

This is such an exciting time. Congratulations on getting a contract on a home! There are a few steps to this process but it is relatively simple.

  1. Your team member will be sending a copy of your contract to your lender.
    • This starts the loan application process
  2. You will need to get with your lender either online or in person and sign the loan application documents.

The next step is your team member will be scheduling a home inspection for you. You want to know all you can about the home to be sure you are not inheriting any major problems and are aware of the home’s condition and systems.

Its best for you to attend the inspection – at least at the very end. But if you cannot attend, your team member will attend for you along with the inspector.

The inspector will be checking out: the furnace, the water heater, all the appliances, the electrical, plumbing, the insulation, the roof condition or any condition issues that may represent future issues or repairs for you.

After the inspection your team member will put in writing, what items you want repaired. It is a point of negotiation, but in most cases the home sellers will fix broken things.

You should know you can purchase or ask the seller to purchase a home warranty for you that covers all the major systems for up to 1 year after closing for just a $65 deductible.

Plan on paying the inspector by credit card or check at the time of the service. The inspections typically cost about $300, but if you want to have the inspector check for Radon (a natural gas that emminates from granite decomposing) or check the Sewer line that could add a few hundred dollars to your inspection. We do not typically check for termites in this climate.

If you are buying a home with a well and septic there should be 1 or 2 additional inspections including a bacteria test on the well water – especially if you are getting VA or FHA financing.

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Barb Schlinker, Listing Agent

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