After The Offer: From The Home Inspection To The Final Walk Through

By: White Picket Fence Home Buying Institute

So youve found the house of your dreams, and youve already put in an offer to the seller. Almost done right? Not quite. Although it may look like your hard home buying work is behind you, there are still many steps to take before youre home free.

If you are fortunate enough to have your offer accepted immediately, one of the first things you should do is contact your mortgage broker so he/she can begin the mortgage process for your new home. More than likely, your mortgage person should also look into getting an appraisal for your house, as well.Then, youll want to hire an attorney who specializes in real estate, so that he/she can review the purchase and sale agreement for the house and make sure you are well protected financially throughout the closing process.

Next, its time to set up a home inspection. Although a home inspection is not required to close on your house, it is definitely recommended. You wouldnt buy a car without a test drive, so why buy a house without having someone inspect it first? The bit of money it takes for someone to inspect your potential home can save you thousands on what would have been unexpected repairs. Its also important that your contract is made contingent to the home inspection. This way, should the inspector find that the house needs certain repairs, you can negotiate to have these repairs completed before you move in. If the seller is not willing to fix the problems, a lowered purchase price may be in order.

Typically a second deposit is needed after the home inspection and the mortgage process have been initiated. This deposit is usually required 10 days after youve submitted your offer and is usually no more than 5% considerable less if you are in good financial standing. This payment must be made by a bank or certified check.

At this point you should contact your insurance broker to look into insurance for your new home. Many lenders will require you to pay up to a years insurance premium upfront. Your insurance broker should be able to answer any inquires you have regarding home owners insurance, such as how much it would cost to have your property covered and to what extent of coverage you should purchase. Meanwhile, your lender will be looking into a title search, a survey of the property, and the title insurance.
Remaining attentive to all details in the process is important. Such things as contacting a moving company, having the houses utilities switched over to your name, and constantly checking in on your funds for the actual closing are all smaller issues that should be taken care of to insure a smooth finish to your home buying process. After this is all taken care of, you can set up a final walkthrough, as well as the date and time you and the seller intend to close the deal. Once the deal is done your home buying process can come to an end, and the home owning lifestyle can begin.

The preceding information has been provided by the White Picket Fence Home Buying Institute. For more home buying help, visit goo.gl/d1fo9.

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Article Originally Published On: http://www.articlesnatch.com

Tags: homebuying

, homeowning

, homebuyer

, homeowner

, real estate

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