You've been searching high & low for just the right property and now, you've found it. With the help of your Realtor, you figure out what is the best price to offer the sellers, something that is fair but not too low as you can offend a buyer which can cause difficulties when negotiating. A price that you are both satisfied with has been reached and your offer has been accepted...now what???
This is when it is ideal to be organized (and I have a Homebuyer's Checklist that I can pass onto you to assist you in keeping it all straight.) Depending on the property you are looking to purchase, there are a variety of factors that can be required in order to remove the subjects. First, you want to meet with your bank or mortgage broker. This is a key area where you need to get the ball rolling immediately because if you don't get financing, you won't be buying that house.
The next item on the agenda is to get an insurance quote for the property. Often buyers have an insurance company whom they have been dealing with for many years so they just pass on the new information in order to get a quote for costs on their new home. For buyers moving into a new city where they've never lived before, often the seller will allow their insurance information to be passed on so that the new owner can use the same company that insured the property previously. This can be an ideal situation as the insurance company is already aware of the property, home, buildings, etc.
Next you want to start booking your inspections. A home inspection is always recommended. Whether you hire a company that specializes in home inspections or have a relative that works in the industry, it is always good to get a 2nd opinion as it is very easy to miss important items with the excitement surrounding the experience.
If you are purchasing a property in a rural area, you'll want to arrange to have the water and sewer inspected. The water test can consist of quantity and quality and sometimes your mortgage lender may require a water test of some sorts. In regards to the sewage inspection, often when a seller has records of when it has last been pumped, this often suffices most buyers as to how the system is working.
Once you are satisfied with all the inspections, mortgage rates, insurance costs, etc you are ready to release your subjects which in turn, allows the property to officially be sold. Yahoo!! Next week we'll look at the final steps required before you take possession of your new place.
If you are ready to start your house hunting, give me a shout and I would be happy to meet with you to discuss what you are looking for in your new home. On your mark, get set and let the house hunting begin!