The lender will hire an appraiser to place a value on the property before approving your loan.
Earnest Money Deposit (EMD):
A good faith deposit the buyer makes with an offer to show that you are serious about buying the property. In exchange, the seller agrees to stop marketing the property.
An expert conducts a formal review of the property to find visible issues that need to be repaired. You can make your offer contingent on an inspection or conduct a pre-offer inspection to make your offer stronger.
You can make your offer contingent on a home inspection. If the inspection uncovers issues, we can determine the best way to move forward.
The loan officer represents a financial institution and provides a loan to the buyer.
A pre-offer inspection is an inspection of the home before you make an offer. It is a way to make your offer stronger in a competitive market.
You can seek outside legal counsel on the contract. In our area, most buyers don’t hire their own legal counsel, however, you are always welcome to do so.
The settlement company, also called a title company, ensures the contract is fair to all parties and manages the money throughout the procesas. Working with your agent, the buyer hires the settlement company, which is paid through the closing costs.
Tests like radon and termites require separate contingencies in your offer. Your agent can walk you through your options.
The buyer reviews the house just before closing to make sure everything is in the same condition and that all home inspection items are fixed.