Buying Your First Home – Part 2 of 2
Once your offer is accepted, the next step is to have your home inspection and pest inspection.
- Your Realtor® will be able to provide you with names of companies that can do these inspections.
- Make certain that you read the contracts and understand what each inspector is looking for. For example, a home inspector will be looking for material defects in a home. However, they may not be able to determine if there is a leaking pipe within a wall or under the foundation, or if there might be a problem with the air conditioner a month after you close.
What happens at the inspection?
- The home inspector will turn on the oven and the cook top, run the dishwasher, run the washer and dryer, if they are supplied. He will turn on the heat and air conditioning.
- The inspector will go into the attic and up on the roof. He will take pictures and document anything that might be out of the ordinary.
- The pest inspector will check for termite damage. He will also check for any evidence of a rodent problem.
- Once you receive these reports back, you and your Realtor® may ask for seller concessions for any repairs necessary based on these reports.
If you are financing, the mortgage originator will appoint an appraiser to assess the value of the home.
- The appraisal will evaluate similar homes that have recently sold to determine a median price range for your home. Adjustments will be made for any upgrades or downgrades, such as number of bedrooms and bathrooms.
- The appraiser will then prepare a report of what their opinion is regarding the price of the home.
- Your bank will also require you to have a survey done to determine the property lines and if there are any encroachments on the property
Once all the inspections and appraisals are finished and neither the buyer or the seller has revoked the contract, comes the big day of closing.
- This can be a very tense time, if you are a first-time home buyer. You may ask yourself, “Am I really making the right decision?”, and a myriad of other questions. This is completely normal. Buying a home is one of the biggest decisions you will make in your lifetime.
- Your Realtor® and the closing agent will explain the closing documents to you. If you don’t understand something, ask for clarification.
Buying your first home becomes official!
- After the paperwork is signed by both you and the seller, and the funding has taken place, you have now officially become a homeowner.
- Your Realtor® hands you your keys and you are ready to begin the next chapter in your life.
- Welcome to the joys of homeownership!!!!!
About the Author:
Ruth Edwards, serves as the 2019 President of the Realtors® Association of Citrus County. She is an active Realtor with Coldwell Banker Next Generation Realty. Contact Ruth for assistance in buying your first home or any other real estate needs. She can be reached by email: ruthedwardsrealtor@outlook.com or by phone at (352) 586-0115.
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