We Have a Contract!
Charlotte First Time Home Buyer Information
| Once we have an agreement between buyer and seller, the home is officially under contract. At that point, a number of steps must transpire that will take you closer to the closing table
Meet with your Mortgage Lender Typically within 2-5 days after the home is under contract, you will want to meet with your lender and provide them the documentation that they need to complete your loan application. This also means that you will need to pay for any up-front charges such as a credit report, appraisal, or any other application fees. At this time, your lender should also provide you with a Good Faith Estimate (GFE), which details the charges and other fees associated with your home purchase. Keep this document! Home Inspection Within the first week of the contract period, you will hire a licensed home inspector to inspect the home for items that are in need of repair. Every home is in need of repair and generally speaking, most contracts have limits on what the seller is obligated to repair. A termite or pest inspection is typically not included in your standard home inspection and some lenders do not require this inspection as well. However it is a very good idea to spend the additional money required for a termite inspection as termite and pest damage is extremely costly. Other items you can test for are mold, water, septic, and radon. Often times, these additional inspections can add up to more than a basic inspection. If you need a recommendation of a licensed home inspector, your real estate agent can provide one for you. Survey A survey is an optional assessment that will detail if there are any encroachments on the property that you are looking to purchase. Homes with fences, sheds, detached garages, barns, etc generally have encroachments so it may be worth the extra money to have a survey performed. Also, if you're planning to add any of those items or expand the footprint of the home, you will want to have one completed to ensure that you can do as you're intending. Appraisal The appraisal protects the bank from over-lending on a property. Once you have paid your pre-paid fees to the bank, the bank will send an appraiser out to evaluate the property value in relation to your purchase price.
|
Topics
The Home Buyer Tax CreditSchedule a Buyer ConsultationAttend a Home Buyer WorkshopFinding a Real Estate ConsultantThe Mortgage Approval ProcessLet the Home Search Begin!Making an OfferWe Have a Contract. Now What
|
