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INSPECTIONS & APPRAISALS
The Process
Once your offer is accepted, the final steps toward homeownership begin. This phase involves a series of important processes to verify the condition and value of the property—and to protect your investment.
Initial Agreement and Deposit
After both parties have signed the purchase agreement, it becomes a binding legal contract. To keep things moving smoothly:
- Keep a written record of all communications, including offers, counter-offers, and any agreed-upon changes.
- Stay on top of key deadlines. Your agreement will outline specific timelines for inspections, financing, and closing.
We’ll help you track all paperwork, schedule deadlines, and ensure both you and the seller stay aligned throughout the process
The Role of the Closing Agent
A neutral third party—usually a title company or attorney—will act as the escrow or closing agent. This party holds all funds related to the transaction until the sale is finalized. They’ll also research the property’s history to confirm a clear title, ensuring there are no legal or financial claims before ownership is transferred.
All contract contingencies must be satisfied before escrow closes.
How to Hold Title
The way you choose to hold title to your property affects everything from inheritance and taxes to legal rights and financing. We recommend speaking with a qualified attorney or tax advisor to determine which method best fits your situation. If needed, we can connect you with trusted local professionals.
Property Inspections
A licensed home inspector will assess the property’s condition, identifying issues that could affect its value or your future maintenance costs. Depending on the property, you may also want specialized inspections for the roof, plumbing, or foundation. Commercial properties may require environmental assessments or soil tests for lender approval.
If any unexpected problems arise, you have the option to renegotiate the purchase price or terms. Once satisfied, you’ll remove the inspection contingency and move forward.
Appraisals and Lending
If you’re financing the purchase, your lender will order an independent appraisal to confirm the property’s value. The appraiser evaluates the home based on comparable sales, building condition, lot size, and other key metrics. Stay in close contact with your lender and submit all required documents promptly to avoid any delays in loan approval.
Association Approval (if applicable)
If the home is in a community with a homeowners’ association, you may need formal approval before closing. In these cases, your agent and closing team will help you gather the necessary documents and schedule any required meetings or interviews. Once approved, your closing agent will ensure the certificate is recorded with the property deed.
Property Insurance
Your lender will require proof of insurance before finalizing the loan. If you're moving into the home, you’ll need a standard homeowners policy. If the property will be used as a rental, landlord insurance will be required. Either way, coverage protects your investment from events like fire, theft, and natural disasters.
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Tips For Buying
Don’t Max Out Your Budget
Being approved for a certain amount doesn't mean you should spend every dollar on the home itself. Be sure to budget for additional costs like closing fees, property taxes, insurance, future repairs, and potential upgrades. A comfortable financial buffer will give you more confidence and flexibility as a homeowner.
Get to Know the Area
Location matters just as much as the home itself. Explore the neighborhood to make sure it fits your lifestyle. Are there good schools nearby? Is shopping, dining, and commuting convenient? A great property in the wrong area can lead to regret, so take the time to find the right fit.
Don’t Skip the Home Inspection
A professional home inspection can reveal issues you might not catch on your own. From structural concerns to electrical and plumbing systems, inspections provide critical information that helps you make an informed decision. They also offer peace of mind and a layer of protection during negotiations.
Get Pre-Approved
A pre-approval shows sellers that you are a serious buyer with financing already in place. It strengthens your offer, helps you move faster in competitive situations, and gives you a clearer understanding of your purchasing power.
Make a List of Deal Breakers
LEARN MORE
Know what you can live with and what you cannot live without and also those things that can be taken care of with a simple remodel. If you need a 4 bedroom home, don't buy one with 2 that requires a massive addition which can break your budget.
Look at the Age of Appliances and Other SystemsAppliances are some of the most expensive portions of the home and you should pay particular attention to their age and whether they have required service. Other systems to have inspected are your HVAC, hot water heater, and your septic & well, if applicable. You may be able to get the seller to add a home warranty when buying.
Check For HOA RequirementsMost neighborhoods have HOAs that govern what you can and can't do - be sure you know what the rules are for your neighborhood.
