Once we’ve found a home for you and have an accepted contract, a number of items take place: 1) we order a professional home inspection of the property, 2) you deposit your earnest money with escrow, and 3) we contact your lender and coordinate getting an appraisal ordered. We will also do additional due diligence to determine any other inspections that are necessary. We will communicate with you regarding the timeline of your transaction and its various deadlines, so you feel comfortable moving forward, you know what is expected of you and you understand what to expect over the next 30 days.
Certain properties may require multiple inspections. A rural property may need a well test, pump float test, a septic pump and inspection and, depending upon the age of the system, a septic drain field inspection. A bare lot may need a septic feasibility study performed.
After your offer is accepted, you will deposit your earnest money with the agreed upon title/escrow company. Your earnest money is held by a neutral, third-party (Title Company) until the transaction closes. If the deal falls through before closing, your earnest money will be returned to you under specific circumstances. We can walk you through all of that, and make sure you have a clear understanding of the rules and timelines associated with your transaction.
We have an assistant in our office that will help you throughout the transaction. We will communicate with you regarding inspection findings. While some findings might be true deal breakers, many issues that look big are actually quite fixable and shouldn’t cause you to walk away from a deal. We will stand firm and negotiate for you to get items of concern fixed or corrected. During the inspection contingency period, we the brokers get to dig in and learn all we can about your property, the systems of the home and ensure that everything is in working order. And finally, it is our goal to communicate with you clearly on what items can be negotiated and what you can reasonably expect so you can feel comfortable moving forward.
Watch this video as Caleb and Ellie describe the inspection process and then we’ll talk about Appraisals.