What it is: The inspection stage is when the you will have any number of inspectors out to the property depending on the situation. These may be general property inspections, pest inspectors, and/or well and septic inspectors. Basically, the idea is to make sure the major components of the home are functioning as expected.
What to expect: As with showings I should be present, but unlike showings inspections usually happen during the “business day”. As such, please make sure to plan appropriately to take any necessary time off of work, and check with me on days/times that work in my schedule. Please also be aware that general home inspections can take 2+ hours. There is also a time period (identified in the purchase agreement) for when these inspections need to be completed (usually 7-12 business days), and you will need to pay for these inspections at the time they occur (figure $300-$700 depending on the situation). After the inspection(s) we will discuss any issues and either request repairs, a credit to cover any needed repairs, or clear the inspection contingency. Please note that it is not uncommon to discover things that should be addressed, but generally these are only in the neighborhood of a couple hundred dollars.
What you will need to do: As with a showing you should be present for the general home inspection. If there is a separate well/septic inspection you generally should be present, but a radon drop off/pick up does not require you to be there. Please also check with me on days/times before scheduling.
What it is: The appraisal stage is when the bank will send an appraiser out to place a value on the property that is intended to be independent of whatever the agreed upon sale price is. As long as the property appraises for the same or more than the agreed upon price then everything moves along as expected. Should the appraisal come in low the seller will either need to settle for the appraised price, you can bring additional cash to closing (potentially via a renegotiated price), or we will have to look for another property.
What to expect: The appraiser will request a date and time to come to the property, but don’t worry because you do not have to be present. Once they are done, they will complete the appraisal report and return it to you and lender anywhere from 1 day to a week and a half later.
What you will need to do: Please let me know the date of the appraisal and forward me a copy of the report once you receive it as I am often not provided these details.
What it is: The closing stage is the final few days before and day of completing the purchase of your property!
What to expect: The actual closing appointment will usually take place at the sellers title company and generally takes 45 minutes to an hour but I have had instances where it has taken much longer.
What you will need to do: If we have not already scheduled the closing, please let me know if there are any days/time that do NOT work for you. You will need to bring your drivers license, passport, marriage/death/divorce certificates as needed, or any other required documentation. You will also need certified funds (no cash, personal or business checks) in the amount specified by the bank. Please also plan to schedule time off of work if necessary.
Please also let me know times that work within 48 hours of closing if you would like to do a final walk through – highly recommended in case there are any last minute issues.
Next step (assuming all goes well): Take possession!
Note: Refer to emails for details specific to your transaction
What it is: Underwriting is when the bank does their final due diligence on your finances and any home/condo owners association. Usually a deal is good to go at this point, but things can and do happen.
What to expect: At this point, it is a waiting game. Once the bank finishes the underwriting they will issue a “clear to close” and we can schedule closing as early as 3 business days after the “clear to close” is issued. Please note that even if we do have a clear to close much earlier than the “close by” date on the purchase agreement, the seller or you may need to hold off until closer to the purchase agreement date.
What you will need to do: Start packing if you haven’t already!
I would love to show you any available property. Just fill out the form below. If you are not a client I need all the contact and financing information filled out. Clients, I only need the required fields.
Looking to buy a home in the Greater Lansing area? Well, you’re in the right place! 🙂 Please fill out this entire survey (including spousal information if applicable) to help me help you find the right home.
Ok, so you want to know why I’m asking for all this information? It’s simple really, and here’s a breakdown of why I’m asking for each thing:
Legal Names: This is what will go on the contracts (so I need everyone’s name).
Email Addresses: This will be where any correspondence goes as well as anything that needs to be e-signed (so I need everyone’s address).
Phone Numbers: In a pinch I may need to call or text. I also like to know who’s calling or texting me 🙂
Birthdays: Who doesn’t want to have their special day remembered? No year required if you prefer not to supply that 🙂
Current living address: Another thing needed for the contract and my records.
Current ownership, bedrooms, baths, location, etc: Hopefully it’s obvious why I need this information 🙂
Approximate Price Range: NP if you have no idea. I can always connect you with a great lender.
How did you hear about me: Your cousin Vinny, a past client of mine, saw my Facebook ad?
As a buyer or seller you are encouraged to pick the inspector you feel will best meet your needs. Still, we often are asked for some recommendations so here are a few reputable inspectors we have worked with over the years. As always, if you would like to recommend an addition or comment on an entry, please contact me.
Disclaimer/CYA: I can’t vouch for these companies and do not guarantee their work. Please do your own due diligence before hiring a contractor for any project.You or someone you know looking to buy or sell?