Inspections and Appraisals:
Inspections and Appraisals:
Most of the time, you’ll want to have the property inspections done by a licensed home inspector after you contract. Don’t put the brakes on, and do it within the time frame of the contract, if not sooner if you can. It is common to have several inspectors evaluate the property. Some buyers perform inspections, and other do not like in some foreclosures. Opting for inspections is a good idea, and you want to obtain opinions from inspectors who specialize in their specific fields. This means hiring several inspectors, and not just one. Some of the inspection you may opt get include roof, HVAC, septic, and plumbing.
With respect to contingencies, the purchase agreement is contingent on finance approval and so the property will be appraised by a licensed appraiser first. Then the appraiser will determine the value for the lending institution; as a third party. Once the appraisal is completed, the lending institution can confirm their investment with the subject property.
Once the property is contracted, the title company or an attorney will be hired as the closing agent. The closing agent’s job is to examine and insure clear title to real estate, record the deed, and disperse funds at closing. Your Outer Banks real estate attorney will the complete recorded history of your property, or title search, and later certify that your title is free and clear of any encumbrances. Mortgages, leases, or restrictions, liens are examples of encumbrances. At closing day approaches all new encumbrances of the property will be included in your title at closing.
A buyer’s contract contingency is a condition that must be met before a contract becomes legally binding, or they may lose their earnest money. An example would be when a buyer includes a contingency stating that their contract is binding, but contingent on a satisfactory home inspection. Evaluating every aspect of the property is crucial, so leave no stone unturned. Surprises are never ideal. You’ll want to follow your purchase agreements and any applicable addendums.
- Obtain financing and insurance
- Review all pertinent documents
- Inspect the property
How do you respond objectively and fairly to the buyer when a renegotiation is demanded, while acting in your best interests? Good question, isn’t it? Well it’s simple, but simple things can be hard to find. A professional listing agent can make the difference; especially in the outcome of a transaction. Always negotiate the offer, and never turn it down. We deal with closing all the time, so we understand and guarantee our expertise to you. It doesn’t matter who we work with, or what price point is. We treat every customer in the same, it’s just who we are. If that is something you are interest in, call us today someday. We’re here, and we listen.