Before buyers move into their new homes, escrow needs to close. That means all conditions and contingencies in the contract need to be met within a certain time frame, and all necessary documents must be signed by the closing date specified in the purchase agreement. At that point, buyers will get the keys to their new abode and are free to move in.
The selling process can definitely be intense and even overwhelming at times. After all, we’re talking about a massive investment. There are plenty of efforts made to find the right buyer who is qualified and interested in buying your home, but even after you think you’ve found the right buyer that will see the deal through, there’s still a chance that they may back out.
The odds of problems being uncovered during a home inspection are pretty high, no matter how minor. Just about every house has some issues, even new ones. It’s pretty common for buyers to make repair requests with the seller, especially if certain problems are more significant than others. But while some requests may be reasonable, others are not.
Buying your first house is a big deal. Considering the magnitude of such a purchase, you want to make sure you’ve got all your ducks in a row before you take the plunge. Here are a few things every first-time home buyer should do before making that big purchase.
One of the most common – and important – contingencies that buyers insert in their real estate contracts is the home inspection. Without it, buyers will never have a chance to identify any major underlying issues with a home before they buy it.
Landlords typically do some research on prospective tenants before they hand over the keys to their properties. After all, they’re not going to just let anyone live in their units without verifying what they’ll be like as renters.
Your exterior space is just as important as your interior and warrants an equal amount of attention as far as decorating is concerned. Your landscaping should be inviting and welcoming, and when done right, it can actually add some extra value to your home.
When it comes to valuing homes, the key is to compare them to other properties that are very similar in a number of ways. Real estate professionals typically look at other homes that are similar in location, style, size, design, and age compared to the subject property in order to get an accurate idea of the home’s value. In addition, only homes that have been recently sold should be looked at, as market conditions can fluctuate very quickly.
When it’s time for you to apply for a mortgage, where do you turn to in order to get one? Should you work with a mortgage broker, or a direct lender? Or are they even the same thing?
Unless the home you’re buying is fresh off the builder’s hands, it’s likely going to have some blemishes, no matter how minor they may be. Ideally, you should have included a home inspection contingency in your purchase agreement, which will give you the opportunity to have the home inspected in greater detail.
