Buyer Resources
Inspections & Appraisals
Initial Agreement and Deposit
Keep written records of everything—including verbal agreements, counter-offers, and addendums—and keep up with the schedule. You and the seller will be given a timeline to seal every stage of the real estate closing contract.
The Closing Agent
Once both parties execute the contract, either a title company or attorney serves as the closing agent, holding deposits in escrow. This neutral third party manages all funds and researches the property's title history to ensure it's free from encumbrances before closing.
Inspections
Licensed property inspectors assess the home's condition within agreed timeframes. Specialists may inspect specific areas like roofing or plumbing. If issues arise, buyers may request renegotiation of contract terms, typically regarding price.
Appraisals and Lending
When financing is conditional, lenders require appraisals by licensed third parties to confirm the investment in your property is accurate. Lenders verify loan approval about two weeks before closing.
Property Insurance
Basic coverage protects against fire, theft, and weather damage. Most lenders require either homeowners insurance or landlord insurance depending on property use.
Tips for Buying
Don't Max Out Your Budget
Just because you've been approved for a max amount doesn't mean you should spend it all on the home's sale price. Reserve funds for closing costs, taxes, and potential repairs.
Get to Know the Area
Ensure the neighborhood suits you and your family—check proximity to schools and shopping.
Don't Skip the Home Inspection
Inspections reveal problems you may not see otherwise, providing peace of mind.
Get Pre-Approved
Pre-approval shows sellers you're serious and ready to purchase.
Make a List of Deal Breakers
Know your non-negotiables versus what can be modified.
Look at the Age of Appliances and Other Systems
Pay attention to appliance age, HVAC, water heaters, and septic/well systems.