After the application but before the closing
You have answered all the questions. You have sent over copies of all the bank statements, tax returns and dotted all the i's and crossed the t's with the mortgage company. What happens next?
- Home inspection: When it is complete you go over and decide if the seller needs to make any repairs.
- Appraisal: If the appraisal comes in at contract price or above, you are ready to move on to the next step. If not at the contract price you will need to have your agent renegotiate the contract. The property has to appraise before the bank will loan money for the property.
- Termite Inspection: Must be free of termites and have a moisture level that is acceptable to the bank.
- Home Warranty: If this is part of the contract, now is time to add the home warranty coverage.
- Survey: If a boundary survey is part of the contract, now is time to have that done.
- Attorney: Check in with the attorney to see if there were any problems found with the title work.
When you get a "yes" on each of these items you are finished with week 2 of the process. Next week we will work on Homeowners Insurance, setting up utility accounts and doing a final walk through.