So what’s next? We are so glad you asked! Generally it goes something like this…
Why are you looking to buy? What does your ideal home look like? Do you have anything to sell? Where is the home of your dreams? Who’s coming with you?
Inspections
Appraisal
Mortgage Commitment
Insurance & Final Docs
Your agent can walk you through how all of these processes work depending on your specific offer and the property itself.
However, below are the broad strokes:
Property Inspections
Typically, there is a period specified (generally 10 days) in the Agreement of Sale where the buyer is able to perform inspections and any other due diligence on the property. These are performed by licensed professionals who do this all day, every day. We welcome all decision-makers at this point (parents, uncles, kids etc.) if they haven’t already seen the property.
This period is followed by a negotiation period (if needed) and a coming to terms on any repairs or assists.
Appraisal
Now that inspections are concluded, your lender will order the appraisal for the property. All loans require them and are an added layer of protection for you in the transaction. After all, everyone wants to ensure the property is worth what everyone says it is. As a buyer, you will have little to no involvement in this step other than paying for it.
Mortgage Commitment
This is the stage where the lender is dialing in details and buttoning up any loose ends. The mortgage commitment is simply a document that is given to the seller by a specified date to give added assurance your loan will close and close on time! Nothing for you to do at this stage but to continue making a good faith effort to get your loan approved by following the steps outlined by the lender.
Insurance & Final Docs
Be sure to secure insurance for your property if you haven’t already. Usually a lender will remind you since it is a requirement, but in cash deals it can sometimes be missed. We recommend insurance be acquired for all properties. The SLG Team has amazing insurance contacts who can issue you a polciy to your liking.
