In Pennsylvania, the buyer typically pays for their own inspections. Usually this period is 10 days with a 5 day negotiation period. For homes with septic and well, these timelines might be extended due to availability of inspectors and weather. Ask your SLG Team member for any dos and don’t during this period as some sellers have unintentionally thwarted this process through no fault of their own.
Your SLG Team agent will keep you aware of what’s going on during this process and negotiate any repairs/credits before heading to appraisal.
The appraisal is an independent determination of a value. After the Great Recession, Congress enacted laws making it prohibitive for lenders and appraisers to really interact and that is good for all parties. Appraisals are required for 99% of financed deals and usually is an added a contingency the buyer enjoys during this process.
Your SLG Team member will meet the appraiser to ensure they are fully aware of your property’s current condition and any recent sales in the area. Appraisers are human too and can make mistakes, so we go the extra mile to defend the price of the home on the agreement of sale. In truth, most appraisals go off without a hitch because we’ve already done an analysis of value before we even list the home for sale.
Title
Title insurance is one of those things we get a lot of blank stares about. It is a requirement in Pennsylvania to obtain it and buyers pay for this as part of their closing costs. Essentially, it is insurance for all parties that at the time of settlement we obtain “clear title”. This ensures that the property is fully dispossessed on your end and buyer has no recourse. Conversely, the buyer is made aware of any liens or judgements against the property as well as given assurance the property is there’s free and clear.
