You are on your way to making the house yours, but there is still a lot of work to do. First of all, you must get the lender absolutely everything they need so your loan can progress appropriately. Then you must do inspections on the home…and decide if any deficit that the seller will not repair is acceptable for you to deal with after you purchase the home. Then the home also must appraise for at least the purchase price. If it appraises for more, you win! But less, then the difference between the contract price and the appraised price must be figured out. You as the buyer can make up the difference with cash, the seller can reduce the price of the home, or something in between can be negotiated. Once you have your loan approved, the repairs negotiated, a solid appraisal….you are most likely home free! Wait…Most likely??? Yes, well, real estate is always exciting and always different…so remember it is never over until it records with the county and you are given the keys on closing day!
Posted in: FAQ for Buyers