The offer was accepted and now come the essential services that must be done prior to closing that must be agreed upon between the buyer and the seller. These services affect both parties and include the mortgage lender, the appraiser, the termite inspector, the home inspector, the title company and others. All of these services serve an important part in the real estate transaction, and without them the closing would not be possible. If one is a buyer and is unsure who to use for any of the services mentioned, your licensed, professional, knowledgeable real estate lender will have a list of services in which they can provide to you, to insure that the real estate transaction will go as smooth as possible.
As a buyer, you have your mortgage lender in place, and you have been approved for a solid conventional fixed rate mortgage. But it doesn?t stop there. Mortgage lenders will require that an appraisal be done on the property to show that the property appraises, and in addition will require that a thorough home inspection and a termite inspection be done as well. Appraisals will compare comps or comparable recent closings in your area to the home in which you are buying. The hopes are that the appraisal will come back that the sales price of the property does not need to be modified in any way, and that market value of the property is correct. If the appraisal comes back showing that the property should have been priced lower based on the recent closings and comps in the area, then the buyer and seller have to go back to the negotiating table, and if it cannot be resolved, then the buyer can walk away and simply look for another property to purchase.
Source: http://articlealley.typepad.com/realestate/2011/06/essential-services-prior-to-buying-your-home.html
pilates carrie fisher autism duran duran rolex pancake recipe pentagon
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.