CONGRATS, you are one step closer to home ownership!Now, there are multiple steps that will follow and I wanted to refresh your memory from our past conversations and by giving you a quick outline what to expect, timeframe and costs [if any] associated with the next steps:
- Home Inspection: Usualy performed 7-10 days upon contract ratification and coordinated with inspector, you and me. Upon report completion [depending on deficiencies] we’ll respond to the seller in order to negotiate the needed repairs, cost credits or a combination of both. Paid by the buyer at time of service – $350 to $650 depending on property type & size.
- Appraisal: Usualy performed with in 14 to 21 days after ratification and ordered by the lender. Paid by the buyer upfront to the lender or at settlement depending on the lender requirement – $450 to $650.
- Pest WDI inspection (termite): If lender required and/or your choice. Based on the results we’ll go back to the seller to negotiate any repairs or treatement neede. Paid by the buyer after service or at settlement – $50 to $75.
- Condo / HOA Docs (if applicable): Seller’s agency will provide the documents. Upon receipt you will have the opportunity to review the budget, bylaws and rules for the building. Prior the expiration of the 3 calendar days in Virginia, 7 calendar days in Maryland and 3 business days in DC, you can void the contract using this review period.
- Radon and/or Lead Inspections: Usualy performed 10 days upon contract ratification and is coordinated with inspector, you and me. Paid by the buyer at time of service – $150 to $350 depending on property type & size.
- Home / Condo Insurance: Costs vary and payable 1 year upfront – collected at settlement or upfront depending on the insurance firm and your lender’s requirement.
- Utilities: Plan to have the utilities in your name by the settlement date, more details here.
- Moving: During this time you will need plan, pack and organize for your moving day. I have prepared few easy steps here so you can be well prepared.
All this seems quite cumbersome, rest assured I am here for you and your family to guide you. You are welcome to connect with our trusted inspectors, insurance agents or movers; please let them know we refered you, so they can take great care of you and family.