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: Usually performed 7-10 days upon contract ratification and coordinated with an 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 the time of service – $350 to $650 depending on property type & size.
- Appraisal: Usually performed within 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 treatment 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 to 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: Usually performed 10 days upon contract ratification and is coordinated with an inspector, you and me. Paid by the buyer at the 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 a 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 referred you, so they can take great care of you and family.