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Homebuyer Checklist: Ten Things to Do After You Get an Agreement of Sale

An agreement of sale is basically a contract5.  Find  an  escrow  company.
between you (the homebuyer) and the person
who currently owns the home. When you get anYour realtor might be able to help with this
agreement of sale, it is easy to feel soone. You and the current homeowner need to
excited that you sign right away. However,decide on an escrow service. Research the
there are a number of things you need to docompany fully. There are a lot of dishonest
before signing the agreement of sale, sinceescrow services that will take some of the
after it is signed you may not be able tomoney, as well as a number of scams. You need
make any kinds of requests or get out of thean escrow service you can trust and that you
deal. Here are the top ten things you shouldand  the  current  owner  both  agree  upon.
do  after  you  get  an  agreement  of  sale:
6.  Put  your  money  in  escrow.
1. Read the agreement of sale start to
finish.Once you've decided on an escrow service, put
your money in escrow. Adding your down
You've probably already discussed everythingpayment to the escrow account means that
in this document with the homeowner. However,you'll be paying escrow fees whether or not
when the contract is drawn up, there may havethe  deal goes through, so keep this in mind.
been extra things thrown in, and if you don't
agree with these terms, you need to fix the7.  Do  a  final  walk-through  of the house.
contract before you sign. If you just skim
the document, you could miss things that comeBefore you transfer the title, it is
back  to  haunt  you  later.important to look at the house once again to
make sure that there haven't been any recent
2.  Get  a  home  inspection.damages. If there have, you should ask the
homeowner for information about how it
Before you purchase the home, you should getoccurred. You should also ask for a credit or
a home inspection. This home inspection willthat the damages are repaired before you
uncover any problems that might be present,officially  purchase  the  house.
even if they aren't easily spotted by the
naked eye. Home inspections might be a bit8. Make any corrections you need to the
pricey, starting at around $500, but they arecontract.
well worth the money. If you're required to
sign the agreement of sale before you can getBefore signing, it is important to make a new
the home inspection done, it should have acopy of the agreement of sale and reread it
clause that releases you from the contract ifonce again. Even if you hand-write a note on
problems  are  found  with  the  home.the copy, you should reread everything to
ensure that it is exactly what you need. If
3. Make sure that there is a mortgage clause.there are any discrepancies at all, they
could  hurt  you  later.
Sometimes, even if you think you have good
credit, it can be hard to get approved for a9.  Meet  with  mortgage  lenders.
mortgage. If you haven't been pre-approved,
you might find that you can't get a loan inIf you have not already been pre-approved for
the amount you need, and if this is the case,a mortgage, now's the time to start booking
there should be a way out of the contract.for one! Take some time to clean up your
This clause should specify an interest rate.finances, and then begin applying for a
Otherwise, you could be forced to get amortgage. Make sure that you closely compare
mortgage and a very, very high interest rateinterest rates, terms, and other conditions
just  to  fulfill  the  contract.offered to you. Every deal will be slightly
different.
4. Determine who will pay for utilities and
other related expenses while the deal is in10.  Begin  budgeting!
escrow.
Lastly, now is the time to really start
If this is not in your agreement of sale, youputting money away for your mortgage payments
need to talk to the homeowner about it. Theyevery month. You do not want to fall into a
might assume that you're paying for all orforeclosure situation! Pump up your savings
some of these costs. In reality, however,by sticking as much as possible in the bank
these things should be at their expense untilout of every paycheck. That way, when the
the title is transferred. Everyone needs todeal officially goes through, you'll be ready
be  on  the  same  page.to make payments every month.



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