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Ten Steps to Buying A Home

7. Coordination of Vendors For Closing

After your written offer has been accepted, there are several steps taken to ensure that the condition of the property is sound, and your contract is approved by your mortgage lender.

• Your mortgage lender may require a formal appraisal and a survey done for the property, as dictated by the contract.
• To validate the condition of the property (set forth in your written agreement), a property inspection, a foundation inspection, and an environmental inspection may also need to be completed
• If problems arise during this time due to the condition of the property or appraised value of the home, it may delay or even nullify the contract depending on the contingencies set forth in the contract.
• Homeowner insurance is another very important item that will need to be taken care of at this point. Insurance experts recommend that you obtain insurance equal to the full replacement value of the home. Unless you have insurance coverage on the home, the closing can not proceed. 
• Your real estate agent will serve as your advocate in dealing with all vendors involved in the closing process. From coordinating inspections, appraisals and oversee repairs - your agent will make sure these services are done in a timely and professional manner by reputable vendors.
  
  

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