Life: First Time Home Buyer Experience, Part II
We made an offer. The seller made a counter offer. We accepted.
The train began running down the tracks!
The loan process
It is a lot of paper work so get on that right-away.
After the loan paperwork gets started, you will be working with inspectors. Our realtor recommended Advanced Group Property Inspections. You can inspect as much as you like but the cost is on the buyer as part of the due-diligence.
The inspector checks the place out for problems big and small.
Indeed, if they find a big problem of deal breaker proportions, it is part of the purchase contract that you can bail out and recover your deposit (in our case 3% of the agreed upon price).
For smaller problems, you can ask the seller to fix something or offer some cash credit to fix the problem later. If your requests aren't a deal breaker for them, they often will meet you part of the way on the request to keep the deal moving forward.
In our case, there were a few things here and there so we requested some cash credit and the seller agreed to meet us half-way on that.
So after the initial flurry of activity with loan applications, inspections and escrow forms, things become quiet as the various entities beaver away at the paper work ...