| After your offer has
been accepted, your agent will supervise the coordination of all necessary
vendors and serving as your advocate when working with each vendor. Your
agent will make sure that the vendors have access to the property at the
appropriate times to perform their procedures and oversee the execution
of those procedures on your behalf.
For instance, the
property will need a thorough examination. Working with your lender, you
may need to have a formal appraisal and a survey done for the property
designated in the contract. A property inspection, a foundation inspection,
and an environmental inspection may also need to be completed to make
sure that the property is up to the standards set forth in your written
agreement. If there are issues or inconsistencies brought to light during
this time, 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. Having these procedures done
in a timely and professional manner is a must. Investigate each vendor
to make sure that they are reputable and have a clean operational history.
Your agent's experience
in this area will be invaluable in making sure that everything is completed
on time and in a professional and legal manner. |
