So, here’s “What’s Next” for your transaction.
1. Setting up inspections.
Are there days and or times that are better for you? The inspectors we work with are very good but they only do weekday inspections, either about a 9 am start time or about 1230pm and they run for 2.5-3 hours. I can see what they have available next if you let me know how your schedule looks? They’re usually booked about 3-5 days out. They are at www.pdxinspect.com and we’ve worked with and have trusted them for 17 years. The cost is around $550. Sewer scopes are $150 and Radon testing is about $150.
2. Check-in with your lender today.
They will want to review your sale agreement and will have questions for you and most likely will need some more financial info from you. After we are happy with the results of the home inspection/repair negotiations and plan to move forward with the transaction, they will order the Appraisal. You and I don’t attend that, the appraiser lets themselves in the home and does their research and reports back to your lender when it’s complete.
3. Earnest money.
Usually, within 3 business days after your offer is accepted, we will have you drop off a personal check for earnest money. I will be giving you full details.
4. Attending inspections.
I will be at the inspection and you’re welcome to be there for all of it if you can. If not, it’s great if you can be there for the last 45 minutes or so when they pull up photos on a laptop and go through their findings. (note: they themselves say that they’re “professional pessimists” and they should be. They won’t be talking about how pretty the house is, we already know what’s good about it)
5. Sellers Disclosures.
The seller is supposed to provide us with disclosures about what they know about the property so we can look them over. If they fail to give them to us, we have the right to back out of the transaction all the way up to the close date. Usually, we don’t find any revelations in their disclosures but they are good to review. Our inspections are where we learn the most about a property.
6. When should you give notice with your landlord?
We suggest you wait until after the home inspection and appraisal are done to be safe and know that the deal will close before giving notice.