Financing & Contingencies Of Buying A Home
Once you have made an offer, and the Sales Contract has been fully executed, you will enter a “contingency period.” This period is where financing and inspection contingencies will be fulfilled. You have probably already been preapproved or prequalified for a mortgage loan. You’ll want to go to the lender and finalize the details of the mortgage. Once final approval is completed and received, your lender will send a “commitment letter” letting the Seller know that the financing contingency has been satisfied.
Before closing on the sale, your real estate agent or mortgage company will require several inspections to be performed. Generally a termite inspection is required by the mortgage company. You are also welcome to hire a traditional inspector to make sure the appliances are in good working order, the foundation is structurally sound, the roof is in good condition, the air conditioner is functioning properly and well maintained, as well as the general condition of the home. For more information about the inspection process, visit Roorda.com.
You will want to do a final walkthrough of the home prior to closing to ensure all the conditions have been met before settlement.