Friday, August 23, 2013

Putting the cart before the horse could cost you money.... The real estate closing process

Is there a logical order to the real estate closing process?   Just as there is a logical order to the home buying process (getting it under contract), there is also an orderly process from the contract to the closing table.  By the way the home buying process usually starts with a lot of questions.

This may seem to some like one of those which came first, the chicken or the egg questions but which comes first the property inspection or the appraisal?

What about the survey?  When does a buyer get a survey done?

Logic says get the inspection done to make sure you still want the property.  After all, the inspection is your "get out of jail free" card," right?   As a buyer, make sure you understand the property inspection report and if you feel the need for an additional evaluation by an expert (roofer, AC company, etc), get it done right away.

More importantly, why pay for an appraisal or a survey if you are not going through with the purchase?

As a home buyer the key to the real estate process is to get a good knowledgeable local real estate agent to steer you through the process all the way to the closing table.