Frequently Asked Questions about the Home Buyer Process in Door County. We've found your perfect home, and we've submitted an OFFER TO PURCHASE, to which we have included a Door County Addendum A. The Door County Addendum A covers a lot of variables that you want in your Offer--septic testing, well testing, water testing, a survey contingency, perhaps a zoning letter, and more. We have included a Home Inspection Contingency for 21 days to find out if there are any actual defects with the home. You, as the Buyer, will pay for this inspection. And if you want special testing, like RADON, we must address it here also.
You need financing. We will add a Financing Contingency. We may also add an appraisal contingency, showing that the value of the home is actually the amount submitted with the Offer.
We will discuss local lenders, or perhaps you have a local lender you are comfortable with. Financing can take time, so we discuss what the bank will want and having your paperwork in order. With the amount of time it is taking to lend, unless it is a cash offer or unless you are totally prequalified with your lender and they just need to get an appraiser onsite, this will be the longest part of the transaction. The Seller will not order well testing, septic testing or a survey until they know you can get your financing via a financing commitment.
Our average transactions for non-cash sales are closing in 45-60 days (sometimes much longer). Cash sales can sell more quickly. And if you are puchasing a condominium, there will be a disclosure and review period for your condominium association documents, too.
Frequently asked questions about the home buying process in Door County. I will be in contact weekly (or daily, depending on what is going on) as we go through your contingencies and move forward towards closing.
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