YAY! Your Offer Was Accepted! Now What?? Inspections - That's What! Hanging Tight With My Transactions.
I know and you know...we both know, that we've gone through the scenario and time-line more than once.
We both know that you've never purchased a home before or any other real estate for that matter, so even though we've been through this and discussed what comes next, you've forgotten what to do next.
The next ten days are crucial.
You've got a lot to do to make sure that this home is what you think it is and that your loan is on course. There are two things going on simultaneously right now.
One has to be with your loan approval and the other has to do with the inspection and review period in your contract.
Today I want to get you started on those inspections and reviews. You said that the standard 10 day inspection period was going to be adequate but those ten days are going to be busy days.
So let's go through this one more time and get started. Remember that I hang tight with my transactions, and this one is your transaction, so you need to hang tight with it too.
First it's time to do some scheduling:
- When I gave you the list of home inspectors in our area, you settled on Mr. Johnson and I've already touched base with him. He needs a three day lead time. You'll either need to be present and pay Mr. Johnson or leave a check for him, with my office.
- WDI - Wood Destroying Insects Inspection. This usually can happen within 48 hours of calling and scheduling. Again, you'll need to be present on the day of inspection to pay for the inspection or leave a check with me to give to them.
- Since this property is in the country and on a well for water, a sample needs to be collected and tested. The local Department of Environmental Quality has well testing kits available and the sample needs to be taken back to their office with a $25 check for the service.
- Since this property is on a private septic system, you may want to have the system checked out by a local septic installer/inspector.
- Since the seller is passing all mineral rights that they own with the surface rights to you AND since the title abstracting process does not include mineral rights, it's time to have the mineral rights researched so that you know what percentage you will own.
- Now is the time for you to measure the home and check the square footage if that is important. Never rely on any quoted square footage by anyone. This one you need to check out for yourself.
- This is the time to make sure that property use restrictions, building restrictions, easements, covenants, or any other kind of legal restrictions are not going to interfere with your use and enjoyment of the property.
- Boundaries - Where are the corners? Are the fences on the boundary lines? Time to secure the survey of the property. You and the seller agreed that they would furnish a copy of the survey that they had done last year. It's time for them to do that.
- The property that you are purchasing has quite a bit of acreage with the home, so now is a good time to check with NRCS about any conservation plans that you want them to work with you on. Also that large pond on the back side is a flood control structure that was done through the local Conservation District. They have an easement through your property to maintain that structure. We've talked about this already, BUT now is the time for you to talk to the Conservation District about it.
- Any and all other inspections or reviews concerning the property.. you are not limited to those listed above. BUT you are limited in time to get them done. NOW IS THE TIME.
The Inspection and Review Process is VERY IMPORTANT. Don't be lax in the process. I will be present when these are taking place... I hang tight with my transactions. But ultimately you need to be the one that has to be happy with your new home so you need to be there also if you possibly can. We'll talk about what happens at the end of this process in another post in a couple of days.
YAY! Your offer was accepted. Now let's get busy!
Other Hanging Tight With My Transactions Posts:
Photos Courtesy of:
Kramerhawks (survey marker)