As stated in the previous post, once your offer has been accepted your work begins! As a buyer you will have to do your due diligence. What is that you may ask? Well, it entails a few things.
Getting a home inspection and an appraisal on the property are some of the first things you should do. You will want to make sure this home is really everything it appears to be. You may also want to speak with some of the neighbors. You could ask the neighbors if they know anything about the property that might make you think twice about purchasing it.
All these items will need to be taken care of in the allotted time that is designated in the signed contract. If you happen upon anything you are not comfortable with concerning the home, as long as you let the seller know about it in writing within the allotted time frame, you can back out of the contract and receive your earnest money back.
Due diligence is an extremely important step in the home buying process. Yes, it is true an inspection could run you around $500. However, $500 could save you thousands of dollars down the road by helping you realize your dream home really could end up being a fixer-upper. For more of my insights, check out my blog at www.parksedgeparkcity.com.