- Trust & Wealth
- Real Estate
As soon as possible after submitting your mortgage application, you should schedule your home inspection. If you are not available for the entire inspection, you will want to make sure you have some time allocated to meet with the inspector at the house toward the end of the inspection.
The inspector always issues a report; however, you will want to get immediate information to understand the specifics of any findings.
Depending on the size of the house, an inspection can cost on average between $300 to $1000.
Many real estate contracts specify how problems uncovered in the inspection will be resolved, up to a certain dollar amount. Should necessary repairs exceed that amount, the buyer has the option to cancel the contract without penalty and receive their deposit money back. Another option is for the buyer and seller to renegotiate who will pay for additional repairs.
At Arthur State Bank, our mortgage loan officers are available to guide you every step of the way with mortgage information personalized for your situation.
This is the ninth step in the First Time Home Buyer’s Road Map. Be sure to review the entire road map.