Tuesday, May 31, 2011

Keep it simple

Following the acceptance of an offer you have 3 main objectives. Complete a general inspection with a state licensed inspector, get the contract to the lender and complete an insurance quote.
The general inspection can lead towards additional specific inspections/opinions like air conditioning or exact roof details from a roofer. Supplying your lender a copy of the paper work/contract allows them to lock in the interest rate. Without the actual contract a lender cannot lock a rate. And having a specific insurance agent (your own "go to" person for insurance needs OR a highly referred insurance expert from your Realtor or Lender) quote the rate on the exact house AFTER running a Clue Report.
These steps are all done during what we Texans call "the option period". One mistake is getting into the details of a remodel or decorating. There will be time after this initial "option period" for the details of personal touch. For now, focus on what matters most and don't confuse the natural anxiety around buying a home.
There are transactions requiring excessive work to be done and that might require a longer option period. For those houses that need a lot of work (these would be in bad shape and hard to live in under their current status) go for a longer option and still treat the initial 5 - 8 days as a first half focusing only on these discussed "3 objectives".

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