Next Steps After Repair Negotiation
Now that you are past your inspection negotiations, you’re getting CLOSER AND CLOSER TO THE FINISH LINE, but there are still some things left to do. Here is some information on what you should be doing while you wait for your appraisal to come in.
First of all, as per your sale agreement, we will give your mortgage broker the green light to order your appraisal. Hopefully the appraiser will be able to visit the property soon and we will get the report back within a week. While you wait, here are some things you can do:
1) LOCK YOUR INTEREST RATE. If you haven't done this already, start talking to your lender about the best time to do it.
2) LOAN DOCUMENTS. Check in with your lender or mortgage broker and make sure that she or he has everything needed to be moving forward on the loan.
3) HOME INSURANCE. Now is a good time to get some insurance estimates and settle on an insurance policy. Once you know who you would like to use, please forward their contact information to escrow.
4) REINSPECTIONS. Decide whether you want to pay for a reinspection. If you have negotiated repairs on the home, you'll need to decide if you want to have your inspector come back to inspect the repairs or if you want to just inspect the repairs on your own. Inspectors’ reinspection rates are usually around $200/hour, so the fee varies depending on how much there is to inspect.
5) BEGIN TO DISCUSS WHEN TO GIVE NOTICE IF YOU ARE RENTING. It can be challenging for a buyer to know when to give notice – and there is no right answer. Typically our clients wait until they are fairly sure that the purchase is going to go through, and this is usually after the home inspection period is over and the appraisal has come in. Beginning to prepare for this now is a good idea, and if appropriate, talk to your landlord about any flexibility or special concerns they may have.
6) BEGIN TO PREPARE FOR YOUR MOVE. Now is a good time to decide whether you’ll be hiring movers, find out who might be around to help during your move window, and prepare for any needed time off work. You can also start packing some of those items that you won’t need for the next few weeks!