Daniel Lets Us Follow Along As He Buys His First Home, Part III
Posted by Rebecca
My brother-in-law Daniel has agreed to let me write about the details of his first home purchase. In Parts I and II, Daniel found a home he liked, began working with a great lender and now has a binding contract on that home. If you haven’t read Parts I and II, you’ll want to do so now.
5. The inspection period
According to Daniel’s contract, he had 7 days to get a home inspection and request any repairs that he wanted the seller to make. Then he and the seller would have 3 days to negotiate the repairs and come to an agreement.
In Daniel’s case, he decided not to have a home inspection done. As a Realtor, I always recommend having a home inspection, but this is your choice as a buyer, and you may have good reasons either way as to whether or not you need a home inspection.
Since Daniel had decided not to have a home inspection, he and I made an appointment for a walkthrough.
We just went through the house and checked all of his appliances, plumbing, hot water heater, anything we could think of. We thoroughly looked the house over. Daniel thought the home was in good condition and there were no needed repairs.
If you do choose to have a home inspection, ask your Realtor for the names of several reputable home inspectors. Choose the one that best meets your needs. The inspector will check every part of the home, then will give you a written report on his findings. From the list of things he recommends, you can decide which things you would like to have the seller repair.
Be sure to have your Realtor write the amendment with the things you’d like repaired within the time-frame on your contract (usually 7 days). If you miss this deadline, the contract becomes an as-is contract, and you will not have the option to negotiate repairs at all.
6. Take care of all the little details
From the time your contract was accepted until now, you should have an open line of communication with your lender. You should have met or have scheduled a time to meet with him to deliver any items that he needs to complete your loan, as well as discuss your interest rate and payment and sign necessary forms. The earlier this is done, the better.
Daniel didn’t have much to worry about in this area, as he and Casey were talking almost daily about the status of Daniel’s loan at this point. A lender who returns your calls (or even better - calls you!) makes the closing process so much smoother and less stressful.
Other things to consider during this period: you will need to get a Georgia Wood Infestation Letter (a termite letter). You’ll also want to check and see if the seller has a termite bond on the house and what the cost is to transfer it to your name. You may also want to ask the seller about any warranties that can be transferred. This is also the time to get home owner’s insurance.
Daniel didn’t have to worry about any of this, since the home he was purchasing was a condo. Termite treatment, home owner’s insurance and flood insurance is taken care of by the condo association, and the cost is covered by the monthly association fee. The home was still under the 1-year warranty that the seller received from the builder when she purchased the home less than a year ago. She also had extended warranties on all the appliances, which she transferred to Daniel at closing.
The only things left for Daniel to do (besides closing and moving in) were transferring the utilities to his name and having the front office put his name and number in the call box system (it’s a gated community).
7. Closing Day!
On the day of Daniel’s closing, Daniel and I went for a bite to eat downtown, then walked over to the attorney’s office, where Casey met us.
After a short wait in the reception room, we went to the closing table. There was a HUGE stack of papers for Daniel to sign and initial. The attorney, Josh Walker, talked Daniel through the entire process. In between explanations of forms, we all chatted about vacations and our weekends, and before Daniel knew it, it was over! Wrist cramp aside, it was a stress-free, pleasant experience, and at the end, Daniel owned his first home. Keys in had, he headed off to work for the day.
8. Now comes the real hard part - moving in!
Since Daniel’s new home was furnished, we really didn’t have a lot to move. Plus, he has four brothers, so it took no time to get the place looking like it belonged to him.
I think everyone was grateful that Daniel’s home is on the first floor, and not on the third like ours! Well, that completes Daniel’s home buying process. Your first home purchase can be that easy too.
Contact me if you’re interested in looking for a new home in the Savannah area.
What a great article Rebecca! You must be the best at what you do! I know you are a terrific daughter-in-law! love you