The Mortgage lender will send a real estate appraiser to determine the value of the home you want to buy. If the appraised value is below the agreed sale price, the lender will not provide a mortgage loan to buy that home.
The buyer or buyer’s inspector makes a list of items that should be repaired by the seller.
The Seller may make all repairs to the home as requested, make some of the repairs, or refuse to make any repairs.
Final mortgage loan approval
Things the Buyer must do:
Follow up with Mortgage lender or broker:
Make sure a check for the mortgage loan will be available at the closing. Mortgage documents and check should be delivered to the Closing Attorney, Escrow Agent or Title Company officer prior to closing day. Learn more about mortgage loan for buying home.
Get Inspections done:
- Get your inspections done early so that seller will have time to make any needed repairs.
- Termite inspection
- Roof inspection
- General inspection of appliances, air conditioning & heating, electrical system, plumbing, sprinklers, etc.
- Make sure Seller has made all agreed repairs, and that work is of acceptable quality.
- Any incomplete repair should be accounted for on the Settlement Statement by a credit to the Buyer
Get Warranties and Instruction Manuals:
Remind Seller to gather all warranties and instruction books for the home’s appliances and systems. Buyer should get these at or before the closing.
Notify electricity, telephone, water, trash and other services to advise them of your move-in date.
Get a copy of the settlement statement:
Review it with your real estate agent and question anything you don’t understand. Pay special attention to amounts “Paid from Borrower’s Funds.” (The settlement Statement refers to the Buyer as the “Borrower” because the Buyer is borrowing the mortgage loan amount.