FTHB: Step 9-10
Step 9: Completing an appraisal
FTHB: Step 9-10
- This step requires no action from the buyers, but is an important step as it determines what the value of your home is. Your Lender will order this from a 3rd party company (they do not get to choose).
- Once completed and a value has been provided. The buyers will either move forward if the value is “good” OR . If the value is “bad” i.e. comes in below the purchase price. You may be required to renegotiate the terms of the offer (depending on the language in the contract), pay the difference, or walk-away and repeat Step 5
Step 10: Final Loan approval & Closing on your new home!
§ During this time you will be working primarily with the lender collecting any/all additional documentation for underwriting purposes. Once every condition of the loan has been met. the lender will provide you with a closing disclosure (CD) which will need to be signed.
§ We will also be scheduling a Final walk-through within 24 to 48 hours prior to the closing on your new home to verify that no damages have occurred while the sellers were moving out. Once completed we will ensure you know where to go for your closing OR “signing” at which point you will meet with your closer to sign all necessary documentation and become 1st time home owners! CONGRADULATIONS, YOU DID IT!