#7 Vendor Coordination
After your offer has been accepted, the property will need a thorough examination. Working with your lender, you may need to have a formal appraisal and a survey done for the property designated in the contract. A property inspection, a foundation inspection, and an environmental inspection may also need to be completed to make sure that the property is up to the standards set forth in your written agreement. If there are issues or inconsistencies brought to light during this time, it may delay or even nullify the contract depending on the contingencies set forth in the contract. Having these procedures done in a timely and professional manner is a must. Investigate each vendor to make sure that they are reputable and have a clean operational history.
Homeowner insurance is another very important item that will need to be taken care of at this point. Insurance experts recommend that you obtain insurance equal to the full replacement value of the home. Unless you have insurance coverage on the home, the closing can not proceed.
Your agent can save you time and money by supervising the coordination of all necessary vendors and serving as your advocate when working with each vendor. They will make sure that the vendors have access to the property at the appropriate times to perform their procedures and oversee the execution of those procedures on your behalf. Your agent's experience in this area will be invaluable in making sure that everything is completed on time and in a professional and legal manner.
10 Steps to Buying Your Home
1- Needs Analysis
2- Preapproval vs. Prequalification
3- Neighborhood Information
4- Home Search
5- Making an Offer
6- Negotiating to Buy
7- Vendor Coordination
8- Pre-Close Preparation
9- Closing
10- Post-Closing