Wednesday, June 25

House Hunting

So, we are house hunting right now. We found one that we really like that is in a great area here in Franklin, we are just trying to figure our financial junk out. Here is my realization:
I know very little about all of this. Check out this email from a friend of ours that is helping us with CLUES on what to do (maybe it will help you!):
You want her to know there are no contingenies on your end BUT normal financing contingencies you must go through when borrowing for a house loan. Another contingency you MUST have is an Appraisal contingency! Your lender will order an appraisal for the house and it must appraisal for the contract price or higher NOT lower! If its comes in lower then it back to the negotiating table or you have the right as buyers to withdraw your offer and ALL earnest monies are returned to you!!! Then you have an Inspection Contingency! You have the right as a buyer to have a licensed inspector, ( I have a great Christian and knowledgable man I use). Title Deed to be in your legal married names.Buyers pay for their closings costs and sellers pay for their closing costs. All taxes and home owners associat on dues if applicable are to be pre rated and paid by the seller! Seller to pay and pay for a "clear" termite letter" for the closing as well! If seller has any termite infestation then seller to pay costs for termite treatment and able a clear termite letter after the treatment. I know there are more things to a contract. You will have to let me think and maybe go over more with you once you make the Offer in writing to Purchase! Remember just because you are writing up an Offer to Purchase does NOT mean you have to BUY or close as ong as you have several contingenies to PROTECT yourselves thru the process. Its takes about 30 days to close a loan so dont put anything sooner than 30-40 days to close, ok honey! If everything gets done on your loan, appraisals and inspections sooner then you move the date up if you all are in agreement on that? Buyers normally have 7-10 working days to get this done at your cost! Anywhere from $250-$360 for a good home inspection, fyi. You/buyers ask for the seller to pay for like $500- $1000 in repairs after you receive the inspection report back. You type up a list of repairs you want to seller to pay to have done and you want it done by a licensed "what ever" eletrician, contractor, plumber, etc? Whatever the repairs calls for! NOTHING cosmetic applies, fyi. Like stains on carpets, etc?
I need to take a nap. Reading that made me tired and not want to do anything. Is it 4:30 yet? I had NO idea so much went into this. But we are praying and hoping that it all works out. We are nearing the end of our lease at the end of July and getting SUPER nervous! Could you say a prayer for us? :) (then we will need a prayer for us doing renovations!) thanks!


Matt said...

I love you baby!! This is all going to work out great! XOXOXO

Lindsey said...

Reading that post made my head spin. Why so many different types of contingencies and what are contingencies anyway. We didn't learn that in FCS personal and family finance class (or whatever it was). Ha Ha.