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Find answers to our Frequently Asked Questions.
Posted October 17, 2018

You find the perfect home, make an offer, and the next thing you know you’re applying for a mortgage and making an offer. Congratulations! But what happens during the rest of the home-buying process?

Now is the time to get an inspection and finally close on the home. Learn how to complete this process and gain a better understanding of the final steps before move in day.

Home Inspection
Why do I need this?

Home inspections are an optional selection by the homebuyer, but it’s generally recommended. They’ll evaluate the home to make sure it’s safe for move in and worth the price you’re paying.

Who do I hire as the inspector and who pays for it?

You can hire one independently or ask your realtor for recommendations. To find one on your own, look for someone who is affiliated with the American Society of Home Inspectors or the National Society of Home Inspectors.

You’ll be responsible for the cost of inspection and asking the seller for repairs. While the upfront cost may be a lot, it’ll be worth it in the long run if the inspector finds anything major worth repairing.

What’s included in the inspection?

The inspector will check:

  • The plumbing to ensure the toilets flush and that everything drains properly.
  • The mechanical systems, such as testing the electrical wiring, heating, cooling, and ventilation.
  • The structural pieces of the home, which is the most important part of the inspection. They’ll test the foundation, support structures, walls, attic and the roof. These fixes are typically the most costly and complex, so it’s best to find them before finalizing the sale.
What happens after the inspection?

You’ll receive a report a few business days after the inspection is done. Next, you’ll go to the seller with the report and make the requests or negotiate the price of the home based on the findings. Typical outcomes include:

  • The seller may agree to make all the repairs.
  • The home can be sold at a lower ‘as is’ price.
  • The seller will agree to only pay for some repairs.
  • The damage is so extensive that it isn’t worth purchasing the home.

Once you and the seller have agreed on everything, you’ll be ready for the closing phase.

Closing On Your Home

This is the exciting part, because soon you’ll be a new homeowner! Closing on the house completes the sale and makes you the official owner.

Closing Costs

Closing costs include all fees required to execute the transaction, which includes attorney fees, title insurance, appraisals, points, and tax escrows. Typically these fees are paid up front. The average closing cost is three to five percent of the purchase price.

What will happen during the process?

The process will be relatively simple for you and involve these key players:

  • The closing agent will calculate legal fees, transfer taxes, and coordinate the deed.
  • The lender for the mortgage will provide documentation of the loan, including the note, mortgage, closing fees, and other paperwork.
  • The title company will provide documentation of clear ownership.

Once the check is delivered to the seller, you’re ready to move in.

The home-buying process is stressful enough, so take time to educate yourself on all the components. If you’d like to learn more about A+FCU Mortgages, visit one of our branch locations or our website to learn about our different options and apply online.