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Get an appraisal done by your bank before scheduling your home and termite inspections

Posted by on Wednesday, December 18, 2013

After you have put in your buying offer and the seller has accepted it, it's time to start calling the bank that gave you that pre-approved loan letter to start getting the motions into place.

The bank will not loan you the money if the appraised price of the home you want to buy is not below the amount of the loan or at most, equivalent to it. It can't be overpriced. Otherwise, you'll have to figure out a way to put down more money to offset the difference. You don't want to be overpaying for a house anyway so getting an appraisal done first is a good way to know that. If the appraisal is good, you will know that you can call your home inspection and termite inspection companies next. You don't want to waste money on these inspections if the bank is not going to approve the loan for that particular house. A home inspection can cost anywhere between $350 - 450 and a termite inspection can be between $100 - $150 for this part of town. So remember to call your bank right away after the offer contract has been accepted. 

And remember, if there is not a written contract and signatures from both sides, there is no binding contract in the real estate world. A verbal agreement to accept the offer is not enough in the court of law. 

Tags: home buying  appraisal done by your bank  home inspections  termite inspection 

About Me

San Luis Obispo Mom Originally from San Diego, California, I'm a San Diego State University alumna, veteran's wife and mom of two kids who were born two years apart. After living on the East Coast for 6 years, we now reside in San Luis Obispo County and here, the exploration continues.
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