This is important to know when you are negotiating a purchase price. If you decide to make an offer on a home, the broker will present your offer to the seller. Your lender will ask you to fill out a loan application form that includes information about your income, employment and debts. The lender will double-check this information. For a fee, a qualified inspector will examine the home you've chosen from basement to attic.
Some lenders require a home inspection, and it's a good idea to get one.
Getting an inspection before buying your home could save you thousands of dollars in future expenses. Knowledge of the house's flaws also may help you negotiate a better price on the house. The appraiser determines the market value of the house you've chosen, based on its condition and the selling prices of comparable homes recently sold in the area. This estimate helps the lender decide a reasonable loan amount for the mortgage. The closing agent will explain all closing documents to you and the seller, obtain your signatures and record the documents with the appropriate local governments.