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After your offer has been accepted, your agent will
supervise the coordination of all necessary vendors and serving as your
advocate when working with each vendor. Your agent 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.
For instance, 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.
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. 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.
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.
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