Step 6 - Inspections

This next step in the purchase contract is referred to as "Inspections, Investigations & Reviews".  Within 10 days the following inspections and investigations are to be completed.

* home inspection
* termite inspection

* other inspections
* home owners insurance
* loan terms

A home inspection is not required by the lender.  It is strictly for a buyer's benefit.  It is for the purpose of providing an awareness of the overall condition of the property.  If significant repairs are needed it may be necessary to renegotiate or to cancel the contract.

Shopping for and selecting home owners insurance is part of the investigation process.  In some instances the cost of the premiums can be too high and force you into a lower purchase price.

You have five days to shop for acceptable loan terms, complete the application and to pay for the appraisal, or to cancel the contract. 

Upon completion of this step you then move into Step 7


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Will getting pre-approved lower your score?   Most Credit Scores are not affected by multiple inquiries from auto, mortgage or student loan lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on your credit scores.  (copied in part from My FICO).  To read the full article CLICK HERE

Ready to get pre-approved?    There are several local loan professionals who would love to visit with you.  CLICK HERE


Thinking about selling?
Would you like to know:
* How much your home is worth
* How to inspire higher offers
* How long it can take to sell
For a
selling consultation call Preferred Real Estate 580-470-8100
or one of our sales associates.  Agent Roster

Broker/Owner, Jerry Shaffer | 580-470-8100 | Contact Us
1455 Chisholm Trail Pkwy - Duncan, OK 73533
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