Eight Steps to Buy Property

7. Appraisal

Upon the satisfactory completion and resolution of your inspections, your lender will hire an appraiser to establish the current market value of the property. The appraisal must equal or exceed the price that you and the seller agreed upon or, the lender will not approve your loan.

If the appraised value of the property is less than the agreed upon selling price, your TPN Realtor will take you back into negotiation with the seller to attempt to gain price concessions, bringing the "selling price" for the property down to it's appraised value.

If the appraisal is satisfactory, your Realtor will then transmit all documents to your attorney and the attorney for the seller. The attorneys will coordinate a closing date and your attorney will begin a "title search" on the property. Your attorney will determine if there are any liens or encumbrances that would in any manner restrict your use or enjoyment of the property.

Upon obtaining a "clear title" your attorney will coordinate the closing date with the seller's attorney and advise you and your Realtor of that date.

Email me New Listings Next Step >