7.FIND THE VENDOR YOU NEED
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.
