| Step 7 -
Vendor Coordination |
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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.
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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.
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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.
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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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