The inspection period is now behind you. Hopefully all was in order. If not, there are local procedures in place for addressing any defects. Once the inspection is clean, it's time to spend money!
Your loan officer will now order the appraisal. This process helps ensure that the bank is not lending you more money than the house is worth. Relax mr./mrs home buyer, there is nothing for you to do here. In fact if all is well you will not hear anything about the appraisal until the settlement table.
The wood destroying insect report is also required in Louisiana. As of January 2009, this costs is now on the buyer. Expect to pay 60-75 bucks for this report. Please remember THIS DOES NOT GUARANTEE THE HOUSE IS FREE OF TERMITES!!!!!!! All this means is there is not CURRENT VISABLE SIGN OF INFESTATION. Also, this report is only good for thirty days, so if closing is delayed, you might have to purchase another report, so this is one area where procrastination pays!
1-2 days prior to closing, the title company will provide a HUD statement. This will let the buyer now exactly how much to bring to closing. Be careful, if this is over 500 bucks, you typically need certified funds.
The closing will bring the buyer and seller together at the "settlement table". Essentially, the seller will sign away the home, and the buyer will sign away themselves to the home!
Hopefully this has provided some insight into the home buying process. As all markets are different, consult a local realtor for your needs. And while deemed accurate, nothing in this post or blog is legal advice!!
Future blogs will focus more on local attractions in Pineville and Alexandria. As always, feel free to call me at (318) 613-1994 for your Cenla real estate needs!
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