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Step 7: Vendor Coordination
After your offer has been accepted, the property will need a thorough examination. Your lender may require you to have a formal appraisal and a survey done for the property designated in the contract. If the vendor does not require a survey, we will advise you to have one done. This is very important because any changes to the property can be reviewed. A property inspection, a foundation inspection, and an environmental inspection may also need to be completed in order to assure 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. Having these procedures done in a timely and professional manner is a must. We will provide you a list of preferred vendors to make this step flow smoothly.
Homeowner insuran! ce 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 with the mortgage company.
The Somerset Alliance L.L.C. will coordinate all necessary vendors and serve as your advocate when working with each vendor. We will insure 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. Their experience in this area will be invaluable in making sure that everything is completed on time and in a professional and legal manner.Go to Next Step > |
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