If you will be getting a bank mortgage, the bank will require some inspections of the property. A termite infestation inspection is one...if there’s a well and septic system, the bank will require a water test and that the septic tank be pumped and inspected. You, personally, may be approved for the mortgage, but the house also has to be approved. The bank will also require an appraisal to make sure that the ’value’ is there.
An attorney or title company will work with the bank and prepare all the paperwork for your ’closing’.
If you’re a ’cash’ buyer, all the inspections are on YOU. Make very sure that you have all the major functions of the home inspected....especially things like well, septic, termites, roof, foundation, water leaks, plumbing, electrical. heating/airconditioning systems....
If you do find something that will be a major repair, you can re-negotiate the price with the seller.
Although you may pay 5 - 6% more if there’s a Realtor involved...you DO have that second set of eyes inspecting the property. Part of being a Realtor is presenting any property and disclosing the good, the bad and the ugly to prospective buyers and guiding you through the entire process.
Most important thing in buying a house is...location, location, location. We have always bought the worst house in the best neighborhood. The value can only go UP.
Good luck house hunting <:O)
