Alright! The loan application has been signed and sent to me your lender and all extra documentation I have asked for as well. What next? There will be some out of pocket expenses that cannot be paid for by the seller. Lets start with the HOME INSPECTION. While this is an optional expense it is highly recommended. You don't know what problems could be lurking with the home and you don't want to find out after the home is legally all yours. Most home inspections are between 275 and 400 depending on the inspector and property size. This is a small price to pay to find out if there is something wrong with the property. It is important to not get to wrapped up into an inspection though. EVERY home has something hidden that is wrong with it. There is no such thing as clear inspection. The home inspectors job is to find things wrong with the home. Use this as a guide to weed out MAJOR items of concern.
The next out of pocket expense is a PEST INSPECTION. Again this is optional (Veterans Loans is required), but for approximately only $75.00 its a small price to pay to have the peace of mind in knowing your home is not termite infested or has any other critter infestation.
Moving on the next most common out of pocket expense is a SURVEY. Some homes will already have this on record with the county, but some lenders and loan programs may require a new one. If you are using a government loan program and the property you are purchasing has a well, you will need to provide a survey showing the well is at least 100ft from the septic system. Most of the time this can be found in county and property records. If not or a new well has been dug a new survey will need to be performed at a cost of approximately 300 to 500 dollars depending on the lot size and if they can find where the septic and drainage flow is.
If you are applying for a VETERANS LOAN then a water test on the well will need to be performed at an approximate cost of $100.00
This brings us to the next page. CLEAR TO CLOSE!!!!!
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