(Closed) new house

posted 6 years ago in Home
Post # 3
Member
979 posts
Busy bee

It means both buyer and seller are in agreement with regards to the terms and conditions of the sale and both are legally bound to go throught with the agreed terms. So they are going through the process of inspection, loan approval, appraisal title search and when all is done they will get to table and seal the deal if all is well. 

Sometimes  something comes up that prevents the deal from closing, such as the inspection reveals defects and the buyer and seller disagree as to how to solve the new information, the property might not appraise the agreed sale value or the buyer cannot secure a loan. 

Post # 5
Member
979 posts
Busy bee

You probably got a “pre-approval”, which is standard. You need to get a final approval from a mortgage company.  Sometimes this process, along with the appraisals and inspections can take some time. Even though it is a new construction, a thorough inspection still needs to be completed.  There still can be some issues from the builders. The house needs to pass inspections (electric, gas, wiring, pluming, septic or sewage….etc) before it can be lived in, even though it’s a new contruction.  

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