Working with first time buyers and newlywed couples is the most exciting part of my job. As a fellow new-ish home buyer (my husband and I bought almost two years ago now) and a newlywed myself (married four months now!) I know what it’s like to search for and purchase your first home together. I’m working with several couples right now and have been getting a few “oh, I didn’t know that” responses as we review the different responsibilities of the home purchaser and the home seller. After buying my first home and becoming a REALTOR® I realize how important it is to educate yourself on the experience (and process) of buying a home.
Without further adieu, here are three of the most common things buyers don’t know about buying a home.
3 Things People Don’t Know About Buying a Home
Different Loans Affect Your Home Inspections Differently
This is something you want to ask your loan officer about. Depending on the type of loan you are getting – VHDA, FHA, or Conventional – your home may have to pass different or multiple inspections. For example, if you have a conventional loan you can purchase a home with a leaky roof but if you have a VHDA loan that won’t fly and you’d have to walk away from the home if the sellers aren’t willing to fix it.
Your “Cash for Closing” Isn’t Actual Cash
The “cash for closing” that you hear about from your agent or your loan officer won’t be actual dollar bills. You need to bring some form of a certified check or have the money wire transferred from the bank. If you show up with cash or a personal check you risk delaying your closing.
Sellers Pay for the Termite Inspection
For most homes there are two inspections that happen; the inspection paid for by you, the purchaser, and the the termite inspection that is done within 30 days prior to closing that is paid for by the sellers. The termite inspection is not part of the regular inspection (though some inspectors will review it if they seem damage) because it has to be within 30 days of closing and some people choose to close 45 to 60 days after their contract is submitted but they have the initial inspection within 7 to 14 days of their accepted offer.
Have more questions about buying your first home? You may be interested in these other posts!