Page 19 - How To Buy A Home with Cat Stevens RVG

Call or text Cat Stevens with questions 502-888-3991 www.RiverValleyGroup.com

Before You Make An Offer...

1 Home Warranty

This is optional and negotiable, and it is usually purchased by the seller. A typical warranty
covers repairs on some of the major aspects of the house (roof, furnace, air conditioning) for
one year. For questions about what is covered under your particular policy, call the warranty
company. They do not cover pre-existing problems that occurred before you bought the house.
Warranty companies do not cover problems due to neglect of maintenance, like a roof leak
that occurred because you did not clean leaves out of the gutters.

2 Move-In Date

If your new job starts in two months, set the closing date so that you’ll have time to move and
get settled before you begin. Most lenders will be able to process your loan in 30 to 45 days.
If you are paying cash, you can close and move in within 2-3 days of writing the contract. It is
important that I know your timeline in order to inform the closing company.

3 Inspections

These are designed to find defects in the property that could affect its safety, condition, or
resale value. A home inspection is not required by Southern Indiana law, but is very strongly
recommended. Professional home inspections cost around $350-600, depending on the size
of the home. Most lenders do require a termite inspection, and most termite damage (if any)
can be treated and repaired before you move into your house. These run around $50. You may
choose to test for mold, radon, lead-based paint, septic issues, and structural integrity. See the
chart on the next page. The buyer pays for their own inspections. I do not suggest asking the
seller to pay. It is your responsibility as a buyer to call and schedule the home inspection. It
is a good idea to attend if possible so that you can ask questions. If you and the seller cannot
agree on who should pay for repairs after the inspector finds flaws with the house, you can
void the contract and get your good faith money deposit back. This must be done within the
time period specified in the contract.

4 Home Insurance

Unless you pay cash for your home, one of the requirements that will be made by your lender
is proof of a valid homeowner’s insurance policy at the closing. Ask if you can get a multi-line
discount for having your car and house with the same company.

Keller Williams Realty Consultants - How to Buy a Home in Southern Indiana 17