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13 Steps to Closing a Real Estate Deal
Wood-destroying pests can be eliminated, but you’ll want to make sure the problem can be resolved for a cost you find reasonable (or for a cost the seller is willing
and able to pay) before you complete the purchase of the home.
If you find a serious problem with the home during the inspection, you’ll have an opportunity to back out of the deal or ask the
seller to fix it or pay for you to have it fixed (as long as your purchase offer included a home-inspection contingency).
Even if your purchase offer has already been accepted, if inspections reveal any problems, you may want
to renegotiate the home’s purchase price to reflect the cost of any repairs you will need to make.
Another key advantage of being pre-approved is that certain lenders will offer you a rate lock, which means
that you can secure an interest rate and not be a the mercy of the markets if interest rates rise before you close the deal.
Also, keep in mind that rates vary by credit score, geographic region
and the type of loan you’re getting, so you may not be able to get the best rates you hear advertised.
Even most well-educated people can’t completely understand their closing documents; an experienced real estate attorney will not only understand them
but also know where to look for potential problems in your paperwork.
Because there are so many things that have to happen to complete a home sale, the best way to prevent either the seller or the buyer from getting ripped off is to have a neutral third party hold all the money
and documents related to the transaction until everything has been settled.