I really want to buy a home...where do I start? pt. 3

The fun begins after the offer is accepted. In a normal environment...you have 17 days to remove all contingencies. Contingencies...

1.) home inspection
2.) home appraisal
3.) loan approval

The home inspection is a vital part of any home purchase. This is where an inspector comes out to the home and thoroughly inspects the property. He looks at the condition of the property (nothing cosmetic...i.e. carpet, paint, etc.). He is going to check the appliances, the utilities, and see if there are any other major items that he believes need to be further inspected.

The home appraisal is another inspection. However, the appraiser is inspecting the property compared to other properties...in an effort to assign a value to the property.

For both of these inspections...it is recommended to have a licensed inspector. Also, remember...most of the time these inspections are going to be paid for by the buyer. This means typically in the first 10 days of escrow...the buyer will be responsible for paying approximately $750.00. Here are some links to look into inspectors and appraisers...

http://www.ashi.org/
http://www.nachi.org/

http://www.appraisalinstitute.org/