The Insider's Guide To Selling Your Home By Owner- Rocio Fausto I | Page 96

working properly.
You have the right to hire your own professional to dispute
the home inspector’s findings. This occurs sometimes because the
home inspector is a general inspector and is just trying to cover
his liabilities.
Sometimes the home inspector may state that there is a
possible problem and recommends that a professional should be
consulted (i.e. Heating/AC, roofers etc.). In this case the buyer
may add to their "punch list" to have the Heating/AC or roof
checked by a professional.
5. Appraisal: If your contract has an appraisal contingency
or loan contingency, an appraisal will be performed. The
appraiser will call either you or your agent for an appointment. He
or she will come out to your home and do some measurements,
take pictures and notes, and go back to the office to write it up.
Depending on the type of loan, the appraiser may also do a
minimum home inspection, which includes a visual inspection of
the roof and flipping switches on to see if major appliances work.
Typically, it takes about 10 days from the date the appraisal
was ordered to completion. If your home appraises lower than
contract amount, there may be some re-negotiations, or the buyer
may even back out of the deal unless an adjustment is made.
6. Loan approval: After the appraisal, and all the
paperwork required to verify the buyer's ability to pay the
mortgage is accumulated, the "loan package" is sent to the
Underwriter.
Most of the underwriters are out of town, and this process
usually takes 3-5 days. Some of the lenders are doing point of
contact underwriting by way of computer. It is not unusual for
this step to take place within the last week before the closing date.
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