Once you have selected a home, it is time to get started on a number of different items to be fulfilled. A home inspection, appraisal, and closing are all important steps in the home buying process that must be taken seriously and in a timely manner.
Keep in mind that you will receive complete documentation of the needed repairs and so will the seller. Using this list you can discuss things with the seller. You will also have another chance to walk through the home again and look at the actual damages.
An appraisal will come next in the process. This is when a lender would have an appraiser sent to the home. From there, they will do their own inspection to determine what the actual value of the home is. This is like an extra assurance that you are getting the home for a fair price. Appraisers often work for lending companies and they are there to verify that you have made a sound offer on the home.
The last item to take care of is the closing. During the closing process, you will go over all the paperwork. Once both parties have read through the paperwork and agreed, it is time to sign everything. The final step is when you are handed the keys to your new home.
If you're buying your first home, this may all sound confusing and overwhelming. However, people have been buying and selling houses for decades and there is a definite process. Ask questions as needed and resist the urge to feel stressed. Instead, remember that very soon, you will be in your new home!