Congratulations! Your offer has been accepted and the paperwork has been finalized. You are on your way - however, there is still a lot of work to be done. The 2 weeks immediately following the offer acceptance are filled with tasks that must be accomplished within a certain number of days as per the contract. The main deadlines will be as follows: Loan Application. Loan application must be made within 5 working days of acceptance of the contract. Be prepared to pay for the appraisal at this point. The appraisal fee is usually between $250.00 - $350.00 depending on the type of loan. We must be able to provide the Seller or Seller's agent of this event. Your lender will be able to provide us with the necessary documentation. This is also the time do decide if you want a survey of the property. If the property you are purchasing is new construction, the lender will require a mortgage inspection by a land surveyor. A mortgage inspection shows the position of the improvements on the lot as a drawing. If you want a pinned survey, which means that the surveyor marks the corners of the property with an iron rod and flagging, you will have to pay extra. All in all, a pretty good idea to have this done and the only way to know exactly where the property boundaries are located. A pinned mortgage survey on a "typical" city lot in Central Kentucky should cost between $250.00 - $300.00. Proof of Funds. You must be able to provide the Seller or Seller's agent of proof of funds for the balance of the downpayment. This can be done by a letter from your bank, recent bank statements, a gift letter or as equity coming from the sale of your current home. Your lender will be able to assist us with the necessary documentation. Home Inspection. The home inspection must be completed within 10 calendar days of acceptance of the contract unless otherwise agreed to in writing. You will want to call a home inspector immediately to get on their schedule, as they are very busy and unable to work on a "last minute" timeline. After the inspection is completed we will meet with the inspector to go over their findings. If you are out-of-town, the inspector will fax you a copy of the report and call you on the telephone to discuss any questions or concerns you may have. We then have 4 days to negotiate any necessary repairs with the Seller. We are not able to recommend home inspectors, however, we will provide you with a list of inspectors that we have found to be knowledgeable and competent. We suggest that you research home inspection companies prior to making an offer so that you are comfortable with your decision. Wood Destroying Organism Inspection. Sometimes called a termite inspection, this is usually required by the lender and must be completed prior to closing. We recommend that you wait until 2 weeks prior to closing so that the report is fresh. This also gives the Seller some time to have the home treated and repairs made if necessary. The Seller is responsible to treat the home for infestation of wood destroying organisms at their expense and also repair of to 1% of the sales price in damages unless otherwise agreed upon in writing. Home Inspection Back to Top Return to main Buyer Page Buying a home? Fill out our on-line Buyer Inquiry Form Selling a home? Fill out our on-line Seller Inquiry Form Relocating? Fill out our on-line Relocation Inquiry Form or call us toll free at 1-866-come2ky! Get on the "Fast Track" to home ownership! Sign up to receive home listings via email! REALTOR®, ABR, CNHS, CRS, GRI, SRES REALTOR®, ABR, CRS, GRI REALTOR®, ABR, CRS, GRI REALTOR®, ABR, CCREC Email Cherie, Linda, Kitty and Shirley: inquiry@welcome2ky.com Toll Free Phone: 1-866-come2ky (1-866-266-3259) Keller Williams Realty Bluegrass 2424 Harrodsburg Rd. Suite 101 Lexington, Kentucky 40503 You may NOT reproduce or copy any information, graphics or html contained herein (including the character "Lexie" and his likeness) for use on another website or other promotional materials without specific written authorization from Cherie Butler, Shirley DeBoor, Kitty Lane, or Linda Wiley. Violators will be subject to legal action for copyright infringement. In accordance with the law, the properties and real estate services featured on this web site are offered without respect to race, color, creed, sex, national origin, physical limitations, or familiar status. REALTORŪ is a registered collective membership mark which identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORSŪ and subscribes to it's strict Code of Ethics.