What is the difference between a home inspection and an appraisal?

Appraisal is REQUIRED by your lender in order to determine market value of your home.

Home inspection is RECOMMENDED by your realtor and should NOT be shared with your lender.

How long does it take to close on a piece of land and/or a home?

Land: on average 6-8 weeks.

Homes: on average it takes 4 weeks to close.

What is the difference between a due diligence fee and earnest money?

Due diligence fee is given directly from buyer to seller upon EXECUTION of contract, and is only refundable if SELLER breaches contract. Earnest money is held in closing attorneys trust account and is refundable if contract is terminated DURING due diligence period.

Are due diligence fee and earnest money credited towards purchase of property?

YES! They go towards your closing costs AND your down payment. If the total exceeds your down payment/cc’s, you may receive a refund at closing depending upon loan type.

What is the purpose of due diligence monies?

It is given to the seller as their ‘opportunity cost’ for taking the home off the market and going under contract

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