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Have the House Inspected
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[an error occurred while processing this directive] After you've signed the contract and paid the earnest money, you'll hire a professional inspection company to thoroughly examine all the house's structural systems and give you a written report detailing any problems found. This will cost $300+ depending on the size of the home, and you'll pay up front. (As with everything, ask friends or your agent for references, or look on the Internet. In Austin I've used and recommend Tim Pope of Craftsman Inspections who produces a very thorough, easy-to-understand report. (Mention my name and I'll get a $20 kickback, whoo-hoo!) If you're energy-conscious, try to find an inspector which does thermal imaging, like Aardvark Inspections in Austin.
The inspection takes at least an hour, and you should
attend so the inspector can show and explain problems to you that might
be harder to understand if the only info you got was from the written
report. Here's a website which lists the estimated costs of fixing various problems
found in an inspection.
You'll also pay a pest control company to do a termite inspection ($75+), although the compay handling your general inspection might also be licensed to do a termite inspection. (Ask.) Besides the fact that a termite inspection is a good idea, your lender requires it -- they don't want to lend money on a home that's rotting away. If termites are found, don't freak out about it -- they're easy to get rid of, though the treatment is pricey: $700+. The only thing will be to decide who will pay for it (you or the seller), and what methods to use.
Fortunately modern termiticides like Termidor and
Premise aren't nearly as toxic to people and waterways as the older
ones used through the 90's were. (The MSDS
for Premise [PDF] says amount required to kill animals is so high
it's "practically non-toxic".) Still, many people understandably still
want to avoid chemicals or at least choose companies that will apply
the minimum amount necessary, rather than just coming in and spraying
willy-nilly. In California, try Ecola Services, and in Austin try Term-Trol
Exterminating (512-836-3309) whom I've used on a couple of houses.
In Austin, I advise against "Chem-Free Organic",
since despite their eco-sounding name, they're really just ABC Pest
Control with another set of letterhead and another Yellow Pages
listing. You call ChemFree, and the ABC Pest Control truck shows up,
and the methods and chemicals are no different than if you'd called
ABC's number, as I found out when I called "Chem-Free".
Amount spent so far. Red items apply towards the purchase. Amounts are typical, not exact.
$40
Credit Check
To the Lender
$150
Option Fee
Paid to the Seller. Might apply towards purchase, depending on contract. Allows you to walk away for any reason.
$1000
Earnest Money
Held in Escrow, probably by the Title company
$400
Inspection
To private inspection company to find physical problems with house
$100
Termite inspection
To private company; required by your lender
($700)
Termite treament
(If necessary)
$1690 - $2390
Total
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