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Birmingham Real Estate
INSPECTIONS & APPRAISALS
The Process
Initial Agreement and Deposit
A purchase agreement is a legal contract between buyer and seller. Keep written records of offers, counter-offers, and addenda. We assist with drafting and maintaining accurate documentation and timelines.
The Closing Agent
A title company or attorney typically acts as the neutral escrow or closing agent. The escrow holds and distributes funds, verifies the title’s history, and ensures agreed contingencies are met before closing.
How to Hold Title
There are multiple ways to hold title, each with tax, financing, and transfer implications. We recommend consulting an attorney or tax advisor to choose the best option for your situation. We can connect you with trusted professionals.
Inspections
Schedule a licensed inspector during the contingency period. Inspectors assess the property’s condition; you may also hire specialists (roof, plumbing, HVAC). For commercial purchases (apartments or large multi family units), environmental audits or soil tests may be required. If inspections reveal issues, you can renegotiate terms or request repairs before removing contingencies.
Appraisals and Lending
Stay in close contact with your lender for any document requests. If financing is a contingency, the lender will order a third-party appraisal to confirm value. Appraisers consider comparable sales, building costs, income potential, and more. Confirm loan approval timing with your lender about two weeks before closing.
Association Approval
If the property requires association approval, request all rules and necessary documents from the seller and observe the agreed submission timeline. Approved documentation will be recorded with the deed at closing.
Property Insurance
Mortgage lenders typically require insurance. Whether you need homeowners or landlord insurance depends on your intended use. Policies commonly cover fire, theft, and certain weather-related damage.
FREE PROPERTY CONSULTATION Call or text us at 205.677.8554 or complete this short form and one of our agents will be in touch.
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Buyer or Seller?
Tips For Buying
Don’t max out your budget.
Approval for a loan maximum doesn’t mean you should spend it all. Reserve funds for closing costs, taxes, repairs, and unexpected expenses.
Get to Know the Area
Consider schools, commute, shopping, and long-term resale potential.
Don’t Skip the Home Inspection
Inspections reveal hidden issues and inform negotiation and repair decisions.
Get Pre-Approved
A pre-approval shows sellers you’re serious and ready to move forward.
Make a List of Deal Breakers
LEARN MORE
Know what you can live with and what you cannot live without and also those things that can be taken care of with a simple remodel. If you need a 4 bedroom home, don't buy one with 2 that requires a massive addition which can break your budget.
Look at the Age of Appliances and Other SystemsAppliances are some of the most expensive portions of the home and you should pay particular attention to their age and whether they have required service. Other systems to have inspected are your HVAC, hot water heater, and your septic & well, if applicable. You may be able to get the seller to add a home warranty when buying.
Check For HOA RequirementsMost neighborhoods have HOAs that govern what you can and can't do - be sure you know what the rules are for your neighborhood.
