After your offer is accepted, you normally have 10 days to conduct an inspection (at your expense).
Once this takes place, if there is anything wrong with the home you can attempt to renegotiate things with the seller.
You can ask them to make the repairs. This is normally the best course because most lenders wont close your mortgage until these repairs are made. The seller is under no obligation to make these repairs. If they don't agree to make the repairs then you can walk away from the deal and receive your earnest money deposit back.
Hope this helps!... more
If you keep the current home then you will likely have to qualify with both house payments. So this may affect the amount of loan you can qualify for on the new home.
You should speak directly to a lender. We can lay out your options for you better if we have a full picture of your finances.
Please call me or email me and I can assist you with things.
Loan Officer -NMLS #977416
WCS Lending, LLC
Toll Free: 866.936.5363 ext. 278... more